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Europe
BBC Business

'I feel like I dug my own grave': The workers caught in the AI transition

She began writing straight out of college, freelanced for years and eventually followed a path taken by many young Filipinos: joining a multinational in the country's booming outsourcing industry. Lisa says she never felt the need to use artificial intelligence (AI) in her work. "I can say that I am able to do my job, I meet deadlines. In my opinion, there is no need for [AI]," she told the BBC. Eight months into her latest role, and one month before the position was due to become permanent, she was made redundant. In the months before, Lisa says a public relations agency had been tasked with producing AI-generated material that she and her colleagues were asked to edit. She says her skills were used to train the AI on the company writing style. "I feel like I dug my own grave," she says. "We were the ones who trained the artificial intelligence that replaced us." Lisa, not her real name, is one of several former outsourcing employees the BBC spoke to who asked to remain anonymous. They signed confidentiality agreements in return for severance pay, and fear that speaking publicly could hurt their chances of finding work in an industry which has a small network. Their experiences offer an insight into a question confronting emerging economies like the Philippines: what happens when AI begins to automate the jobs that helped lift millions of people into the middle classes? Every evening around 5pm, streams of workers wearing company lanyards spill out of high-rise offices in the district of Cubao in Manila. It's one of several areas of the capital where multinational companies have premises – providing all sorts of outsourcing work including call centres, accounting, software development and marketing copy services for clients thousands of miles away. For over two decades, these business districts have symbolised one of the Philippines' biggest economic success stories. Beginning in the early 2000s, the country was promoted as an English-speaking alternative to India for what's called business process outsourcing (BPO).

'I feel like I dug my own grave': The workers caught in the AI transition
North America
CNBC Finance

FIFA tests the limits of private equity in sports with World Cup subsidiary sale

Global soccer may be finding the limits to private equity's stampede into sports. A plan by FIFA to sell a minority stake in a new subsidiary — FIFA Forward Enterprise, or FFE — that would control the business side of the World Cup has faced swift backlash. UEFA, the governing organization of European soccer, and Concacaf, the organization controlling North American, Central American and Caribbean soccer, have both rejected the proposal out of concern for outside influence. FIFA said earlier this week it plans to raise $4.2 billion from third parties, valuing FFE at about $20 billion. Thrive Capital, a private equity firm led by Joshua Kushner, has already backed the plan. But on Thursday, UEFA threatened to boycott FIFA competitions and the World Cup if the plan moves forward. "The World Cup cannot be treated as an investment product," UEFA said in a statement. "No part of it should ever be surrendered to private investors. The World Cup is not for sale." FIFA defended the proposal late Thursday night, saying it would move forward with a vote among its member associations despite mounting criticism. UEFA and Concacaf together represent 96 of the 211 members of FIFA. "We respect the feedback and concern aired in public and reaffirm our commitment to an open and democratic consultation," its statement read. "No single entity can claim to represent all 211 member associations around the world." FIFA blamed "incorrect media reports" for the negative response to the plan and said that without the support of a majority of the member associations, its commercial activities would remain unchanged and FFE would not move forward. Carlos Cordeiro, a senior advisor to FIFA President Gianni Infantino, announced his immediate resignation in protest of the plan. "Let me be clear: I had no involvement in this proposal, and I oppose it unequivocally. It is a bad deal for FIFA's Member Associations, a bad deal for football, and a bad deal for the long-term future of the game," Cordeiro said in a statement posted to LinkedIn Friday. While there's no certainty that bringing on institutional capital would affect FIFA operations, it opens the door to outside influence driven by financial gain. While neither UEFA nor Concacaf specifically brought up FIFA's past ties to alleged bribery, but UEFA did cite the soft pressure of shareholder influence as one of the reasons for its rejection of FIFA's plan. "Football's future cannot be dictated by the expectations of those whose first duty is to maximise financial return," UEFA said. "The moment external investors acquire ownership interests in FIFA competitions, football changes forever. Commercial return becomes a permanent obligation. Investor expectations become a daily pressure."

FIFA tests the limits of private equity in sports with World Cup subsidiary sale
North America
CNBC Finance

How Leopold Aschenbrenner built a $45 billion AI hedge fund — and lost most of it in days

Two years ago, Leopold Aschenbrenner argued he was one of few people in the world who saw the future clearly. In a sprawling, 165-page essay that became required reading in Silicon Valley, the former OpenAI researcher positioned himself as a kind of prophet for the coming age of artificial super intelligence. But this week, the limits of Aschenbrenner's vision were on display when the AI-themed hedge fund he runs — named Situational Awareness, also the title of his viral June 2024 manifesto — ran into the harsh reality of tumbling semiconductor stocks and Wall Street margin calls. At its peak earlier this month, his fund sat atop $45 billion in assets. By Thursday, however, after being forced to offload all of his leveraged stock bets — including hard-hit names like SK Hynix and CoreWeave — to Ken Griffin's Citadel at a discount, the fund's holdings plunged to around $10 billion, according to people with knowledge of the situation. The story of Aschenbrenner's meteoric rise and sudden fall has captivated both Wall Street and tech circles, making him the most high-profile casualty yet of the volatility accompanying the AI boom. A polarizing figure, his online followers saw Aschenbrenner — a Columbia University valedictorian at age 19 — as a genius of the next big thing and followed his fund's quarterly filings for clues on hot AI stocks. Before this month's decline, Situational Awareness racked up gains of more than 1,000% since inception, The Wall Street Journal reported last month. The Journal noted Aschenbrenner was just 24 years old. Meanwhile, critics pointed out that Aschenbrenner had no experience running money prior to launching his fund in July 2024, calling him more lucky than smart. Some noted that his early work experience was at the doomed crypto firm FTX, where he helped now-disgraced founder Sam Bankman-Fried run a charity out of a Bahamas penthouse. Others on Wall Street, including former traders at global investment banks, noted that in light of reports Situational Awareness used as much as 400% leverage, the collapse wasn't shocking. "A lot of people saw this blow-up as a matter of not if, but when," said Jerry Diao, who runs a Wall Street coaching firm. "Maybe his views on AI are correct in the long run, but in the public markets, you have to be prepared for the short-term." Earlier this week, before the sale to Citadel, about two-thirds of Situational Awareness holdings were in long and short positions in public equities, according to one source. The rest were stakes in private companies, dominated by a multibillion-dollar Anthropic investment, the person said. CNBC's sources spoke on the condition of anonymity to discuss nonpublic details.

How Leopold Aschenbrenner built a $45 billion AI hedge fund — and lost most of it in days
Asia-Pacific
The Straits Times

Volkswagen’s controlling families weigh in on restructuring battle, call for swift action

The Volkswagen Group – which includes the VW mass-market business, premium brands Porsche and Audi, and luxury marque Lamborghini – is battling high costs, tariff woes and intensifying competition from China. BERLIN – Volkswagen’s controlling families dialled up the pressure on the German auto group’s stakeholders on Aug 7, backing management’s push for a dramatic restructuring that could cost tens of thousands more jobs. Speaking as Porsche SE, the investment vehicle of the Porsche/Piech auto dynasty and Volkswagen’s top shareholder, announced a drop in its adjusted post-tax earnings, its board chairman Hans Dieter Poetsch said the Volkswagen group “is at a historic crossroads”. “For the sake of the company and its sustainable competitiveness, everyone must now step up and take responsibility,” Poetsch said. “The longer decisions are delayed, the bigger the problems will become,” he added. The comments drew an angry response from Germany’s top industrial union, which accused the families of placing dividends above workers. Volkswagen chief executive Oliver Blume has pledged to drastically overhaul the group – which includes the VW mass-market business, premium brands Porsche and Audi, and luxury marque Lamborghini – as it battles high costs, tariff woes and intensifying competition from China. Porsche SE finance chief Johannes Lattwein called on the group to reduce excess capacity, significantly cut costs and strengthen decision-making. Having already overseen tens of thousands of job cuts, Blume’s latest restructuring plan threatens another 50,000 layoffs and the possible closure of four German plants. The plan still needs the blessing of powerful labour representatives and the state of Lower Saxony, which has a 20 per cent blocking minority, setting the stage for tense talks in the second half of 2026. Sources told Reuters that the labour side and Lower Saxony voted against Blume’s plan at the last supervisory board meeting in July. The next meeting is expected in early September. Volkswagen declined to comment on the matter. A company source said Porsche SE’s position was understood as support for Blume’s restructuring course.

Volkswagen’s controlling families weigh in on restructuring battle, call for swift action
Asia
The Hindu BusinessLine

Amgen to set up innovation center in Hyd

Amgen will be opening a new Science and Innovation Center at Genome Valley in Hyderabad. The proposed center will join Amgen’s global Research and Development network, which consists of seven research laboratories, further expanding the company’s research and scientific capabilities. “The new center in Genome Valley expands the way we integrate experimental science with data and technology across our global research capabilities and complements our strong US .-based Research and Development footprint,” Jay Bradner, M.D., executive vice president of Research and Development, Artificial Intelligence and Data at Amgen said in a release. Telangana Industries Minister D Sridhar Babu said: “Amgen’s decision to establish its Science and Innovation Center in Genome Valley reflects Hyderabad’s growing roleas a global hub for high-value research, bringing together scientific talent, technology and industry at scale.” Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Amgen to set up innovation center in Hyd
North America
Yahoo Finance

J-Star Holding Co., Ltd Regains Compliance with Nasdaq Minimum Bid Price Requirement

TAICHUNG CITY, Taiwan, July 31, 2026 (GLOBE NEWSWIRE) -- J-Star Holding Co., Ltd. (Nasdaq: YMAT) (“J-Star” or the “Company”), today announced that it has received a written decision from the Nasdaq Hearings Panel determining that the Company has regained compliance with Nasdaq Listing Rule 5550(a)(2), the minimum bid price requirement for continued listing on The Nasdaq Capital Market. The Panel's decision follows a hearing held on July 21, 2026, during which the Company's management presented i

J-Star Holding Co., Ltd Regains Compliance with Nasdaq Minimum Bid Price Requirement
Europe
BBC Business

Apple issues new challenge against UK order for access to private user data

Image source, Getty ImagesByChris Vallance, Senior technology reporter and Liv McMahon, Technology reporterPublished1 hour agoApple has confirmed it has launched a new legal complaint against the UK government at a court that deals with objections to the use of covert surveillance powers. The tech giant has not told BBC News what the complaint relates to but the Financial Times, external has reported it is another challenge to a Home Office demand for so-called "backdoor" access to highly encrypted Apple user data. The row, which centres on the government's desire to be able to see material protected by an advanced data protection system - which currently even Apple itself cannot access - has been rumbling on since early 2025. The government said it would not comment on legal proceedings or what it called "operational matters". But it added in a statement: "The UK supports strong encryption and robust privacy protections, but it is also vital that law enforcement can access communications when necessary and proportionate to protect the public from terrorism, serious crime, and child sexual abuse." Apple has meanwhile referred reporters to a statement given last year, after its initial challenge to the UK government's request. This said it was "gravely disappointed" it could still not offer its Advanced Data Protection feature to new UK users, following its decision to withdraw it in February 2025. "As we have said many times before, we have never built a backdoor or master key to any of our products or services and we never will," the company added. Image source, AppleImage caption, Since last February, UK iPhone users have been met with a notice on the Advanced Data Protection settings page which says the tool cannot be enabled. Advanced Data Protection is an opt-in feature that allows users to turn on a higher level of protection for data stored in iCloud, such as back-ups, Drive storage, photos and voice memos. It is secured using end-to-end encryption - meaning not even Apple would be able to see its contents. The government's requests for Apple to permit it access to data held under this system were issued under the Investigatory Powers Act (IPA).

Apple issues new challenge against UK order for access to private user data
North America
Yahoo Finance

QQQI’s 14% Yield Hides a Costly Truth: 98% Is Your Own Money Coming Back

The NEOS Nasdaq-100 High Income ETF (NASDAQ:QQQI) sells one story on its factsheet: a monthly check tied to a roughly 14% distribution rate. What the headline yield leaves out is where the cash actually comes from, and how much upside a holder is quietly handing to option buyers every time the Nasdaq rips higher. QQQI carries a 0.68% gross and net expense ratio, disclosed in the fund’s May 2026 prospectus. That is $68 a year for every $10,000 invested, skimmed daily from NAV before a distribution ever lands in your account. Compounded over decades, that drag accumulates against the very NAV that generates the option income. Compare that to owning the underlying Nasdaq-100 through the Invesco QQQ Trust (NASDAQ:QQQ), which charges a fraction of that fee. The fee gap is only the visible part of the bill. The anatomy of the distribution tells a different story than the headline. Reporting from May 2026 flagged that roughly 98% of recent QQQI payouts were classified as return of capital. Return of capital is your own principal being handed back to you rather than income in the economic sense. It lowers your cost basis and defers a tax bill you will still owe when you sell. The portion that is not return of capital gets favorable treatment through Section 1256 contracts, which are taxed 60% at long-term capital gains rates and 40% at short-term rates, regardless of holding period. That is genuinely useful in a taxable account. It is also the piece the marketing leans on hardest, while return of capital does most of the actual delivery. Then there is the upside you never see. In the trailing year through July 28, 2026, QQQI’s price returned 13.48%. QQQ returned 18.89% over the same window. Year to date, QQQI is up 4.94% against QQQ’s 9.96%. The call overlay caps a melt-up: every dollar of Nasdaq gain above the strike price accrues to the option buyer, not the QQQI holder. One analyst pegged the strong-market give-up at 6.5% in forgone upside. The monthly cadence adds friction. QQQI has paid a distribution roughly every four weeks since inception, ranging from $0.5309 in April 2025 to $0.6589 in May 2026. Each payment is a taxable or basis-reducing event a holder must track. That is thirteen 1099 line items a year, not one. A holder who wants monthly income from Nasdaq exposure with a simpler tax profile has the JPMorgan Nasdaq Equity Premium Income ETF (NASDAQ:JEPQ), which analysts describe as a cheaper alternative with more straightforward tax treatment. The trade-off is real: JEPQ typically distributes less than QQQI’s headline yield. But the yield gap narrows quickly once return of capital, the fund’s fee, and forgone appreciation are all priced in. QQQI has pulled in roughly $13 billion in assets because a high headline yield in a fund name is very hard to ignore. However, the question remains: If you strip out the principal being returned to you, and price in the upside the call overlay quietly hands to option buyers, is the after-tax cash flow from QQQI actually better than owning QQQ and selling shares when you need income? The answer depends on your tax bracket and your view of the next Nasdaq rally, and the fund’s factsheet will not compute that for you.

QQQI’s 14% Yield Hides a Costly Truth: 98% Is Your Own Money Coming Back
North America
CNBC Finance

‘Spider-Man: Brand New Day’ sets domestic box office preview record with $72 million

Sony and Marvel's "Spider-Man: Brand New Day" secured $72 million in preview ticket sales, the highest collection for any domestic film in Hollywood history. The previous record holder was 2019's "Avengers: Endgame," which tallied $60 million ahead of its opening weekend. "The demand for 'Spider-Man: Brand New Day' is nothing short of astonishing," said Paul Dergarabedian, head of marketplace trends at Rentrak. "For a film to earn more than $70 million in pre-shows is unprecedented, and it reflects massive enthusiasm among moviegoers to head to the multiplex for the latest Marvel epic." The newest solo Spider-Man film starring Tom Holland benefited from Wednesday early access screenings as well as Thursday night previews. It is expected to haul in around $270 million domestically over its debut weekend, although some box-office analysts foresee an even bigger bounty. The previous Spidey flick, "Spider-Man: No Way Home" currently stands as the second-highest domestic opening of all time with $260 million across its debut weekend in 2021. "Endgame" tallied $357 million during its first three days in theaters in 2019. "Brand New Day" is expected to surpass "No Way Home," but remain behind "Endgame." "While pre-shows are a very strong indicator of potential opening-weekend success, several factors can come into play, including a heavily front-loaded preview and opening day driven by fans motivated by the shared urgency of opening-weekend FOMO [fear of missing out]," Dergarabedian said. "Endgame" managed its historic opening weekend with the help of 24-hour showings and extra screenings. There are late-night and early morning screenings of "Brand New Day" to meet demand for tickets, but it's unclear if the programming is on the same scale as it was for "Endgame." And, "Brand New Day" does not have the added benefit of an Imax release, as those screens have been reserved for Christopher Nolan's and Universal's "The Odyssey." The Spider-Man installment will still benefit from premium large format screenings, however. The film has been programmed for ScreenX, 4DX, Dolby Cinema and HDR by Barco as well as premium offerings that are proprietary to the likes of AMC, Regal, Cinemark and regional players. ScreenX represented $1.8 million in Thursday ticket sales domestically and is expected to reach $4 million by the end of the weekend. Meanwhile, 4DX has tallied around $1.3 million domestically and is set to hit $4.5 million over the three-day debut. "Brand New Day" arrives at the tail end of July, and the bulk of its box office will be reflected during the month of August. That's good news for the domestic box office. Typically, August is the softest month on the summer movie calendar. With "Brand New Day," the theatrical industry gets a momentum boost heading into the fall movie season. The domestic box office has collected $5.6 billion in ticket sales this year through Sunday. That's 16% behind 2019 levels, the last benchmark before the Covid pandemic shuttered movie theaters and paused productions. However, the 2026 summer corridor is down just 9% from the 2019 comparison, standing at $3.05 billion versus $3.36 billion seven years ago.

‘Spider-Man: Brand New Day’ sets domestic box office preview record with $72 million