Poundland has closed 149 stores and cut 2,200 jobs as part of a sweeping turnaround plan aimed at stabilising the business after a period of heavy losses and declining sales. The discount retailer said the closures mark the final phase of a restructuring programme launched last year, following a collapse into the red that was blamed on weak trading conditions and an unpopular overhaul of its clothing ranges. Poundland was bought for £1 from Pepco...
Scarlett Johansson and Cate Blanchett are among hundreds of actors, musicians and writers backing a new campaign accusing artificial intelligence companies of unlawfully exploiting creative work to train their systems. The campaign, titled “Stealing Isn’t Innovation”, launched on Thursday with the support of around 800 creative professionals, including the band R.E.M. and bestselling author Jodi Picoult. In a joint statement, the signatories accuse technology companies of using copyrighted material “without authorisation or regard for copyright...
The government has made a £25 million investment in Kraken Technologies in a bid to persuade the fast-growing artificial intelligence business to list in London rather than New York. The investment, made by the British Business Bank, is the state lender’s largest direct commitment to a single company to date and forms part of Kraken’s wider $1 billion funding round ahead of its demerger from Octopus Energy. Ministers hope the backing will help anchor the...
The Bank of England is accelerating the expansion of its Leeds operation as part of a wider drive to cut costs, reduce headcount and overhaul its London estate. Under new plans approved by the Bank’s court of directors, half of all external recruitment will now be based in Leeds, as governors push to meet a long-standing commitment to station 500 staff in the city by 2027 – roughly one in ten of the Bank’s total...
Amazon is preparing to cut thousands more jobs as part of a sweeping overhaul driven by artificial intelligence and internal restructuring, according to reports. The world’s largest retailer is expected to announce a second round of layoffs as soon as next week, following the removal of 14,000 white-collar roles in October. The latest cuts are expected to be of a similar scale, taking Amazon closer to its longer-term goal of shedding around 30,000 positions. The...
Juspay has secured $50 million in fresh funding from WestBridge Capital, valuing the business at $1.2 billion and strengthening its push to expand globally as demand for enterprise-grade payment infrastructure accelerates. The Series D follow-on round comprises a mix of primary and secondary investment. The secondary element provides liquidity for early backers and employees holding ESOPs, marking the second such liquidity event the company has facilitated in the past year. The funding comes after a...
Preply has raised $150 million in a Series D funding round led by WestCap, valuing the global language learning marketplace at $1.2 billion and marking its transition into unicorn territory. The round, for which Goldman Sachs International acted as sole placement agent, will be used to accelerate product development, expand Preply’s AI and data capabilities and fuel international growth as the company seeks to reshape education through personalised, tutor-led learning supported by artificial intelligence. Founded...
Labour has been urged to stop workers accessing their private pensions from the age of 55 in an effort to curb early retirement and tackle rising unemployment, according to a leading think tank. The Resolution Foundation, which has close links to senior Labour figures, said current pension and tax rules encourage wealthier workers to leave the labour market years before state pension age, worsening labour shortages and weakening the public finances. Under existing rules, savers...
Apple is developing a wearable “AI pin” capable of listening to conversations and responding to spoken commands, as the iPhone maker looks to regain momentum in the fast-moving artificial intelligence race. The disc-shaped device, which would be equipped with speakers, microphones and cameras, is at an early stage of development but could eventually go on sale later this decade. According to reports, the wearable would be designed to clip onto clothing or be worn as...
Calling a colleague “old” because they struggle with computer skills does not, on its own, amount to age discrimination, an employment tribunal has ruled. The decision came in the case of Farah Janjua, 39, who brought claims against her former employer, Harvey Jones Ltd, after a younger manager told her her lack of IT skills was “because you’re old”. Ms Janjua argued that the comment, made by a colleague in his late 20s, amounted to...
