British American Tobacco announced it will eliminate about 9,000 positions, roughly one fifth of its global workforce, and outsource an additional 3,500 roles, with the cuts expected to be completed by the end of the year. The company, which employs roughly 47,000 people worldwide and produces brands such as Lucky Strike and Dunhill, said the reductions are part of a cost‑saving programme aimed at accelerating its shift toward digital and AI‑focused operations and newer smoking‑alternative products. BAT reported that traditional cigarette sales have been declining as consumers move to vaping and nicotine‑pouch products; the firm is investing in Vuse vapes and Velo pouches, but overall sales and profit margins have remained weak. In the United States, its largest market, sales have been pressured by higher living costs and competition from lower‑priced brands. The company also faces increased duties and stricter regulations, and U.S. regulators have delayed approvals for new vaping products, contributing to a rise in illegal imports that affect its market share. Dan Coatsworth, head of markets at AJ Bell, noted that the transition from cigarettes to next‑generation products is slow, and manufacturers are confronting market conditions shaped by a proliferation of illicit products. Chief executive Tadeu Marroco said the cuts are intended to make the company more agile, cost disciplined and technology enabled, and that the firm will support affected employees through the transition. The job cuts are projected to generate annual savings of about £600 million by 2028.
Macro signals, central banks, earnings, and the deals moving capital today.
British American Tobacco will cut about 9,000 jobs this year, including 5,500 direct layoffs and 3,500 outsourced positions, as part of a transformation programme aimed at reducing costs and becoming more technology‑enabled. The FTSE 100 company said the reductions, which affect staff in the United Kingdom, Poland, Romania, Costa Rica, Mexico, Singapore and Malaysia, are intended to generate £600 million in annual savings by 2028. Chief executive Tadeu Marroco said the company was building a future‑ready organisation that is more agile, cost disciplined and technology enabled, and that it would support employees through the transition. The firm has partnered with Accenture to access AI solutions and said plans to simplify its structure would make it more digital and AI focused. BAT also announced the closure of its eighth‑largest factory in South Africa in January, citing competition from illicit trade, and forecast a 2.5 % decline in global cigarette volumes this year. Revenue from smoke‑free products such as Vuse vapes and Velo nicotine pouches is growing, with mid‑teen percentage growth expected this year. Shares fell 1.4 % in early trading on Monday but were up 11.8 % year‑to‑date, while rival Imperial Brands fell 1 % in early trading.
Guo Wengui, also known as Miles Guo, was sentenced to 30 years in a U.S.
Guo Wengui, also known as Miles Guo, was sentenced to 30 years in a U.S. federal prison for orchestrating a $1 billion investment and cryptocurrency fraud that attracted thousands of online followers between 2018 and 2023.
The former Chinese property developer fled China in 2017 and settled in the United States, where he built a following by criticizing the Chinese Communist Party.
U.S. District Judge Analisa Torres ruled that Guo had used the trust of his supporters to fund a lavish lifestyle that included a 50,000‑square‑foot mansion, a Lamborghini valued at about $1 million and a yacht reported to cost $37 million. Prosecutors said the money was raised through schemes that promised high returns in exchange for investments in companies and digital currencies. Guo denied the allegations, stating that the funds were intended for political activism. He had cultivated relationships with other China critics, including former White House strategist Steve Bannon, and together they promoted a campaign called the New Federal State of China, which sought to overthrow the Communist Party. Bannon was separately convicted of a fraud scheme related to a border wall fundraising effort and received a three‑year conditional sentence.
The case underscores the legal scrutiny of online fundraising activities and the potential consequences for individuals who solicit money from the public without transparent oversight.
The United States, Canada and Mexico are set to meet on 1 July to decide the future of the United States‑Mexico‑Canada Agreement (USMCA). Trade representatives from the three countries will meet formally for the first time since a review of the USMCA began earlier this year. Canada and Mexico have indicated they want the agreement renewed, while the United States has not yet stated its position. President Donald Trump said the deal could expire immediately, arguing the United States would be better off without it. The 1 July deadline is expected to pass without a formal decision, according to officials from all three nations. The current USMCA agreement, negotiated during the first Trump administration, replaced the North American Free Trade Agreement and underpins nearly $1.6 trillion in annual trade between the United States, Canada and Mexico. It supports millions of jobs and integrates key sectors such as the auto industry, and it provides Canada and Mexico with an exemption from most US tariffs. Since the review started, the United States has conducted separate talks with Canada and Mexico to address a list of trade irritants. Canada and Mexico have announced additional bilateral talks later this month, while the United States and Canada have not held a joint meeting since the review began. Members of a Canada‑US trade advisory committee appointed by Prime Minister Mark Carney said the United States' demands on Canada are fewer than those on Mexico and that negotiations are ongoing. US demands include greater access for American producers to Canada's dairy market, removal of Canadian taxes on major US streaming companies, and a reversal of provincial boycotts on US alcohol that were imposed in response to Trump's tariffs. The United States is also discussing tighter rules of origin for North American‑made vehicles with Mexico, raising the possibility of similar demands on Canada. Canadian officials have presented specific proposals to address US concerns, according to trade minister Dominic LeBlanc and chief negotiator Janice Charette. A major sticking point for Canada is US tariffs on steel, aluminium and automobiles. Canadian business leaders have said they are willing to wait for a satisfactory agreement, even if it extends beyond the 1 July deadline. Dennis Darby, president of Canadian Manufacturers and Exporters, said the majority of businesses are prepared to endure short‑term pain for a longer‑term deal. Previous negotiations came close to an agreement in October, but an anti‑tariff advertisement run by Ontario angered Trump, according to US ambassador to Canada Pete Hoekstra. Hoekstra said the talks were near completion before the dispute derailed progress. If the 1 July deadline is missed, the USMCA will remain in force for another ten years until its scheduled expiry in 2036. The three countries can either agree to renew the pact for an additional sixteen years, extending it to 2042; they can continue annual reviews until the pact expires; or a party may notify the others of its intention to withdraw, giving a six‑month notice. Business leaders believe an outright withdrawal is unlikely, noting that all parties recognize the pact's benefits. Carney said Trump's dislike of the USMCA is well known, but US negotiators have acknowledged the agreement's solid underlying structure. Trump has made contradictory statements, saying he is not looking to renew the pact while also indicating he is open to leaving it. The final decision on the agreement's future is expected to rest with the US president. The outcome remains uncertain as negotiations continue past the 1 July date.
Ford rehired over 300 veteran engineers after its AI-powered quality checks fell short of expectations.
Ford implemented AI systems, including about 900 cameras, to automate inspections across its plants in order to cut costs and boost productivity.
Charles Poon, vice president of vehicle hardware engineering, said the AI tools depend on the training data and that veteran engineers are needed to train and mentor the systems.
Jim Farley, Ford chief executive, previously noted AI's potential to increase margins, while COO Kumar Galhotra said AI would be deployed across the entire industrial system.
Ford returned to the top of the JD Power Initial Quality Study, a ranking it last held in 2010, attributing the improvement to a talent refresh that included replacing senior leaders and rehiring experienced engineers.
Ford says the reinstated engineers will help refine its AI tools, but the company has not disclosed how the AI failures will affect future automation plans.
India's National Stock Exchange and Jio Platforms have filed draft prospectuses for initial public offerings that could raise roughly $3.3 billion and $4 billion respectively, valuing the exchange at about $57 billion and the telecoms arm at $120‑160 billion. Jio Platforms, the digital subsidiary of Reliance Industries, entered the telecom market in 2016 and now serves about 525 million subscribers, making India the world's largest consumer of mobile data. The NSE, the world's largest derivatives exchange and among the top three equity exchanges by trading volume, has seen retail investor participation rise from about 30 million to more than 200 million accounts since the pandemic. The listings are expected to increase India's total market capitalisation and may broaden the investable universe for global investors, according to Anand Rathi Wealth's Feroze Azeez. Jio plans to move beyond market share acquisition toward monetisation through tariff increases, higher data usage and upgraded postpaid services, and has partnered with Nvidia and Meta to develop data centres and large language models trained on Indian languages. The NSE's listing, delayed by governance concerns, signals the maturation of India's market infrastructure and the broad‑basing of its investor base, said Emkay Global's Yatin Singh. Indian equity markets have underperformed globally over the past year as foreign investors withdrew billions of dollars, and many small investors have incurred losses from recent IPOs such as Paytm and LIC, raising questions about the pricing and timing of the new offerings. The success of the listings will depend on how the pricing translates into shareholder returns and whether broader market conditions improve enough to attract foreign capital back to India.