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Europe
BBC Business

Firm hacked by rogue OpenAI models says it is 'a wake-up call'

The co-founder of Hugging Face, a technology start-up that was hacked after some of OpenAI's most advanced artificial intelligence (AI) models went rogue, said on Thursday that the incident is "a wake-up call" for the industry. Thomas Wolf told BBC's Newsday radio programme that "this will be one of the most common types of cyber attacks we see", but that most firms are not aware that the "game has changed". The ChatGPT-maker said on Tuesday that its AI models broke out of a secure test environment during a trial and launched a cyber attack. The firm said the incident was "unprecedented" and that it was conducting an investigation with Hugging Face. AI agents are able to operate alone to accomplish tasks after human instruction. Wolf said that Hugging Face initially had no idea where the attack originated when signs of it surfaced in mid-July but that the company was able to contain the breach. Hugging Face is one of the world's largest open-source hubs for sharing AI models and is often used by tech developers and researchers. Wolf said the breach was "very different" from the usual cyber attacks that Hugging Face often faces and that OpenAI quickly informed the company that its models were behind the hack. In a "very short time" there were 17,000 attacks on Hugging Face's network from various IP (Internet Protocol) addresses, said Wolf, who is also the firm's chief science officer. Wolf said it was a warning to other companies that they must strengthen their cybersecurity defences to counter such attacks. The hack is "worrying" because it suggests OpenAI's models ignored the typical safeguards that would prevent an AI program from committing a cyber attack, said Nate Soares from the Machine Intelligence Research Institute. "In some sense, it knew that this was not what the creators intended. It just didn't care," he added. A UK government spokesperson said the country's AI Security Institute was studying how the AI system behaved in the incident and that it was continuing to work with OpenAI and other labs to strengthen safeguards.

Firm hacked by rogue OpenAI models says it is 'a wake-up call'
Asia-Pacific
The Straits Times

Nasdaq lags on angst over AI spending ahead of earnings reports

The S&P 500 barely advanced and its biggest weight came from the S&P 500 technology index, which underperformed the broader market to finish down 0.88 per cent, as chip stocks fell. NEW YORK - The tech-heavy Nasdaq fell on July 24 as investors sold chip stocks on worries about massive spending on artificial intelligence ahead of the next batch of megacap earnings reports, while falling oil prices provided Wall Street with some support even as Middle East hostilities continued. The S&P 500 barely advanced and its biggest weight came from the S&P 500 technology index, which underperformed the broader market to finish down 0.88 per cent, as chip stocks fell. While investors looked ahead to next week’s results from megacaps Microsoft, Amazon.com, Meta and Apple Inc, their enthusiasm has waned since Alphabet’s announcement, late on July 22, of a massive hike to its capital spending plans even as it burns cash. After piling into technology stocks in recent years on the promise of growth from AI, investors have become worried about the need for ever-increasing capital outlays for AI, according to Andersen Capital Management chief executive officer Peter Andersen. “People are thinking, how do we make sense of all this spending, and how much more patient do we have to be before we actually see it translate to actual profits?“ Andersen said. Late on July 23, Intel forecast quarterly profit and revenue above Wall Street estimates and outlined plans to increase spending over the next two years. Still, the chipmaker’s shares sank to close down 7.9 per cent on July 24 in sympathy with the Philadelphia SE Semiconductor index, which dropped 4.5 per cent. The Dow Jones Industrial Average rose 235.60 points, or 0.46 per cent, to 51,947.25, the S&P 500 gained 3.68 points, or 0.05 per cent, to 7,411.98 and the Nasdaq Composite lost 161.87 points, or 0.64 per cent, to 24,975.82. For the week, the Dow fell 0.4 per cent, its third straight weekly loss. The S&P 500 and the Nasdaq registered their second straight week in the red with the S&P falling 0.6 per cent while the Nasdaq lost 2 per cent. Among the S&P 500‘s 11 major industry indexes, real estate was the strongest, with a 2.4 per cent advance. The sector’s leading gainer was Digital Realty Trust, which rallied 11 per cent after it raised its full-year forecast for funds from operations. The second-biggest sector gainer was materials which rose 1.44 per cent as investors turned their attention to paper and packaging companies. International Paper led the pack with an 11.2 per cent advance, making it the S&P 500‘s biggest percentage gainer on the day. It was followed closely by the US-traded shares of paper company Smurfit Westrock, which added 11.1 per cent.

Nasdaq lags on angst over AI spending ahead of earnings reports
Europe
BBC Business

What does an Andy Burnham-led government mean for your money?

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished20 July 2026Updated 18 minutes agoIn one of his first moves as Prime Minister, Andy Burnham has announced that VAT will be cut from household electricity bills, as part of his pledge to help with the cost of living. Burnham, in his first speech as prime minister, promised to give people more "breathing space" to help with their finances. Cost of living is a key issue for the new PM. Many people, he has previously said, can't go out for a pint on a Friday, can't take the kids out and can't go on holiday owing to the pressure on their finances. The cost of living has dominated people's lives in recent years, and - to some extent - our politics too. Easing that pressure hasn't been easy. If Burnham plans more support in the form of transport costs and allowing people to earn more before being taxed, and makes care and somewhere to live more affordable, he'll face tough choices on funding those moves and managing the trade-offs that come with them. And his new chancellor, John Healey, will be the one who has to deliver any changes, and outline how to pay for them. A prime minister saying every minute not talking about the cost of living is "a wasted minute". A chancellor saying it is the "number one focus". However, these words weren't spoken by the incoming PM and chancellor, but by Sir Keir Starmer and former chancellor Rachel Reeves - and only in January this year. They removed £150 from a typical annual domestic energy bill in April, by cutting some levies and moving others onto taxation. But, those bills soon went up again, as did the cost of food and mortgages, owing to the impact of the US-Israeli strikes on Iran. Events can have an instant and extreme impact on the best-laid plans. "A more volatile world is a more expensive world," says Adam French, of the financial information service Moneyfacts. The government has announced it is cutting VAT on domestic electricity bills from 5% to zero from 1 October, which it says will save a typical household about £45 a year.

What does an Andy Burnham-led government mean for your money?
Europe
BBC Business

Most bus fares in England to be capped at £2 from January

Image source, Getty ImagesByKaty AustinTransport correspondentPublished22 July 2026, 06:37 BSTUpdated 16 minutes agoThe bus fare cap in England will revert to £2 from January, new prime minister Andy Burnham has announced. The government says the policy, which is expected to cost more than £500m, will "help with the cost of living and give people the breathing space they need". In January 2025, the England-wide bus fare cap rose to £3 under Sir Keir Starmer's Labour government, although Liverpool and Manchester are examples of city regions where fares have been held at £2. Burnham said affordable transport links were an essential, adding: "Lower fares will help people get to where they need to." Transport secretary Heidi Alexander told the BBC's Today programme the measure gives people "a little bit of hope" in a time when many are grappling with higher living costs - especially after fuel costs spiked as a result of the US-Iran war. The new cap will take effect from 1 January 2027 for fares on participating buses outside of London. The Burnham government said going back to a £2 cap should particularly help passengers in rural and coastal areas, where single fares can be higher. Public services in Northern Ireland will also get a small amount of additional money, though ministers will not be obliged to spend the money on public transport. The exact amount will not be known until the autumn budget. Earlier this month Translink, Northern Ireland's public transport company, said it would have to make cuts to services due to budget pressures. While a lower fare cap is welcome, the Campaign for Better Transport said rural areas were still suffering from fewer bus routes and services, adding that such areas had been more affected by council cut backs in the last decade than urban zones. The County Councils Network, which represents 39 unitary and county councils across England, said that bus services in those areas - as measured by vehicle miles - decreased by 18% between 2019 and 2024, which it said was the biggest decline in England. The Campaign for Better Transport's Michael Solomon Williams said: "What we need to see is the replacing of those lost services which have particularly affected those in rural areas".

Most bus fares in England to be capped at £2 from January
Europe
BBC Business

Why the UK is dithering over what to do about e-scooters

ByKaty AustinTransport correspondentWhen I step out of Southampton Central railway station, it takes me just seconds to spot an e-scooter. In this city, these devices have become a normal part of the transport ecosystem, along with e-bikes. "It's just the most convenient way to commute from home to the station and back," says Keith Reed, who I speak to as he arrives at the station to catch a train to London. Keith says uses rental e-scooters twice a week. His alternative option would be his bike, but he'd then have to worry about where to leave it. Around the city, there are parking areas for bright orange rental devices everywhere - but they're not necessarily a permanent feature. Southampton hosts one of the numerous government-backed trials around England. This one has been going on since 2021. It also doesn't take long to find e-scooters which aren't part of the trial, but instead are owned by individuals. I see a man riding one along the pavement outside a parade of shops. He doesn't want to stop and talk. These privately owned e-scooters are illegal to ride on public roads across the UK, but they've proliferated regardless. One expert told me the situation was a "Wild West". Among people I spoke to in Southampton, the same concerns came up time and time again: "They're a blinking nuisance," says elderly pedestrian Fred. Another shopper, Martin, says he's "very concerned" whenever he sees them racing through precincts: "An accident's almost inevitable." The endgame of the trials is to reach a decision on whether to make permanent hired e-scooter schemes such as the one Keith uses - and whether to bring in legislation that would legalise and regulate privately owned e-scooters too. But six years since the trials started around England, there's still no conclusion - and as the UK government has responsibility for road traffic legislation across Great Britain, officials in Scotland and Wales say they are waiting on Westminster to act. So why is it taking so long for the government to decide what to do, and what are the consequences of delay? What does the evidence tell us about how safe these things are? And why are people using them in the first place - are they here to stay as a useful part of the transport offer, or will they end up being viewed as a pest on our streets? You'd recognise an e-scooter if you saw one. The Department for Transport's (DfT's) definition of an e-scooter includes no pedals, two wheels and a maximum continuous power rating of 500W. And so far, the trials around England appear to have proved popular. According to DfT research, fom January 2022 to May 2024, 36.9 million trips were made across 30 trial areas outside of London. On average, nearly 19,500 e-scooters were available to hire every day.

Why the UK is dithering over what to do about e-scooters
Asia-Pacific
The Straits Times

Me & My Money: From construction painter to EV charger firm founder

Sathiyamoorthy Nagarajan (left), a power systems specialist from India, partnered with Singaporean engineer Lai Yuan Weng to set up MNL Solutions, which delivers sustainable EV charging solutions for homes, condos, commercial and industrial sites. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – Sathiyamoorthy Nagarajan vividly remembers knocking coconuts off trees and selling them at the market before school to supplement his family’s income while growing up in India.

Me & My Money: From construction painter to EV charger firm founder
Europe
BBC Business

Airport drop-off fees up by a third - here are the priciest

Drop-off fees at the UK's major airports have risen by a third on average since last summer, new analysis has found. The RAC looked at the cost of pulling up at the closest point to terminals at the 20 busiest airports - 16 had put up their fees since last year. Trade body Airports UK said free drop-offs were available and fees were part of airports' business models and climate change objectives. London Gatwick's is the highest "farewell fee", charging £10 for 10 minutes on the forecourt outside either of its terminals. At Stansted, £10 buys a more generous 15 minutes, at "Express Set Down" outside departures. London City Airport, which only started making people pay this year, is the most expensive on a per-minute basis. Its £8 charge for five minutes works out at £1.60 per minute. In contrast, none of the top 10 airports in the EU charge for drop-offs, according to RAC research. The RAC acknowledged UK airports generally offered other options for dropping people off at locations further from the terminal, sometimes with free shuttle buses. But the motoring organisation's senior policy officer Rod Dennis said "having a captive audience should be no excuse for these 'farewell fees' – especially when they're completely at odds with how major airports around the world operate." He said drivers needed to be especially careful of barrierless 'park now, pay later' drop-off zones, as they could face a parking charge notice if they failed to pay online or by phone within a certain period of time. Gatwick's price hike comes as the airport tries to get more people arriving by trains and buses. When the Transport Secretary approved the airport's plans for a second runway, one of the requirements was to have 54% of passengers using public transport. Heathrow may also have to act to try and put people off driving to get a third runway.

Airport drop-off fees up by a third - here are the priciest
North America
Yahoo Finance

MU, SNDK, CRWV, IREN Stocks Climb After Brutal Week: Retail Bets On Memory, Neocloud Rebound

Shares of key memory firms and neocloud operators rose in overnight trading on Sunday after a brutal week for AI-linked stocks, offering some relief from the worrying downtrend that has persisted since the start of July. Micron stock gained 2.5%, while SanDisk and Western Digital shares rose about 1% each. SanDisk shed over 29% this week, its worst weekly fall in over a year, emerging as the biggest loser in the S&P 500 index. CoreWeave and Nebius stocks rose about 1.2% each, while IREN Ltd. gained 1%. The stocks slumped between 17% and 19% in the week, with the move said to be closely associated with the selloff in the chip sector. U.S. semiconductor stocks have fallen rapidly as investors take profits after an extended AI-driven rally and rotate into large-cap software and internet stocks. A combination of rising Treasury yields, renewed inflation worries from higher oil prices amid escalating U.S.-Iran tensions, and concerns that AI-related valuations had become stretched weighed on the sector. The selloff was exacerbated by growing uncertainty over whether hyperscalers would continue to invest the massive sums in AI development that they had committed at the start of the year. Investors are awaiting earnings from companies such as Alphabet and Intel for fresh evidence that AI demand remains strong. As a result, the iShares Semiconductor ETF (SOXX) entered bear-market territory, declining 22% from its June 22 peak, even though analysts generally view the move as a correction and sector rotation rather than a deterioration in the long-term AI investment cycle. “SOXX semiconductor stocks are now experiencing their biggest pullback in the past year… The key question now is whether this is just a healthy correction within the semiconductor cycle or the beginning of a deeper move lower,” a trader posted on the SOXX stream on Stocktwits. Retail sentiment for SOXX remained ‘neutral,’ unchanged from the previous week. Traders remained upbeat on the memory segment, with a ‘bullish’ read on MU and SNDK. “$SNDK Just bought more. It's growing 150% a year. It's down 40% for the month from the AI correction. A no-brainer to accumulate. They locked in a multi-billion dollar deal with Facebook to provide memory chips over the next few [years],” a trader wrote, projecting the stock to increase roughly three times in the next five years. Stocktwits sentiment was ‘bullish’ for CRWV and IREN, and ‘extremely bullish’ for NBIS. A trader noted that CoreWeave is the compute supplier for China’s Moonshot AI, whose latest Kimi K3 AI model is said to be on par with leading models from OpenAI and Anthropic.

MU, SNDK, CRWV, IREN Stocks Climb After Brutal Week: Retail Bets On Memory, Neocloud Rebound
Europe
BBC Business

France passes law banning under-15s from social media

Image source, Getty ImagesByHugh Schofield, Paris correspondent and Ottilie Mitchell, BBC NewsPublished8 minutes agoFrance's parliament has approved a law to ban social media for under-15s from January 2027, making it the first European country to block young people from the platforms. The law will mean everyone in France must verify their age to access social media and comes as the UK and EU are developing their own limits in response to concerns for children's mental health. French President Emmanuel Macron has welcomed the move, which he had pledged to introduce to mark the end of his decade in office. While sceptics have questioned the law's viability, the government has insisted the online tools to put the age checks in place are effective and safe. Both the French Senate and National Assembly adopted the ban on Tuesday, despite criticism from some on the left. Once the ban is in place, social media platforms would need to use age-verification tools approved by the French privacy regulator, according to Reuters news agency. But concerns have been raised over privacy, the efficacy of age-verification tools, the risks of young people bypassing them, and how quickly the ban has been designed and brought in, Agence France Presse reports. French Digital Minister Anne Le Hénanff defended the speed of the law's implementation ahead of the vote "because age-verification tools already exist", the agency added. Despite Australia banning under-16s from social media in December, it is widely acknowledged that many continue to use the platforms. In March, Australia's eSafety Commission announced seven out of 10 children aged under 16 who had a social media account before the ban still had "some access". Given this, Professor of Internet Studies at Western Australia's Curtin University Tama Leaver told the BBC the ban has "failed" in its technical aims. But, he says, it has successfully shown a ban "can be done" though classifies it as "a bit of an experiment".

France passes law banning under-15s from social media