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The young Americans choosing Y2K cars over shiny new SUVs: ‘I get so much crap from people’

People under 35 are hunting for no-frills rides they can pay for in cash and fix themselves – defying expectations to take on steep loansJack Price joined the Marines in fall 2021 knowing he would need a car to get around base and that he couldn’t afford a new one. A joyless, month-long search through

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Is a job guarantee the solution to mass AI unemployment?

An old idea springs anew as a chorus of influential voices predicts that AI may trigger crises of vast magnitudeIn a preface to his book Capitalism and Freedom, the American economist Milton Friedman famously observed that a crisis can propel once-fringe ideas into the political mainstream.“Only a crisis – actual or perceived – produces real

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Sharp drops for AI stocks overwhelm markets worldwide as oil prices jump

Datacenter and chip costs fueled sharp decrease in AI sector although non-AI stocks still had a strong showingThe latest shudder for stocks in the AI industry pulled markets lower worldwide on Thursday, while oil prices hit their highest levels since May on worries about the war with Iran .The S&P 500 fell 1.2% for its

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Meta strikes deal with Zuckerberg to help him foot billionaire tax bill

Chief executive agrees to remain in California for eight years even if the state brings in a one-off wealth taxBusiness live – latest updatesMeta has struck a deal with Mark Zuckerberg to help him foot a possible California wealth tax targeting billionaires.The social media company behind Facebook, Instagram and WhatsApp revealed on Wednesday night that

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Barclays to cut 5,000 jobs as bank’s bosses hail AI productivity advances

Equating to the loss of 5% of its 93,000 global staff, job cuts come as bank announces jump in quarterly profitsBusiness live – latest updatesBarclays is cutting 5,000 jobs as part of wider cost-cutting plans that its bosses say are being driven by advances in AI.The job cuts will mean losing about 5% of the

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Tesla beats earnings projections after Musk floats SpaceX merger plan

Musk says ‘there’s a lot of merit’ to potential merger that would require approval of 50% of all Tesla shareholders, but he declined to elaborate Investors were paying close attention to Tesla’s third-quarter earnings call on Wednesday afternoon, after chief executive Elon Musk floated the idea of merging the car company with his rocket and

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