Europe
BBC Business

Iran-linked hackers behind cyber attack that shut down power plant, reports say

Image source, Getty ImagesByTom SymondsNews correspondentPublished9 hours agoA small power plant in the UK was shut down during a cyber attack. The government said that at no point was there a risk to the UK's energy system, but the Department for Energy Security and Net Zero (DESNZ) has contacted power companies to advise them about the risk of cyber attacks. The Telegraph reported, external that the attack, which took place last month, was carried out by hackers affiliated to the Iranian regime. For security reasons, neither the government nor the National Cyber Security Centre, which deals with attacks on critical infrastructure, would give further details of the site affected. However this was not an attack on an essential service such as a large power station. DESNZ said the incident had affected a small-scale generator and at no point had there been a risk to the wider energy system. The UK's power network has a number of smaller gas generators which provide short-term power when needed. Protecting the country's supplies is a key challenge for the government. It is updating its regulations for cyber security, and working on a new energy resilience strategy for later this year. Iran has long been regarded as a capable cyber power but while the Western cyber-security world is braced for attacks either from the state or hackers linked to the state as a result of its conflict with the US this year, there has been little activity so far.

Iran-linked hackers behind cyber attack that shut down power plant, reports say
Europe
BBC Business

Firms scramble for battery power in Spain and Portugal

A massive power failure caused widespread chaos. People dug out lanterns and old radios, and companies scrambled to save what production they could. The Spanish meat processing firm Fribin, in Binéfar, in the north eastern province of Aragon, was midway through its morning shift when the sudden shutdown brought production lines to a halt. For Andrés Altabás, Fribin's technology and systems director, it was a nightmarish situation. Emergency systems didn't have the capacity for continued operation. "Refrigeration was prioritised but all the lines had to be stopped," he adds. Many tonnes of meat in the processing stage had to be discarded. "There were losses of hundreds of thousands of euros," says Altabás. It was a big undertaking as the company's energy needs are "quite large", amounting to more than 25 gigawatt-hours a year, most of it for refrigeration. The business had been considering investing in a battery back-up system for years, but it had been judged too expensive. "And then came the blackout, and all of that together catalysed the investment," Altabás tells the BBC. The first purchase of a five megawatt-hour module was made in June 2025, and a second module with the same storage capacity was ordered in early June 2026, both amounting to a total investment of around €1.5m (£1.3m; $1.7m), funded in part by the European Union's Next Generation funds. Firms across Europe have been switching to electricity from fossil fuels for their industrial needs, encouraged by subsidies from EU funds. While that is helping bring down emissions of climate-warming gases, it has also made firms more vulnerable to power cuts. "The industrial sector has been one of the first to look at storage systems, since it can't have its production drop off too abruptly," says Miguel Matias, founder of the Portuguese energy services company Self Energy, headquartered in the UK.

Firms scramble for battery power in Spain and Portugal
Asia
The Hindu BusinessLine

KFintech launches ARYA, an AI platform for end-to-end MF transactions

A key architectural choice sets ARYA apart from competing AI-powered finance tools: transaction compliance is handled entirely by deterministic software. | Photo Credit: - KFin Technologies Limited on Wednesday unveiled detailed specifications for ARYA, its conversational AI platform designed to execute mutual fund transactions directly through natural language, marking a significant shift from chatbot-style information tools to a fully transactional investor servicing system. The Hyderabad-based registrar and transfer agent (RTA) said ARYA allows investors to move from portfolio inquiry to transaction execution within a single conversation, covering lump-sum purchases and SIP registrations currently in live testing. Redemption, fund switching, Systematic Transfer Plans, and Systematic Withdrawal Plans are on the near-term roadmap. A key architectural choice sets ARYA apart from competing AI-powered finance tools: transaction compliance is handled entirely by deterministic software, not by the underlying language model. Every transaction triggers mandatory OTP-based identity verification, PAN masking, and automated eligibility checks before hitting KFintech’s system of record. The company’s self-hosted Small Language Models run exclusively within KFintech-controlled infrastructure in India, addressing Digital Personal Data Protection (DPDP) data-residency requirements with no third-party AI cloud in the serving path. In proof-of-concept testing completed in July 2026 with leading asset managers, ARYA recorded approximately 90 per cent fact accuracy, sub-second retrieval latency at p95 of 0.7 seconds, an 80x improvement over initial builds, and a 100 per cent refusal rate on out-of-scope queries, with zero hallucinated answers. ARYA is scheduled for its public debut at the Global Fintech Fest on September 10, 2026, at the Jio World Convention Centre, Mumbai, as an invite-only platform at arya.kfintech.com. Broader rollout to distributors via KFintech’s IRIS portal and to retail investors through KFin Investor Portal is planned for October 2026. KFintech’s stock closed at ₹929.00 on the NSE on Wednesday, down 0.91 per cent. The stock has declined roughly 12 per cent over the past year and trades at a trailing P/E of 47.43, with a total market capitalisation of approximately ₹16,060 crore. 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.

KFintech launches ARYA, an AI platform for end-to-end MF transactions
Asia
The Hindu BusinessLine

Piccadily’s Indian rum Camikara wins multiple international awards, puts India on global spirits map

Piccadily Agro Industries Limited, the publicly listed parent company, also markets Indri Single Malt and Cashmir Vodka. Camikara, India’s first pure cane juice aged rum, as the company states, made by Piccadily Distilleries, has swept multiple international competitions, winning Silver medals for its 3YO, 8YO and 12YO expressions at the International Spirits Challenge 2026 (ISC) in the UK, one of the world’s leading spirits competitions. The brand competed directly against established rum producers with generations of heritage. At the SIP Awards in California, Camikara delivered an even stronger result in its debut participation. The Camikara 8YO was awarded Best in Class, Platinum, the highest recognition in the Rum Aged/Rhum Agricole Aged category. The 3YO secured a Gold medal. Both expressions also received the Innovation Award, independently given by a judging panel following blind tasting to spirits demonstrating a distinctive and original taste profile. Camikara is produced from 100 per cent pure sugarcane juice, not molasses, following the traditional rhum agricole method, and is aged in oak casks without additives. The portfolio spans three expressions: 3YO, 8YO and 12YO. The awards come at a time when India’s domestic spirits industry faces rising regulatory scrutiny. Shalini Sharma, Head of Marketing at Piccadily Distilleries, said the brand was built to represent India globally rather than replicate existing rum traditions. Piccadily Agro Industries Limited, the publicly listed parent company, also markets Indri Single Malt and Cashmir Vodka. The company had earlier been recognised as India’s fastest-growing single malt whisky brand in 2024. Shares of PAIL closed at ₹622.25 on Wednesday, down 1.85 per cent, with a market capitalisation of approximately ₹6,121 crore. 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.

Piccadily’s Indian rum Camikara wins multiple international awards, puts India on global spirits map
Europe
The Guardian

Bill Gates calls for ‘human-reserved’ jobs in face of AI takeover

Bill Gates wrote ‘it is fair to wonder whether the world’s institutions are up to the task of designing and implementing this new architecture’. Photograph: Denis Balibouse/ReutersView image in fullscreenBill Gates wrote ‘it is fair to wonder whether the world’s institutions are up to the task of designing and implementing this new architecture’. Photograph: Denis Balibouse/ReutersAI (artificial intelligence)Bill Gates calls for ‘human-reserved’ jobs in face of AI takeoverIn 6,000-word essay Microsoft co-founder also expresses concern governments not prepared for technology’s impact Bill Gates has called for “human-reserved” jobs in certain sectors to prevent AI replacing them, and expressed concern that governments are not prepared for the impact the technology will have. In a 6,000 word essay titled The turbulent AI era is here. The choices we make are critical, the billionaire Microsoft co-founder likened the need to spare roles from digital encroachment to how nature reserves operate to protect the environment. “Many jobs will disappear forever,” he said, in his first lengthy piece on AI in three years. “I believe that as AI and robots improve, we’ll set aside certain things for only people to do. “I’ve started calling this domain human reserved. I like the phrase human reserved because it makes me think of nature reserves – places where we could put buildings and roads, but we choose not to because the loss would be too great.” He cited examples including the health professionals who cared for his father, who died of Alzheimer’s disease six years ago. “Something in the care they gave my dad was irreplaceably human, no robot could or should have done it,” he said. “Imagine a robot giving you the awful news that you have an incurable disease. There’s no technical reason why it couldn’t. Yet it shouldn’t.” Wednesday’s essay is one of Gates’s first major public interventions since he became embroiled in the Jeffrey Epstein scandal. An external review commissioned by the Gates Foundation found last month that there had been about 30 meetings between Epstein and foundation leaders and staff – including Gates – between 2011 and 2014. Gates, who has not been accused of involvement in Epstein’s crimes, remains the chair of his $89bn (£65bn) charitable foundation and previously said he regretted “every minute” he spent with the sex offender. Gates warns in his essay that governments are not prepared for the scale of the impact of AI. “The highest priority is a monumental task: creating a domestic and international framework for dealing with AI,” he wrote. “After the attacks of 9/11 the US government went through its biggest reorganisation since World War II for the purpose of improving just one function, national security. “AI will require much, much more. It will affect national security as well as employment, education, taxation, energy, elections, air and water, public health, the financial system, law enforcement, transportation, public lands and IT systems.

Bill Gates calls for ‘human-reserved’ jobs in face of AI takeover
North America
Yahoo Finance

The Idiot’s Guide to Stocks

Learning about the stock market can be intimidating. There are so many terms, like dividends, capital gains, market corrections, and compound returns. Though people throw around these terms as though they were born knowing what they mean, the basics of the stock market have to be taught. Luckily, when approached slowly, stock investing is much easier to understand than it initially seems. Here are the basics. A stock represents a small ownership interest in a company. When you buy shares of a publicly traded company, you become one of its (generally thousands or millions of) shareholders. Obviously, owning a few shares doesn’t mean you get a seat at the boardroom table, but you do technically own a teeny tiny piece of the business. There are two basic ways investors can make money from stocks. The first is through price appreciation. If you buy a stock for $50 and eventually sell it for $70, you’ve made $20 per share before taxes or fees. That $20 profit is called a capital gain. The second way of profiting is through dividends. Some companies give a portion of their earnings to shareholders. Not every company pays dividends. Returns can include both changes in the stock’s price and any dividends you receive. The stock market is essentially a giant marketplace where investors buy and sell shares in companies, so long as they’re publicly traded. Instead of walking all the way to Wall Street, most investors now sell and buy electronically through brokerage accounts. Prices are always in a state of fluctuation as buyers and sellers are continually changing what they’re willing to pay for shares. There isn’t one single reason. High or low profits, popular new products (or lack thereof), economic conditions, and expectations about the future can all influence a company’s share price. There are also countless other factors that can contribute. Sometimes just excitement alone can push a stock higher for a bit of time. If investors collectively think a particular company is going to be extremely successful, demand for its shares can go up fast. But following the crowd can be risky, since popularity doesn’t always mean a stock is worth its price. Compounding is one of the biggest reasons people invest over long periods of time. It can be very powerful. This works when your investments generate returns, and those gains remain invested, generating additional returns of their own. Compounding doesn’t look too impressive over a few months. Over decades, however, the difference can be massive. That’s why long-term investing isn’t about finding one magical stock. Time, diversification (spreading your money across many investments), regular contributions, and patience are an effective combination and can be much more important than one fantastic stock. Buying individual stocks isn’t the only way to invest in the stock market. Funds allow investors to buy small pieces of several companies at the same time. An index fund follows a particular market index, like the S&P 500, instead of requiring you to pick individual companies. This is a good way to spread your money across hundreds or even thousands of companies with a single investment. For beginners, understanding funds is important because investing in the stock market doesn’t always mean choosing individual stocks.

The Idiot’s Guide to Stocks
North America
CNBC Finance

Target hikes outlook as sales rebound and huge tariff refund boosts bottom line

Target on Wednesday posted quarterly earnings that were boosted by tariff refunds and raised its full-year guidance, as the retailer shows more signs its turnaround is taking hold. The company said net sales climbed 5.3% from the year prior. Comparable sales grew 3.8%, topping Wall Street estimates of 2.4%, according to StreetAccount. Target added in its release that it saw "broad-based" strength across categories. "We're encouraged by the progress made so far, and we're also clear-eyed about the important work still ahead," CEO Michael Fiddelke said on a call with reporters. "Q2 is an important step forward in the plan we laid out earlier this year to open a new chapter of growth for Target. What you saw from us this quarter reflects the level of change we knew would be needed to put our strategy in motion." Target's fiscal second-quarter results also included a $752 million boost to net earnings, or $1.65 per share, from tariff refunds. The company said its second-quarter gross margin and operating income included a $994 million pretax benefit from that repayment. Target hiked its full fiscal-year outlook, due to both stronger sales trends and the one-time boost to its bottom line. The retailer raised its full-year net sales growth guidance to about 5%, up by 1 percentage point. It expects full-year EPS, including the tariff refunds, to be between $9.90 and $10.90. Excluding the repayment, that range would be $8.25 to $9.25 per share, compared with its previous outlook of $7.50 to $8.50 per share. Though Target has posted promising results for two straight quarters, Fiddelke said he remains cautious on the company's turnaround. "To be clear, we have much more work to do," he told reporters. "The combination of stronger execution and improving guest feedback provides a firm foundation on which to build as we continue advancing our strategy." For the three-month period ended Aug. 1, Target reported net income of $1.88 billion, or $4.11 per share, compared with $935 million, or $2.05 per share, the year prior. That comparison includes the boon Target received from collecting its tariff refunds. "Two strong quarters is not the goal," Fiddelke told reporters. "Sustained, durable top- and bottom-line growth over time is what we're after." Digital comparable sales jumped 8.7% in the quarter, as same-day delivery grew more than 25%, according to the company. Target said it saw strength across its food and beauty businesses, as all six of its major categories grew. However, its apparel and home categories lagged behind other segments, a discrepancy company executives said they're intent on fixing.

Target hikes outlook as sales rebound and huge tariff refund boosts bottom line
Asia-Pacific
The Straits Times

Singaporean takes leap of faith to pursue dream of becoming a hotelier in Japan

Ray Hoe took an equity term loan, remortgaged his Singapore property and made the leap to Japan. SINGAPORE – At 40, Ray Hoe left Singapore with his wife and two children to pursue his dream of becoming a hotelier in Japan. It was a high-stakes bet on a country where he had neither the language nor the business connections. Armed with what he describes as a healthy dose of naivety and a can-do spirit, he took an equity term loan, remortgaged his Singapore property and made the leap. “It wasn’t because we were unhappy in Singapore. I simply wanted to see if I could build something meaningful overseas, as I’ve always been drawn to taking the road less travelled,” Hoe, 41, tells The Straits Times. Hoe started out in international property marketing at JLL in 2012 before spending about eight years with his father, a property developer in Johor, Malaysia. He subsequently worked as a mortgage broker back in Singapore. In 2025, the University of British Columbia finance graduate founded Hooray Hotels, a boutique hospitality company focused on introducing international travellers to lesser-known parts of Japan. Its first property is a 10-room ryokan in Toyama, a coastal city in central Japan known for its seafood and views of the Tateyama Mountain Range. The plan was to build a family business in which his children could gain hands-on experience. Just as the 77-year-old ryokan secured its hotel licence and was preparing to open in September, Hoe’s business visa application was rejected, forcing him to leave Japan. His wife, 34, and their two children are back in Singapore, travelling to Japan during the school holidays to help out at the ryokan. Meanwhile, Hoe shuttles between the two countries, using Japan’s 90-day visa-free arrangement for Singaporeans.

Singaporean takes leap of faith to pursue dream of becoming a hotelier in Japan
Europe
BBC Business

Why Tesla has been caught up in a massive car recall in China

Hidden car door handles - the sleek designs often found on electric vehicles (EVs) - have come under the spotlight over the past week. That's after China announced its biggest ever recall of cars, with more than four million vehicles - mostly Teslas - affected. The recall comes ahead of new regulations in China, requiring cars to have a mechanical release both on the inside and outside of their doors. Popularised by Elon Musk's electric vehicle giant, this type of handle has become commonplace around the world. But several incidents have raised concerns that this design may make doors difficult to open in an emergency. Hidden door handles are widely used in modern cars in China, with around 60% of the top 100 best-selling new energy vehicles, including EVs and hybrids, having them. The minimalist design gives vehicles a "sleek look and reduces wind drag" but can be confusing to use, car industry analyst Stephen Dyer from consultancy AlixPartners told the BBC. "Even I often find it difficult to locate the switch to open the door from the inside of an unfamiliar vehicle," said Dyer, who is based in Shanghai. But beyond their usability, the handles have been blamed for endangering the lives of drivers and passengers. Electronically powered door handles became an industry trend, but raised "real safety concerns" when doors failed to open promptly, delaying rescue efforts after accidents, said Nanyang Technological University associate professor Lyu Chen. "A door handle may seem simple, but it becomes safety-critical in the seconds after a crash," Chen said. Chinese carmaker Xiaomi faced intense scrutiny following two fatal crashes in 2025 involving its SU7 model, when suspected electrical failures allegedly trapped occupants.

Why Tesla has been caught up in a massive car recall in China