Europe
The Guardian

Democracy blindsides Silicon Valley’s power players looking to transform the world with AI

The Stanford ethicist Rob Reich was once invited to a dinner organized by a Silicon Valley mogul to discuss what a state designed to maximize science and tech powered by commercial models might look like. The gathered technologists were drawn to the idea of building a small nation-state dedicated to the endeavor, Reich recalls in “System Error: Where Big Tech Went Wrong and How We Can Reboot it”. When Reich asked whether this state would be a democracy, he got a cool no. “Democracy is too slow, and it holds science back,” he was told. “To optimize for science, we need a beneficent technocrat in charge.” The technos were onto something. Silicon Valley’s power players have just been blindsided by democracy, which has slammed into their program to transform the world with artificial intelligence. A cabal that never doubted the greatness of their ambitions unexpectedly finds their project in the hot seat, forcing them into the unusual position of having to persuade the great unwashed of the merits of their endeavor. So far, the public is not buying. And for all their blindingly high IQs and their massively endowed wallets, Silicon Valley’s greats don’t quite know what to do. Everyday Americans are up in arms against the AI datacenters sprouting across their communities. Villages, counties, cities and states are imposing moratoria and bans on further development. While the backlash has largely focused on stopping the proliferation of sprawling sites packed with energy-guzzling computer servers, the revolt is not merely nimby opposition to local development. Public opinion has also turned decidedly sour on the AI project that has called these datacenters into being. Some 73% of Americans think the costs of datacenters outweigh the benefits, according to a survey by the Marquette University Law School. The same survey found that 70% of Americans think that AI is bad for society. Americans were not always this down on the tech. In 2021, only 37% declared themselves more concerned than excited about the technology, according to surveys by the Pew Research Center. But the share has climbed to 52%. Even 55% of young adults – usually the most excited cohort – have soured on it. And this is not a partisan fear. Democrats and Republicans alike are vastly more concerned than excited. Interestingly, Americans are generally more mistrustful of the technology than people in other countries. View image in fullscreenDemonstrators rally during a protest calling for a citywide datacenter moratorium outside city hall in Philadelphia, Pennsylvania, on 14 September 2026. Photograph: Bloomberg/Getty ImagesThis surely has something to do with the terrifying announcements that have come out of Silicon Valley recently. A widely shared belief that there’s at least a 10% chance that AI could cause human extinction has, rightly, scared the bejesus out of many and follows repeated statements that artificial intelligence will end all jobs as we know them. Assuming we do avoid an AI apocalypse, vague promises of an AI cure for cancer and a universal basic income or some such to replace wages across the economy sound hollow coming from a clutch of out-of-touch billionaires with questionable moral codes in a country with huge holes in its social safety net. The political backlash is built on a deeper discomfort, though, beyond fear of the dystopia threatened by the masters of the valley. A fear built in the here and now and fueled by a brooding mistrust in US democracy itself, distrust of a political system that allowed a clutch of weird, sci-fi addled plutocrats to pursue a civilization-threatening project behind people’s backs. As noted Henry Farrell, a political scientist at Johns Hopkins University, “the push against datacenters speaks to the frustration of people who don’t feel they are making the choices in their lives.” People are not wrong about this. As AI ethicist Rumman Chowdhury points out, the dominant narrative out of Silicon Valley, that AI systems are becoming so powerful that nobody – including the companies that developed them – can stop them, is a stratagem to avoid responsibility for whatever harm their products may cause, depriving meat-and-bones humans of any recourse to law. The popular backlash is unlikely to stop the buildout of datacenters. Donald Trump remains steadfastly on the side of the moguls hoping to build an AI future. In response to the popular backlash, the Environmental Protection Agency is planning to nix the rule that requires states to solicit public input on applications for air pollution permits for industrial facilities like datacenters and the power plants that feed them, which could keep locals in the dark until construction starts. The sorry truth is that tech’s power does insulate it from small democratic pressure. “If there is one sector in the US that is still globally dominant and profitable, it is tech,” Boston University historian Quinn Slobodian said. “They can be confident that even if there is a change of leadership, the next person will have to dance with them anyway.” Critically, there is a bipartisan consensus that ensuring the US’s capabilities in artificial intelligence remain ahead of China’s is of paramount importance. Fear of Chinese catch-up is likely to keep driving policy, overriding voters’ concerns about the risks embodied in this new technology.

Democracy blindsides Silicon Valley’s power players looking to transform the world with AI
Europe
BBC Business

You need £17,000 for a first home - here's how to do it

If buying your own home is the finishing line, then saving up the money to get there is a marathon. The "Your First Home" scheme, announced on Saturday, aims to help first-time buyers in England get on the housing ladder with a small deposit. Currently a 5% deposit on the current average UK house price of £272,000 plus moving costs and legal fees - will set you back about £16,850, according to financial information service Moneyfacts. That's daunting, but here are four ways that experts say you can at least make a start on saving for a deposit. Depositing an amount you can afford into a regular savers account the day after you are paid is a good way to start, suggests Anna Bowes, savings expert at financial advisers The Private Office. "It becomes like another bill, but one that you can benefit from in the future," she says. Some of the ones which pay the highest interest are only accessible if you hold a current account with the provider, she says. Other considerations are whether you can lock the money away for longer, to receive a better savings rate. If you don't have a buffer of other savings, then experts say an easy access account gives you the chance to dip into the money to pay an unexpected bill. You can save up to £4,000 a year in a Lifetime Individual Savings Account (LISA) and the government guarantees a 25% bonus. So, if you put the full amount in then the government will add £1,000 a year. Money saved in a LISA can only be used to buy a first home up to the value of £450,000 - a threshold that has not changed since 2017. The only other time you can withdraw the money is after the age of 60 or in the exceptional case that you are terminally ill with less than 12 months to live.

You need £17,000 for a first home - here's how to do it
North America
CNBC Finance

Lowe's is launching a drone delivery service in partnership with DoorDash, Alphabet

Lowe's is launching a drone delivery service in partnership with DoorDash and Alphabet's Wing, CNBC has learned exclusively. The company said the new drone delivery service — a first in the home improvement retail space — will give customers access to over 100 products in a delivery window as fast as 20 minutes. A pilot program is already live in North Carolina, with plans for expansion. Customers can order products directly through DoorDash, which will have drone delivery listed as an option for eligible customers. The drones currently transport orders of roughly 2.5 pounds per flight and operate within a 5-mile radius of the store in Matthews, North Carolina, according to the company. Seemantini Godbole, chief information and artificial intelligence officer at Lowe's, said shoppers often tell the company they realize halfway through a project that they're missing a crucial item. "Drone delivery fits perfectly because this was one of the friction points, like you're doing a project, and you're getting interrupted," Godbole said. "[But] you never left your home, you never left your job site, and then you just continued with the project. That's the whole premise." She said the company is still testing the service, but if it's successful, Lowe's may expand the drone program beyond the North Carolina store. "We wanted our tech teams to be positioned. ... We literally are going to the store every day," she said. "We are observing. We are listening to the feedback from our store associates and from DoorDash, and we could make changes as needed and be really agile, and so that's why we started here." Godbole added that the drone delivery is not "technology for the sake of tech," but rather is a move to keep up with the changing needs of the Lowe's customer as part of the company's overall technology strategy. With the announcement, Lowe's joins a growing cohort of retailers adding drone delivery to their options to optimize convenience and technology for customers in an effort to lift sales. Amazon, Walmart and Uber Eats already use drones to offer fast delivery to customers. Godbole said the distinction for Lowe's is that it's the first home improvement retailer to offer drone delivery. But drone technology has also faced criticism across the country from people concerned about noise and privacy issues, especially in states like New Jersey. Navigating more crowded airspace also requires regulatory approval. Godbole said Lowe's is working to ensure its drones meet all standards and is leaning on the expertise of both DoorDash and Wing.

Lowe's is launching a drone delivery service in partnership with DoorDash, Alphabet
North America
CNBC Finance

Starbucks to shutter about 250 stores in latest round of cafe closures

Starbucks on Thursday announced it will close about 1% of its North American cafes as part of its turnaround. Under CEO Brian Niccol, Starbucks has staged a revamp of its U.S. business that has focused on improving the customer experience, including in-person interactions at its cafes. The announcement marks the second round of closures in North America during Niccol's two-year tenure. Starbucks expects to shutter about 250 underperforming cafes out of its more than 18,000 locations in North America. "We have carefully reviewed our North America coffeehouse portfolio and identified locations where we do not believe we can consistently deliver the experience we want for customers and partners or where we don't see a path to acceptable financial performance," Mike Grams, Starbucks chief operating officer, wrote in a letter addressed to employees. For fiscal 2026, Starbucks is now projecting net new openings of 440 cafes, down from its prior outlook of 600 to 650 locations. Those new cafes will come from its international markets. "The Company continues to see significant longer-term growth opportunity ahead in North America and is actively developing a strong pipeline of new coffeehouses," the company said in a regulatory filing. Most of the closures will occur before the end of fiscal 2026, according to the filing. Starbucks' fiscal year ends later this month. The company expects to incur about $300 million in restructuring charges related to the closures. About $200 million of that charge will be related to the costs of exiting leases early and paying employees separation benefits. The remaining $100 million will be non-cash charges from the disposal and impairment of its company-owned restaurant assets. Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Starbucks to shutter about 250 stores in latest round of cafe closures
Europe
BBC Business

My hometown shows that high streets have to change or die

ByEmma SimpsonBusiness correspondentThe empty building that used to be the home of Marks & Spencer in Aberdeen is one of the first things you see when you arrive off the train and come into the city centre. The sign has gone, though the shape of the lettering can still be made out; the windows are blacked out and the doors boarded up. This is my hometown. As a teenager, I spent hours on Union Street, its main thoroughfare, nicknamed the Granite Mile after the local silver-grey stone. It was the place to try on all the latest fashions from the likes of Clockhouse and Chelsea Girl. The street used to be packed with shoppers from across the north-east of Scotland. "I come to Union Street to take a bus somewhere else... there's nothing to shop for now… it's horrendous," complains Marie Sim, a lifelong Aberdeen resident. It's a similar story across the country: High Streets, once bursting with shops, hit first by the rise of out-of-town retail centres and then by online commerce. But Aberdeen is in the thick of an ambitious turnaround plan. The port city has essentially declared war on its empty shop problem, taking an unusually hands-on approach to filling vacant units and bringing long-neglected upper floors of buildings into use. On top of that, the council is pouring tens of millions into trying to make the city centre a destination again. Like many other places, it's leaning into the "experience economy", with a new indoor food and drink market and a major redevelopment of the seafront. High Streets are integral to how we feel about where we live. The sight of vacant shops and graffiti can quickly become a vicious circle, deterring shoppers, discouraging investment and leading to anti-social behaviour. Politicians of all stripes have been trying for years to breathe new life into town centres - and Andy Burnham, who has made a focus on "place" part of his political identity, is the latest. He argues they should become "symbols of Britain's renaissance". But can it be achieved? And if they're to survive, do town centres need a fundamental rethink? One in eight properties on British High Streets are currently vacant, according to Green Street, the property and retail analytics company, a number that's stayed stubbornly high for years. "If there was a silver bullet, it would have been fired years ago," says Jackie Sadek, a former government adviser on urban regeneration, who has spent nearly four decades working in town centre renewal.

My hometown shows that high streets have to change or die
Europe
BBC Business

Healey to promise 'new age of industrialisation' for UK in conference speech

Image source, PA MediaByBrian Wheeler, Political reporter and Iain Watson, Political correspondentPublished4 hours agoJohn Healey will promise "a new age of industrialisation" for the UK, when he delivers his first Labour conference speech as chancellor on Monday. Healey will tell delegates "our coal mines are not coming back", but that Labour will remake Britain's industrial past "for the modern age" by backing advanced manufacturing. He will also announce plans to boost Britain's shipbuilding industry, with new orders for Royal Navy floating docks and a maritime research vessel. With just a month to go until his first Budget, the chancellor is under pressure to cut spending or raise taxes to tackle the ballooning cost of government borrowing. But he is not expected to reveal any details about his Budget plans in his speech at Labour's annual conference in Liverpool. Instead, he will attempt to set out a positive vision for the future of British industry, based around what he will call a "new confidence in Britain". The former defence secretary will announce that three new floating docks at HM Royal Naval Base Clyde, at Faslane, will be built in the UK, rather than put out to international tender. Plans for the new docks were first set out in 2023 and are expected to upgrade Faslane's facilities for the next generation of British submarines. The docks form part of a wider £15bn upgrade programme for the Royal Navy's shipyards and are expected to come into service in the early 2030s. First Secretary of State Louise Haigh said in a speech on Sunday that the government would also commission a new marine research vessel as part of plans for a "new era of reindustrialisation". The chancellor is expected to announce £115m in funding for the ship, which is also set to come into service in the early 2030s. Ahead of his speech, Healey said: "By backing British shipyards, we are not only boosting national security but also securing resilience in the industries that will drive growth today while building the capabilities the country needs for the future."

Healey to promise 'new age of industrialisation' for UK in conference speech
North America
CNBC Finance

Why McDonald's is following Walmart and Amazon into the advertising business

McDonald's on Wednesday announced plans to create its own media network, following in the footsteps of retail giants like Amazon and Walmart. In August, 450 of its company-owned U.S. restaurants began displaying advertising for other companies on its digital drive-thru order boards as part of a pilot. It is early days for the program, which has not yet rolled out to the franchisees who operate the rest of its roughly 14,000 U.S. locations. Still, McDonald's hopes that it could eventually grow to be a $1 billion business for the company. "Commerce media is one of the fastest-growing areas in advertising, and it's expected to reach more than $100 billion in the U.S. alone by 2028," Morgan Flatley, McDonald's global chief marketing officer and executive vice president of new business ventures, said during an investor presentation. "It's an opportunity to generate revenue for the system with little in the way of additional cost, no operational complexity and no disruption to our customer experience," Flatley added. The move could eventually bring McDonald's a steady stream of high-margin revenue as costs for key inputs like beef climb and as the chain plans to invest billions of dollars in restaurant upgrades over the next decade. In the restaurant industry, McDonald's would be a pioneer for creating its own media network. CFO Ian Borden said that the company is uniquely positioned to make it a success. "We have one of the most valuable brands of any company of our size and scale in any industry," Borden told CNBC. "We serve about 85% of the U.S. population at least once a year, so we have reach that's quite unique, and we have 14,000 locations across the U.S., which means we're in every community, and we're connecting with every consumer." Retailers like Amazon and Walmart have found success running their own media networks, which tend to be high-margin businesses. Amazon reported $68.6 billion in advertising service sales in 2025, accounting for just under 10% of the company's overall revenue. Amazon's ads appear across its portfolio, from its shopping pages to Prime Video to lockers and live streaming platform Twitch, as well as third-party apps and websites. Walmart does not share specific sales results for its advertising unit, but the company said that Connect, its U.S. ad business, grew sales 43% in its fiscal second quarter. The retailer's media network shows ads on its app, website and inside its more than 4,600 U.S. stores, plus outside apps like Instagram. It also bought TV maker Vizio in late 2024 with an eye toward its ad business. McDonald's newest venture was announced as part of the company's investor day, which was hosted at its Chicago headquarters. In addition to the media network, executives shared more details about plans to grow sales through pricey restaurant upgrades and better food quality. Get this delivered to your inbox, and more info about our products and services.

Why McDonald's is following Walmart and Amazon into the advertising business
North America
CNBC Finance

McDonald's stock falls as it unveils plan to spend big on restaurant upgrades

McDonald's on Wednesday announced plans for its own media network, pricey restaurant upgrades and ways to win over GLP-1 users during an investor presentation at its Chicago headquarters. In June, the company unveiled its newest growth strategy, McDonald's > NEXT. The pillars of the plan include a new restaurant design, better-tasting food and drinks, consumer-led innovation, and improved hospitality from employees. But until Wednesday, executives had offered few details about how they would implement the plan and how it may affect its financial results over the coming years. The shifts come as McDonald's U.S. business tries to rebound from sluggish sales and as consumers hit by years of elevated inflation visit restaurants less often. The chain aims to win over more diners at a time the company expects inflation and flat traffic to restaurants overall will persist, CEO Chris Kempczinski told CNBC. The plan and Kempczinski's comments did not impress Wall Street, as McDonald's shares fell 6% in afternoon trading. A key part of the strategy is restaurant remodels, which McDonald's mandates roughly every decade for franchisees. The new design features updated PlayPlaces, which were previously being phased out, and more open kitchen layouts. Customers will be able to see their McCafe drinks being prepared. But the chain will also unveil what it calls Restaurant > NEXT, which includes improvements to equipment, technology and operations. It also will feature "ArchIQ," an artificial intelligence-powered operating system for restaurants. The company said "Archy" can take orders in English and Spanish from customers, saving about 50 labor hours per week, while other elements of ArchIQ can manage inventory and schedule shifts, as well as use scales to assess order accuracy. "Capabilities such as AI-enabled revenue management and Archy's suggestive sell will help increased average check over time," CFO Ian Borden said. All of those upgrades will require steep investment from franchisees. But McDonald's is also planning to provide financial support, through rent relief and actual capital. Through 2036, McDonald's plans to spend as much as $8.5 billion to accelerate franchisees' investment in the restaurant improvement plan. About $5 billion of that support will happen through 2030. McDonald's is projecting about $1.5 billion to $2 billion in capital spending from 2027 through 2030 to accelerate NEXT, in addition to about $3 billion every year on typical capital expenditures. (In 2025, McDonald's reported $3.4 billion in capital expenditures.) A standard lobby remodel of a drive-thru restaurant in the U.S. typically costs about $400,000 to $450,000, paid for by the franchisee. The additional investments tied to the plan will be "incremental" to the remodel expenses and cost roughly $800,000 per restaurant, although McDonald's will be providing financial support for some of that, according to Borden. Those investments will be phased, with tech, kitchen and operational upgrades adopted over time as they become available. Franchisees may protest the franchisor's expectations for their own investment in the restaurants, on top of standard cosmetic remodels. Beef and labor costs are already weighing on their profits. "We'll get good returns," Kempczinski told CNBC. "Now that doesn't mean to say that there aren't going to be a lot of anxieties, a lot of questions, as there always is around investment. It happens every time we go into one of these cycles, and we'll work with our franchisees collaboratively on that to address their questions."

McDonald's stock falls as it unveils plan to spend big on restaurant upgrades
Europe
BBC Business

Faisal Islam: The two big decisions the chancellor must make

Image source, AFP via Getty ImagesByFaisal IslamEconomics editorPublished27 September 2026, 00:00 BST"It is tough," John Healey admitted to me earlier this month when I asked him if there had been too much doom-mongering? "Conflicts, uncertainty, driving up inflation, driving up interest rates. But we've got great strengths. We've got good reasons to be confident about the future of Britain," he insisted. The new scheme to try and help young people get on the property ladder, announced on Saturday, was aimed at boosting confidence in the economy. But the chancellor is now facing two big decisions before his inaugural Budget on 28 October. Firstly, about the longevity of the economic pressures caused by the Iran War, and then about how to sustain a modest but notable uptick in economic spirits, through yet more global turbulence. In his first weeks as chancellor the oil price fell as low as $75 a barrel while the yield - the effective interest rate - on 10-year government bonds was 4.9%. Just over two months later oil has largely traded above $100 and the 10-year yield is at around 5.4%. It is the ultimate double whammy for a chancellor facing his first Budget. Yet there is something unusual about this energy shock. It could quickly reverse, as illustrated earlier in the summer when assumptions about a deescalation in the US Iran conflict led to sharp falls in energy prices and yields. In New York this week both President Trump and his Iranian counterpart President Pezeshkian suggested November's US midterm elections were connected to when the war might end. The Iranians would wait until after the elections to seek peace because the war's impact on the cost of living - particularly soaring diesel costs - could damage him electorally, the US president told the UN General Assembly. The 3 November vote is six days after the Budget. No one could rely on there being a settlement by then, but it is plausible. So the Budget tax, spend and borrowing forecasts could be based on a prolonged conflict, which is actually on the cusp of ending, or even already ended.

Faisal Islam: The two big decisions the chancellor must make