US
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Tariffs weigh on U.S. manufacturing in September
U.S. manufacturing edged higher in September but remained in contraction. Activity improved modestly with output rising, yet new orders, exports, and hiring continued to decline. Tariff costs and supply chain pressures weighed heavily on companies, while private payrolls fell sharply, raising further concerns over the health of the sector.
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Starbucks to close cafés and cut 900 jobs
Starbucks announces £750 million restructuring, closing cafés and cutting jobs. The coffee chain will shut underperforming stores in North America and the UK, affecting staff and customers. Despite closures, Starbucks plans 80 new UK openings this year amid strong competition and financial challenges.
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Trump approves US TikTok sale at $14 billion
Trump signs order approving TikTok US sale. The executive order values the new entity at $14 billion, delays enforcement of a ban until January, and sets conditions on algorithm oversight while ByteDance reduces its stake.
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Iberdrola to invest $120B in US, UK grids
Iberdrola plans €110 billion investment focusing on grid networks. Europe’s largest utility aims to enhance stability and returns by prioritising regulated grid networks over renewable generation projects. The strategy targets the US and UK, anticipating €7.6 billion annual net profit and 15,000 new jobs by 2028.
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OpenAI, Oracle, Softbank drive Stargate with data centre investment
OpenAI, Oracle and SoftBank are adding five Stargate sites. The $500 billion project now spans six U.S. states, with nearly seven gigawatts of compute capacity planned. Partners say more than $400 billion has been secured for the first phase.
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Zilch secures £30m loan from US bank
Zilch secures £30m loan facility, favouring debt over equity. The London fintech, based in Victoria, has agreed a £30m facility with US Bank. This follows a £100m debt facility with Deutsche Bank last year and £20m Series D funding in 2023.
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How secure is U.S. control of TikTok?
TikTok’s U.S. ownership deal raises more questions than answers. A framework struck between Washington and Beijing promises to put American investors in charge of the app’s U.S. operations, but control of its algorithm and data remains unresolved.
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US and China edge closer to TikTok ownership deal
US and China reach framework for TikTok ownership shift. A draft agreement would see American investors take control of the app’s US business, extending a deadline for divestment and easing fears of a nationwide ban while leaving key questions unresolved.
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Roche to buy 89bio in $3.5bn deal
Roche has agreed to acquire 89bio for up to $3.5bn. The deal gives the Swiss drugmaker access to 89bio’s late-stage FGF21 therapy pegozafermin, positioning Roche to expand in liver disease and cardiometabolic treatments. The agreement includes cash and contingent value rights tied to future milestones.
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AI data poisoning hits one in four organisations
One in four organisations faced AI data poisoning this year. IO’s latest State of Information Security Report reveals how rushed adoption and shadow AI are exposing companies to sabotage, fraud, and compliance risks across the UK and US.
