AI boom will produce winners and ‘carnage,’ says tech boss; dollar sinks to four-year lows after Trump comments – business live

A picture


Ipek Ozkardeskaya, senior analyst at Swissquote, said it is likely that the dollar will continue to weaken,There were plenty of major stories and market moves yesterday, but the most significant — and most impactful — was undoubtedly the sharp sell-off in the US dollar,It pushed the US dollar index to a four-year low and continues to drive gold and silver to fresh record highs this morning,Trade and geopolitical uncertainty, tied to an increasingly unreliable American friend and ally, as well as growing concerns about what will happen to the Federal Reserve’s credibility once Jerome Powell leaves office (it will fly out of the window), continue to weigh on the US dollar,Add to that the latest US consumer survey, which showed a sharp drop in consumer confidence, a marked deterioration in how households view the current situation, a decline in the share of consumers expecting income growth, and a steady rise in those saying jobs are hard to get.

You get a pretty murky picture for the greenback and the two-speed US economy,Still, this will hardly convince the Fed to cut rates today or in the coming months,Powell is likely to avoid political commentary at his post-decision speech today and keep the focus firmly on economic data to justify policy decisions,That said, we all know the US President is waiting just outside the room — and anything he might say about the Fed’s decision, or about how much he dislikes Powell, would only risk making matters worse for the US dollar, much to the delight of gold and silver longs,But with or without buzzy headlines, the US dollar looks condemned to weaken.

The only real comfort is that US inflation has not surged as a result of tariffs.Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The artificial intelligence (AI) will create winners but there will be “carnage along the way,” the boss of a US technology company has warned.Chuck Robbins, who runs Cisco Systems which produces IT infrastructure enabling use of AI, told the BBC the technology will be “bigger than the internet”, but the current market is probably a bubble and some companies “won’t make it”.Robbins said some jobs will be changed by AI, or even “eliminated”, especially in areas like customer services where companies will need “fewer people”, but urged workers to embrace rather than fear the technology.

This comes after a spate of warnings over job losses as a result of the technology, and fears that the boom is a bubble waiting to burst.JPMorgan Chase boss Jamie Dimon has said some of the money invested in AI would “probably be lost”, while Google parent company Alphabet’s chief executive Sundar Pichai said there was some “irrationality” in the AI boom.The dollar has sunk to four-year lows after Donald Trump brushed off its recent decline, triggering more selling of the US currency ahead of the Federal Reserve’s interest rate decision later today.The dollar slumped 1.3% against a basket major currencies yesterday, and has slipped a further 0.

2% this morning.It has fallen for four days in a row.The US president said yesterday the value of the dollar was “great,” when asked whether he thought it had fallen too much.Traders interpreted this as a signal to carry on with dollar selling.The dollar has been under pressure amid Trump’s erratic trade tariffs and foreign policy and as traders brace for a possible coordinated currency intervention by US and Japanese authorities to stabilise the yen’s decline.

The Japanese currency has been rallying since Monday amid talk of the US and Japan conducting rate checks, seen as a precursor to official intervention.Kyle Rodda, a senior analyst at Capital.com, told Reuters:It shows there’s a crisis of confidence in the US dollar.It would appear that while the Trump administration sticks with its erratic trade, foreign and economic policy, this weakness could persist.Markets are expecting no change to interest rates at the Fed meeting, and Trump is not going to like that, having pushed for lower rates over the past year.

Analysts said this could inject more volatility into dollar trading.The US president could announce his candidate to replace Fed chair Jerome Powell soon after the rate decision.The Trump administration’s criminal investigation of Powell and his ongoing attempt to fire Fed governor Lisa Cook are also in focus.Gold continues to climb, breaking through $5,200 an ounce to a new record high.The precious metal, seen as a safe haven investment in times of political turmoil, jumped 1.

7% to $5,278 an ounce.Last year, gold recorded a 64% gain, the largest annual increase since 1979.The Agenda2.45pm GMT: Bank of Canada interest rate decision (no change expected)7pm GMT: US Federal Reserve interest rate decision (no change expected)7.30pm GMT: Fed press conference
A picture

‘Dad never took his customers for granted’: remembering Abdul’s in Sydney’s ‘Little Lebanon’

When Abdul’s Lebanese Restaurant closed earlier this month, it was a shock. A beloved fixture of inner Sydney’s landscape since 1968, the restaurant fed celebrities, broke students and anyone in need of a hearty kebab at the end of a night out.For Hiba Damaa, whose parents Dib and Nizam Ghazal opened the restaurant and named it after her eldest brother Abdul – who eventually ran it with his two brothers – it represented the pioneering spirit of early Lebanese migration.“Abdul’s originated as a Lebanese sweets and pastry shop run by my brother-in-law,” she says. “When he wanted to move on, my parents started selling falafel sandwiches

A picture

How to make a clootie dumpling – recipe | Felicity Cloake's Masterclass

Clootie dumpling is, let’s face it, a much better name than spotted dick, but if you were fond of the latter at school, you’ll probably enjoy this very similar, classic Scottish steamed pudding. Not too sweet and, thanks to the apple and carrot, lighter than it sounds, this is a proper winter dessert and the perfect end to a Burns supper, especially when served with custard or ice-cream.Prep 20 min Cook 3 hr 15 minServes 8-10110g fresh suet, or dried suet or a vegetarian alternative225g plain flour, plus extra for dusting½ tsp baking powder ½ tsp fine salt 1 tsp mixed spice 1 tsp ground ginger ¼ tsp ground allspice ¼ tsp nutmeg 110g soft brown sugar 75g fine fresh breadcrumbs 25g coarse oatmeal, or 25g extra breadcrumbs 200g currants 100g sultanas or raisins – golden ones look especially pretty 1 large green apple 1 carrot Finely grated zest of 1 unwaxed orange or lemon 1 egg, beaten2 tbsp treacle About 60ml milkHalf-fill a large saucepan for which you have a lid with water, then bring to a boil (if you have a pan with handles on the side, so much the better). Soak a clean tea towel (a smooth one, rather than anything fluffy or towel-like) or cheesecloth in water. And have ready some butcher’s string, or similar

A picture

Tin Roof Cafe, Maldon, Essex: ‘Come for topsoil, stay for the shortbread’ – review

A tipoff to try the Tin Roof Cafe in Maldon came with prior warning: I wouldn’t get a table easily as this all-day spot serving brunch, lunches and sweet stuff from the in-house bakery is constant, scone-fuelled bedlam. Red brick walls, greenery throughout, alfresco spaces, allotments growing fresh veg and herbs. Capacious, family-run, dog-welcoming, pocket-friendly. There’s bubble and squeak with hand-cut ham, Korean-style chicken burgers and a vegan burger called, rather brilliantly, “Peter Egan” after, I’m guessing, the animal-loving actor who played Paul in Ever Decreasing Circles.Could this place be any more adorable? No, but still, brace yourself

A picture

Ignore the snobbery and get into blended whisky

We have Robert Burns to thank for perhaps the greatest poem about any dish ever – a poem so good that it inspires an entire nation to dedicate an evening of each year to eating haggis, even though most people find it kind of gross.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.No? If the “Great Chieftan o’ the Puddin-race” were that delicious, we’d all be eating it all the time, surely? And yet Burns’ Address to a Haggis is enticing enough to dispel any such doubts just once a year

A picture

Helen Goh’s recipe for Breton butter cake with marmalade | The sweet spot

A Breton butter cake is a proud product of Brittany’s butter-rich baking tradition: dense, golden and unapologetically indulgent. True to its origins, my version uses salted butter, with an added pinch of flaky salt to sharpen the flavour. It also takes a small detour from tradition: a slick of marmalade brings a fragrant bitterness, while a handful of ground almonds softens the overall richness and lends a tender crumb. The result is still buttery and luxurious, but with a brighter, more aromatic edge.Brief stints in the freezer help firm up the dough between layers, making it easier to spread the marmalade without disturbing the base

A picture

Gordon Ramsay says tax changes will make restaurants ‘lambs to the slaughter’

The celebrity chef Gordon Ramsay has accused the government of cooking up a kitchen nightmare at restaurants across the country with tax changes that he says will make hospitality businesses “lambs to the slaughter”.Ramsay, whose company operates 34 restaurants in the UK including Bread Street Kitchen, Pétrus and Lucky Cat, said the industry was “facing a bloodbath”. He said restaurants were closing every day as a result of rising business rates, which came on top of higher energy, staffing and ingredient costs and little growth in consumer spending.“I’ve never seen it so bad,” Ramsay told the Standardnews site. “When I look ahead to April, when the budget measures come in, I think those of us in hospitality are lambs to the slaughter