6:47 am, October 29, 2025
Amazon cutting 14,000 corporate jobs amid AI investment push
Amazon has revealed plans to cut around 14,000 corporate jobs as the technology giant rapidly shifts spending towards artificial intelligence (AI).
In a message to workers, the group said the job losses come as part of efforts to reduce layer and ‘bureaucracy’ within the company while also shifting resources to investment in areas such as AI.
It is understood all main global operations will be impacted, with the UK among those to see office roles axed.
HSBC profits slump 14% after Madoff legal hit
HSBC has seen its quarterly profits drop 14% after a ‘disappointing’ 1.1 billion US dollar (£827m) hit from a lawsuit relating to the Bernard Madoff investment fraud.
The London-headquartered banking giant reported pre-tax profits of 7.3 billion US dollars (£5.5bn) for the third quarter, down from 8.5 billion US dollars (£6.4bn) a year earlier.
It said the fall in profits came after operating costs surged by nearly a quarter (24%) to 10.1 billion US dollars (£7.6bn) due largely to mammoth legal provisions of 1.4 billion US dollars (£1.05bn), the bulk of which was related to the Madoff lawsuit.
Original Honda NSX makes a comeback with Pininfarina and JAS Motorsport
The original Honda NSX is set to make a return under a collaboration with Italian styling house, Pininfarina, and Italian racing team, JAS Motorsport.
The car’s body will be made from carbon fibre, while there will be a choice of left- and right-hand drive variants depending on the market. Underneath, JAS Motorsport says the car will be ‘fitted with refined mechanical elements derived from the world of motorsport’.
Further details will be revealed in due course, with the car expected to make its public debut at the beginning of next year.
The markets
The FTSE 100 recorded another record high on Tuesday boosted by HSBC, while Wall Street made further gains ahead of key tech earnings and central bank meetings.
The index closed up 42.92 points, or 0.4%, at 9,696.74, a new closing peak. It had earlier set a new intra-day high of 9,727.09. The FTSE 250 ended 27.36 points lower, or 0.1%, at 22,484.12, and the AIM All-Share declined 1.61 points, or 0.2%, at 770.79.
The pound was quoted lower at 1.3279 dollars at the time of the London equity market close on Tuesday, compared with 1.3331 dollars on Monday.
Brexit partly to blame for high inflation, says Rachel Reeves
Brexit is partly to blame for high inflation in the UK, Rachel Reeves has said as she made the case for rebuilding ties with the EU.
The chancellor said the cost of trading with Brussels was among the reasons for rising prices in Britain.
During an appearance at Riyadh’s Future Investment Initiative summit on her visit to Saudi Arabia, Reeves attributed the UK’s vote to cut ties with the EU to ‘a rejection of open borders’.
Thousands of Britons stranded as Hurricane Melissa wreaks havoc on Jamaica
Thousands of British tourists remain stranded in Jamaica after Hurricane Melissa, one of the strongest Atlantic hurricanes in history, wreaked havoc on the Caribbean island.
As many as 8,000 British citizens are in the country, with people ordered to stay inside to avoid the world’s strongest storm of the year so far, which left ‘catastrophic winds’ and ‘flash flooding’ in its wake.
On Tuesday, the US National Hurricane Centre (NHC) in Miami said Melissa was ‘one of the most powerful hurricane landfalls on record in the Atlantic basin’ as the storm hit south-western Jamaica near New Hope with sustained winds of 185mph.
Tuesday on Car Dealer
Group 1 to ditch JLR franchises with all sites to be ‘phased out’ over next two years
Group 1 Automotive is to axe all its UK JLR franchise operations within the next two years as it looks to ‘focus on the right areas for growth and productivity’.
Scottish used car market comes under formal investigation from government watchdog
A government watchdog has launched a formal investigation into the Scottish used car market, following tens of thousands of complaints from the public.
Carmakers still slashing RRPs while one Chinese SUV remains UK’s most in-demand car
Carmakers are continuing to offer discounts on new cars to carry ‘momentum’ through to year-end, while one Chinese model remains the most in-demand new car, according to latest data.
Geely Auto opens first UK car dealership as Glyn Hopkin Chelmsford site begins trading
Geely Auto has opened its first UK dealership as a standalone brand as the outfit looks to make its mark in Britain.
GSF Car Parts unveils futuristic ‘conceptual drone delivery service’ to transport spares
GSF Car Parts has unveiled its new ‘conceptual drone delivery service’ which could see it delivering key components via drone.
Weather
Cloud and rain clear east from the south today, leaving sunny spells and scattered showers, mainly in Scotland. Breezy conditions continue, reports BBC Weather.
Tonight turns mostly dry and clear, though coastal showers persist. Mist and fog may form in the north, with cloud increasing in the southwest later.
