Pound sinks against euro and dollar as tax rises loom and growth slows

The threat of higher taxes in next month’s budget and concerns about slowing economic growth pushed the pound to its lowest level against the euro in more than two and a half years on Wednesday.Sterling also slumped against the dollar as traders digested news that Rachel Reeves will need to fill a larger hole in the public finances when she puts together her budget plan, after a bigger-than-expected downgrade to the UK’s productivity outlook.The pound fell to $1.32 against the dollar, hitting the lowest level since early August. The UK currency fared even worse against the euro, slumping to almost €1

Fed cuts interest rates for second time this year amid economic uncertainty

The US Federal Reserve cut interest rates on Wednesday, the second rate cut this year amid economic turbulence from the federal government shutdown and Donald Trump’s tariffs.The decision to cut the Fed’s benchmark interest rate by a quarter point to a range of 3.75% to 4% comes at an extraordinary moment for the central bank. The Fed has been under immense pressure from Donald Trump to cut rates despite persistent inflation and no longer has access to key data thanks to the shutdown.The Fed chair, Jerome Powell, said on Wednesday that “there is no risk-free path” for the Fed to take with the labor market cooling and prices going up

Nvidia becomes world’s first $5tn company amid stock market and AI boom

Nvidia has become the world’s first $5tn company as the artificial intelligence industry and wider US stock market boom. Just three months ago, the Silicon Valley chipmaker was the first to break through the barrier of $4tn in market value.In comparison, Nvidia’s value is greater than the GDP of India, Japan and the United Kingdom, according to the International Monetary Fund (IMF). It has far outgrown its competitors in the chip industry, gaining momentum as numerous tech stocks have surged in recent days.Shortly after US stock markets opened on Wednesday, Nvidia’s shares touched $207

Character.AI bans users under 18 after being sued over child’s suicide

The chatbot company Character.AI will ban users 18 and under from conversing with its virtual companions beginning in late November after months of legal scrutiny.The announced change comes after the company, which enables its users to create characters with which they can have open-ended conversations, faced tough questions over how these AI companions can affect teen and general mental health, including a lawsuit over a child’s suicide and a proposed bill that would ban minors from conversing with AI companions.“We’re making these changes to our under-18 platform in light of the evolving landscape around AI and teens,” the company wrote in its announcement. “We have seen recent news reports raising questions, and have received questions from regulators, about the content teens may encounter when chatting with AI and about how open-ended AI chat in general might affect teens, even when content controls work perfectly

Body image taboos holding girls back from playing sport, experts warn

Taboos around women’s bodies are holding girls back from pursuing sport into adulthood and preventing the creation of “a generation of fit and healthy women”, a parliamentary committee has heard.With surveys showing 64% of girls give up sport by the end of puberty, experts told the women and equalities committee that a complete sea change in understanding around the impact of sport on female bodies is required, but that such a change is possible and “if we get it right we’d be on a winning streak”.Speaking in front of the committee, Tanni Grey-Thompson framed the scale of the challenge after another year of great sporting success for women at the elite level. “The summer of sport has been amazing, there are always spikes in participation that follow but you have got to have more than just the inspirational moments, you have to have programmes behind it,” she said. “What’s really important is that we have a generation of fit and healthy women, and 80% are not fit enough to be healthy – and that’s because of all the barriers to participation we know about

‘We’ve got to look at the future’: Edwards to turn to next generation after World Cup exit

The England head coach, Charlotte Edwards, has strongly hinted that she will be looking to a new generation of players to take England into the next World Cup cycle, after her side suffered a shock defeat in their semi-final against South Africa on Wednesday.“We won’t make too many rash decisions, but we’ve got to look at the future now,” Edwards told Sky Sports. “We’ve got some unbelievable talent coming through.”Of the current batters, openers Tammy Beaumont (34) and Amy Jones (32), former captain Heather Knight (34), and current captain Nat Sciver-Brunt (33) are all unlikely to play in another 50-over World Cup. A question mark also hangs over the 27-year-old Sophia Dunkley, whose highest score all tournament was 22