
UK Probes Feasibility of Forcing Public to Complete Labor Survey
The UK Statistics Authority is carrying out detailed work on whether Britain can feasibly shift to a mandatory labor market survey after a review recommended exploring the option last year, a spokesperson told Bloomberg News.
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Yahoo
4 minutes ago
- Yahoo
Mistral in talks with VC firms, MGX to raise funds at $10 billion valuation, FT reports
(Reuters) -French artificial intelligence startup Mistral is in talks with investors, venture capital firms and Abu Dhabi's MGX to raise $1 billion at a valuation of $10 billion, the Financial Times reported on Friday, citing people familiar with the matter. The company launched in June Europe's first AI reasoning model, which uses logical thinking to create a response, as it tries to keep pace with American and Chinese rivals at the forefront of AI development. The funding would accelerate the commercial rollout of Mistral's Le Chat chatbot and support continued development of its large language models, the report said. MGX and Mistral did not immediately respond to Reuters requests for comment. The startup raised 600 million euros in a Series B funding round that valued the company at 5.8 billion euros last year. Industry observers consider Mistral as Europe's best-positioned AI company to rival Silicon Valley leaders, though the French firm has yet to achieve comparable market traction or revenue scale. Mistral counts Nvidia, Andreessen Horowitz and Lightspeed Venture Partners among its investors.


CNN
7 minutes ago
- CNN
A Fed governor is resigning, opening a spot for a Trump appointee
A member of the Federal Reserve's Board of Governors announced Friday that she is resigning several months before the end of her term, handing President Donald Trump an early opportunity to fill a key vacancy. Fed Governor Adriana Kugler is stepping down from her role, effective August 8. She was appointed by former President Joe Biden in 2023 and her term was slated to end in January 2026. The Fed did not cite a reason for her departure. 'It has been an honor of a lifetime to serve on the Board of Governors of the Federal Reserve System,' Kugler said in a statement. 'I am especially honored to have served during a critical time in achieving our dual mandate of bringing down prices and keeping a strong and resilient labor market.' Trump claimed to reporters on Friday that Kugler was resigning because of the Fed's stance on interest rates. 'I understand it was over the fact that she disagreed with somebody from her party …she disagreed with 'Too Late' on the interest rate,' he said. Trump has taken to calling Fed Chair Jerome Powell 'Too Late' because the president wants Powell to cut interest rates. Fed officials have held interest rates steady so far this year. Trump did not offer any evidence to back his claim. But, he said, he was 'very happy' about having an open spot on the Fed Board. Kugler was absent from the Fed's latest meeting, in which officials voted to hold borrowing costs steady for the fifth consecutive time. Trump has bashed the Fed for months because the central bank hasn't lowered interest rates this year, and Kugler's resignation means he will soon be able to install a new voice at a time when policymakers are unusually divided. And whoever Trump picks will then be eligible to be the next Fed chair, if they're confirmed by the Senate to serve on the Fed's board. According to Fed rules, the chair can be chosen only among the current members of the Fed's board. Treasury Secretary Scott Bessent has said the administration is already actively searching for Powell's successor. Contenders for the top job at the central bank include Bessent himself; Kevin Warsh, a former Fed governor; Christopher Waller, a current Fed governor; and Kevin Hassett, the director of the White House's National Economic Council. But even when Powell's term as chair ends next year, he could still stay on the board, meaning Trump's choices for Fed chair will be limited to the current members of the board. Fed chairs technically have three jobs: member of the Fed's Board, chair of the Board of Governors and chair of the Federal Open Market Committee (FOMC). The FOMC is the Fed group that sets interest rates, and the chair is voted into their position by committee members. It's legally unclear if Trump has the power to demote Powell and elevate another governor as chair. Powell's term as a Fed governor ends in 2028. In a news conference Wednesday after the Fed announced its latest decision, Powell refused to say if he intends to remain on the board after his term as chair ends.
Yahoo
14 minutes ago
- Yahoo
Puma taps Adidas CIO for COO role, streamlines responsibilities
This story was originally published on CIO Dive. To receive daily news and insights, subscribe to our free daily CIO Dive newsletter. Dive Brief: Former Adidas CIO Andreas Hubert will become Puma's COO effective Sept. 1, the fashion brand said Thursday. Hubert will join the management board and lead the company's newly united global sourcing operations, including IT, sustainability and logistics. 'With his extensive background in IT, sourcing, and supply chain management, he brings the perfect combination of strategic insight and operational excellence,' Puma CEO Arthur Hoeld said in the announcement. 'His deep industry experience and expertise will be instrumental in optimizing Puma's global operations, driving digital transformation, and strengthening the resilience of our supply chain as we enter our next phase of growth.' Hubert wrapped up his four-year stint as group CIO at Adidas in June after holding several leadership positions across his 20-year career at the fashion brand. The executive has also held board seats at two companies and was a consultant at Boston Consulting Group, according to Hubert's LinkedIn. Dive Insight: CIOs, now known for their business savvy, are key enablers for enterprises as IT innovations drive growth and unlock efficiencies. Puma's choice to tap a former CIO for its COO role reflects tech's elevated C-suite role. The appointment comes as Puma tries to position itself for sustainable, long-term growth. In March, the company unveiled its evolved brand identity as part of its largest global marketing campaign to date. Puma welcomed a new CEO and president of North America the following month. The company's strategic revamp also coincides with ongoing market volatility. Puma was one of more than 80 brands that cosigned a letter to President Donald Trump urging the White House to consider tariff exemptions for footwear, Retail Dive reported in May. In its latest earnings report Thursday, Puma said sectorwide and company-specific challenges are contributing to muted brand momentum and a lowered outlook for 2025. The company paired back capital expenditure plans in response. Recommended Reading Where AI fits in the Sam's Club tech portfolio Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data