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U.N. labour agency warns of looming staff cuts amid funding crisis. Internal ILO plans show up to 8% of jobs may go if the U.S. and other members fail to pay overdue dues. Geneva headquarters could see relocations and rental changes as the governing body prepares to review proposals.
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Private estimates show jobless claims increased this week amid disruption. Economists at major banks say contractor layoffs and delayed data reporting are distorting the picture, though early signs point to a modest softening in labour conditions.
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Jack Dorsey unveils bitcoin wallet for US retailers. The co-founder of Twitter and CEO of Block introduces a new product allowing small businesses to accept and hold bitcoin, offering an alternative to traditional card payments with no fees until 2027.
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Nearly five months after its unveiling, the US–UAE AI chip pact remains stalled. Nvidia’s CEO and some officials see the delays as emblematic of deeper tensions around export controls, foreign investment, and the geopolitics of advanced technology.
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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 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 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 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 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 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.
