Bernie Sanders and AOC need to ban new AI information facilities

Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez led the way, sounding the alarm about the threat AI poses to American workers, the environment and communities.

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For example, in a recent letter calling on Amazon’s Jeff Bezos to testify before Congress, Senator Sanders wrote:

As you know, the pace of technological advancement in robotics, automation and artificial intelligence (AI) has increased rapidly in recent years. These revolutionary technologies will have a profound impact on the lives of virtually every worker in America.

Our job is to ensure that this new technology benefits working families and is not simply used as another tool to make the world’s wealthiest people unimaginably richer… The American people are increasingly concerned about the impact that AI and robotics will have on the economy and their lives. Congress must act. The HELP Committee must act.

Sanders and AOC will take the first steps toward these needed actions by unveiling new legislation on Wednesday.

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Senator Sanders’ office announced:

Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (DN.Y.) will announce the Artificial Intelligence Data Center Moratorium Act on Wednesday to ensure AI benefits workers, is safe and effective, and does not harm communities or destroy the environment.

Trump tariffs result in rising provide chain layoffs: survey

A protester outside the US Supreme Court in Washington, DC, USA, on Wednesday, November 5, 2025.

Eric Lee | Bloomberg | Getty Images

A growing number of supply chain managers say President Donald Trump’s tariffs and related costs are leading to layoffs and less confidence in the investments needed to grow their companies.

Twice as many supply chain managers (32%) are reporting layoffs as in April (16%), according to a new survey from the Association for Supply Chain Management and CNBC.

“Tariffs just don’t affect the bottom line. They affect people,” said Abe Eshkenazi, CEO of ASCM. “We are seeing layoffs because companies are trying to manage their cost structure. If you don’t have the resources you need and the skills and knowledge of talented people, this will have a long-term impact.”

While the national unemployment rate has only increased, not spiked, since April, when Trump’s sweeping tariffs were first imposed, job growth last year outside of a recession was at its lowest level since the early 2000s, according to the Bureau of Labor Statistics’ December jobs report. What some are calling a “hiring recession” is characterized by rising long-term unemployment and paltry job creation that has stalled since April.

A majority of respondents (65%) reported a cost increase of at least 10-15%, which ASCM says can be a “major shock” that alters some companies’ budgets, strategy and profitability. 34 percent of those surveyed reported a cost increase of more than 15 percent.

As businesses across the economy eagerly await a Supreme Court decision on the legality of many of Trump’s tariffs and the possibility of refunds, Eshkenazi said the broader impact on the economy cannot be easily reversed.

“The Supreme Court decision may clarify many legal questions, but not many of the operational, financial and human impacts that we have already seen,” he said. “Investments are impacted by the fact that there are shorter planning cycles and time horizons that make it more difficult for companies to plan. Right now you are in a constant emergency mode, not a planning mode,” Eshkenazi added.

The survey of supply chain managers in industries across the economy was conducted between December 15, 2025 and January 7, 2026 with over 220 respondents. It was ASCM’s third customs-related survey in the past year and the first conducted in collaboration with CNBC.

Companies, both large and small, have told CNBC that even if court-ordered refunds offset some of the costs resulting from Trump’s trade policies, they cannot make up for the time lost due to a drop in productivity from the additional administrative hours required to file paperwork for the expansive tariffs.

“Navigating the rates is an administrative burden,” Eshkenazi said. “We spend a lot of time tracking rule changes, validating a lot of code, and trying to find the most effective way to work in the short term without a long-term plan.”

Customs bonds are “dead money”

In addition to the time-consuming paperwork, business owners told CNBC that some of the costs associated with the tariffs would not be covered by refunds. Baby products maker Lalo, which paid limited tariffs before tariffs imposed by Trump under the International Emergency Economic Powers Act, was ordered by U.S. Customs to post security for customs bonds to ensure the company can pay the tariff bill.

“We’ve never had to do this before,” said Michael Wieder, co-founder of Lalo. “This was in addition to the millions we had paid in tariffs. We posted hundreds of thousands of dollars as security for our customs bond,” he said.

These capital challenges are not unusual, according to Eshkenazi. “The money in these bonds is essentially dead money,” he said.

The price of the customs bonds covers 10% of duties and taxes paid over a rolling 12-month period. “So when tariffs and taxes go up, the customs bond goes up,” said Lori Mullins, operations manager at Rogers & Brown Custom Brokers. Importers must provide the guarantee company with audited financial data for the previous year showing that they have the necessary funds to cover the amount of the guarantee. “If the importer does not have the funds, the bond requires security and in many cases this is in the form of a letter of credit. For this reason the funds remain tied up,” Mullins said.

Normally, the funds are held by customs for 314 days until the duties paid can be verified and approved by the government.

During this time, the company’s cash contributed to the bonds will not earn interest. “I could use this money to grow my business or even have it in an account that accrues interest. That takes money away from small businesses that they can use as working capital and sell more products. That hurts our business,” Wieder said.

Business owners have previously told CNBC that it is unrealistic to expect they will recover even if the tariffs are refunded to them through a Supreme Court decision, and many said they are also in trouble because of high-interest predatory loans to pay the tariffs.

Eshkenazi said members of his association told him that the money they are spending on tariffs and associated costs is simply a tax that is affecting their supply chain. “You can’t acquire and reskill staff overnight,” he said. “This isn’t just about resilience and responding to the court ruling. This is about having certainty about the U.S. economy and what pricing models they can plan for.”

Survey respondents’ economic outlook was mixed: 38% of supply chain professionals were negative; 27% neutral; and 35% positive. More than half (56%) are worried about a recession, but about a third of respondents have a neutral or negative view of the economy, resulting in a “blurred and uncertain picture of the U.S. economy,” according to ASCM.

“This discrepancy reflects confusion and a lack of confidence among companies to plan for the future,” Eshkenazi said. Of the 56 percent of ASCM members who fear a recession, two-thirds believe it could begin in the second quarter. “This is not good for companies that want to make investments,” he added.

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Eating places add protein, fiber for weight reduction drug customers

A mini burger, mini fries and mini beer, Clinton Hall’s “Teeny Weeny Mini Meal”, is pictured next to a regular-sized combo on Dec. 8, 2025 in New York City. Approximately one in eight American adults are currently taking drugs from the class of GLP-1 agonists that are now popular for weight loss, according to a November poll by the non-profit health policy tracker KFF. Some in the restaurant industry are taking note.

Angela Weiss | AFP | Getty Images

The cost of GLP-1 drugs is falling, and pill versions are hitting the U.S. market. For restaurant chains and snacking giants, higher adoption of weight loss and diabetes treatments poses a threat to their sales — or an opportunity.

GLP-1 drugs slow digestion, suppress users’ appetites and increase satiety. For many restaurants and packaged food manufacturers, those reactions will likely mean weaker sales. Adults who use GLP-1s consume 21% fewer calories and spend nearly a third less on grocery bills on average, according to KPMG. JPMorgan estimates the growing use of the medications could wipe out $30 billion to $55 billion in annual sales for the food and beverage industry as soon as 2030.

About one in every eight U.S. adults is currently taking a GLP-1 drug like Ozempic or Zepbound, according to the KFF Health Tracking Poll conducted from Oct. 27 to Nov. 2. That number doesn’t include consumers who have discontinued their use of the drugs; 18% of respondents said that they have taken a GLP-1 medication at some point.

Those numbers are expected to keep climbing, especially after Novo Nordisk launched its Wegovy pill in January and Eli Lilly prepares to roll out its own oral drug this year. By 2030, more than 30 million Americans could be on a GLP-1 treatment, up from 10 million in 2026, based on J.P. Morgan estimates.

Michael Siluk | UCG | Universal Images Group | Getty Images

But the shift also presents an opportunity for restaurants and food and beverage companies.

With new protein- and fiber-rich options, many businesses are hoping to win over GLP-1 consumers and mollify investors’ concerns about how the treatments will affect their bottom lines.

“Whether it is labeling as GLP-1 friendly, decreasing the serving size, emphasizing protein content, or even when you shift over to the beverage world, because hydration is certainly a concern, there are a number of players that are starting to react to this,” said Don K. Johnson, principal of strategy and execution for EY-Parthenon.

Skipping snacks and breakfast

About half of GLP-1 users report consuming fewer calories while taking the medications, according to UBS Evidence Lab. But the effects aren’t even across the industry, and “certain categories are more impacted than others,” Johnson said.

Snacking, once one of the fastest-growing grocery segments, has taken the biggest hit. About 70% of GLP-1 users who report consuming fewer calories said that they are snacking less, according to a survey conducted by EY-Parthenon last spring.

“I think it is about the specific type of snack, but I do think they’re also snacking less … Having said that, we do see that there is a shift to healthier foods, and that certainly will include healthier snacking,” Johnson said.

Think more yogurt, nuts or fruit, and fewer chips or pretzels.

Since GLP-1 drugs lead patients to lower their caloric intake, every calorie consumed means more. Protein intake is more important to prevent muscle loss. So, too, is fiber to support gut health and digestion. And staying hydrated helps mitigate some of the drugs’ side effects, like nausea and headaches.

The effects of eating less extend to restaurants. About 60% of those respondents to the EY-Parthenon survey said that they are dining out less frequently.

The shift could also hit full-service restaurants where diners order a drink with their meals. Roughly 45% of survey respondents who are eating and drinking less said that they are drinking less alcohol.

Surveys conducted by Bernstein indicate that the frequency of restaurant visits among GLP-1 users can fall by as much as 45%, depending on the category of food and the nature of the occasion, analyst Danilo Gargiulo of Bernstein wrote in a research note published on Tuesday.

The pullback in restaurant visits isn’t spread evenly across times of day, according to Dana Baggett, executive director of restaurant client strategy at RRD, which works with more than 200 restaurant brands.

Lunch, so far, hasn’t been impacted, she said. But breakfast has taken a hit, particularly from high-income GLP-1 users, who represent a bigger percentage of current patients, she said. In practice, that means fewer sugary coffee drinks and doughnuts, although options like Starbucks‘ protein cold foam could encourage those consumers to return.

A commercial for GLP-1 drugs during the Super Bowl LX broadcast on television screens at a bar in Los Angeles, California, US, on Sunday, Feb. 8, 2026.

Jill Connelly | Bloomberg | Getty Images

Dinner, especially at fast-food restaurants, has taken the brunt of the damage so far.

Dinner traffic has fallen 6% among consumers who have been taking the medication regularly, according to Baggett; in other words, overall restaurant sales during dinner hours have declined about 0.4% due to GLP-1 use, she said. But as the number of consumers who use the drug consistently grows, so too will the pressure on restaurant traffic.

And snacking isn’t confined to grocery store aisles. For limited-service restaurants, like McDonald’s or Taco Bell, snacking accounts for 12% of spending, according to Bank of America Global Research.

Even so, threats to those large restaurants chains may only be gradual, which gives them time to adapt.

“I think there shouldn’t be this panic out there in the marketplace, but this is a trend that’s not going away,” Baggett said. “This is an amazing opportunity for brands to start repositioning themselves and focusing on what consumers want: less sugar, higher protein and that focus on fiber.”

How Big Food is evolving

If recent earnings conference calls are any example, restaurant and food executives also think that it isn’t time to panic just yet. For some companies, the trend offers a chance to reach new customers through healthier options.

“I think there are more opportunities than threats, but there are both,” PepsiCo CEO Ramon Laguarta told Wall Street analysts on the company’s earnings conference call in early February.

In recent months, Pepsi has released protein-packed Doritos, relaunched Gatorade and unveiled fiber-rich varieties of SunChips and Smartfood popcorn. Those moves are part of the company’s broader strategy to modernize its portfolio and boost sales by appealing to health-conscious consumers, but they also align with Laguarta’s assumption that GLP-1 medications will be adopted more broadly.

Domino’s Pizza CEO Russell Weiner sounded unshaken when he told analysts last month that the pizza chain hasn’t seen GLP-1 drugs affect its sales yet.

“Dinner, for us, is a sharing occasion, so perhaps that’s why we’re not seeing any impact, but we’re going to continue to watch it,” he said. “But if there needs to be menu innovation around that, we will do that.”

RRD’s Baggett told CNBC that she thinks portions and snack sizing will be key for restaurants to attract consumers who are on GLP-1 treatments.

When asked about the drugs on McDonald’s earnings conference call last month, CEO Chris Kempczinski touted the burger chain’s existing protein options. But he added that the preferences of GLP-1 users are also being considered as the chain creates new menu items.

“We’re also seeing changes around maybe less snacking, changes in some of the beverages that they drink, less sugary drinks, and so all of those things are factoring into some of what we’re out there experimenting with and testing with,” he said.

Other restaurant chains have already launched options that appeal to diners on GLP-1 drugs, even if the medications weren’t the key impetus. For example, Chipotle launched grab-and-go protein cups in December, aiming to cash in on the protein and snacking crazes as its restaurant sales struggled.

And Olive Garden, owned by Darden Restaurants, released a Lighter Portions menu last year, downsizing a handful of its classic entrees at a lower price. Darden CEO Rick Cardenas said that the chain introduced the new menu to give all of its customers more options.

“It just so happens to benefit the consumers that might want smaller portions that are on GLP-1 medications, and we have a lot of options like that in all of our menus,” Cardenas said on the company’s earnings conference call in December.

Marketing to GLP-1 users

Other companies have explicitly appealed to GLP-1 users, particularly when it comes to innovation.

In 2024, Nestle led the pack when it launched Virtual Pursuit, a frozen-food brand targeting GLP-1 users. While the packaging initially didn’t call out that it was “GLP-1 friendly,” the food company updated it later to include it prominently, boosting sales.

“It’s a big initiative for Nestle,” Nestle USA CEO Marty Thompson told CNBC at a media event earlier in March. “There will be those things that are designed for GLP-1, and there will be those things that will be sort of a companion to GLP-1, clearly calling out protein and fiber, but not necessarily designed portion-size wise or whatever for GLP-1.”

Nestle’s focus will extend beyond food, too. Thompson said that the company plans to expand into beverages and listed protein shakes as one potential way to appeal to GLP-1 customers.

Even food companies without much exposure to GLP-1 users are broadening their portfolios to reach them.

Close-up view of Dippin’ Dots ice cream cup in a person’s hand, Santa Cruz, California, June 22, 2024.

Smith Collection | Gado | Archive Photos | Getty Images

For example, Dippin’ Dots and Icee owner J&J Snack Foods makes most of its sales in stadiums, theme parks and malls. Because of its “experiential” focus, CEO Dan Fachner told CNBC that he thinks that J&J is more insulated from the effect of GLP-1 drugs compared with its snacking peers.

“I still think that in most cases, even people on GLP-1 drugs will still use those occasions for snacking,” he said.

Even still, more than a year ago, Fachner presented employees with a challenge for the company’s grocery business, which accounts for 13.5% of annual sales.

“Take the core products — pretzels and churros and Icees and Dippin’ Dots and frozen novelties — tell me how we can make them more GLP-1 friendly as it continues to grow,” he said.

This year, J&J has a number of new products hitting the freezer aisle. Protein has been added to its soft pretzels, now available in a smaller portion size. And Luigi’s Italian Ice, traditionally sold in a cup, will come in a “mini pop size,” with a formula that includes more antioxidants or helps hydration, according to Fachner. If the new products succeed in grocery stores, then J&J plans to take them to the company’s food service customers, as well.

J&J’s new products also have the benefit of appealing to a wider audience than just consumers who are on GLP-1 medication. For example, Fachner expects the new Luigi’s mini pops will appeal to health-conscious moms as a snack for their kids.

Uptake could change strategies

For restaurants and food suppliers, current data on the eating and drinking habits of GLP-1 users are informing their efforts to appeal to those consumers. But that behavior can still fluctuate.

About 5% of users lapse in taking the medications, due to cost, side effects or hitting their weight goal. After quitting, they tend to maintain the same eating habits for a couple of months before eventually returning to a higher caloric intake.

“I think that we don’t spend enough time talking about the fact that there may be sort of a cycle of behaviors — people going on and off of the drugs — that will have sort of an interesting impact on manufacturers of food because there’s no ‘before’ and ‘after,'” EY’s Johnson said. “It’s a process.”

And a whole new group of consumers could soon be taking daily pill versions of GLP-1 medications. It’s too soon to tell if oral GLP-1 drugs will result in more consistent usage or higher quit rates and to know who exactly is trying the pill version over the injectable.

“I don’t have a crystal ball, but my guess is from our survey that the folks using the oral version of the drug will be a new set of people, because one of the barriers to trial was — as can be expected — a lot of people don’t like to take shots of injections,” Johnson said.

There is one prediction that is widely accepted: the pill version will mean much higher adoption of GLP-1 drugs.

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Amanda Peet shares her breast most cancers analysis

After returning to Los Angeles, the Her Friends and Neighbors star shared children Frances19, Molly15, and Heinrich11, with husband David Benioff— learned that her illness was fortunately “hormone receptor positive” and “HER2 negative,” which for a brief moment made her feel “happier than I had been before the diagnosis.” Her MRI later revealed a second mass in the same breast, which ultimately proved to be benign and did not require chemotherapy or a double mastectomy.

Amanda concluded her essay by describing her bittersweet farewell to her mother – who was battling Parkinson’s disease – and comforted her in her final moments.

“The morphine took forever to kick in and she was looking at the ceiling and whimpering, so I climbed onto her rented hospital bed to get into her line of sight,” Amanda remembers. “We looked into each other’s eyes and she calmed down, and then she and I continued to stare at each other for what felt like several minutes.”

As Trump seems at Cuba, I bear in mind how various things was

Cuba suffered a widespread power outage on March 16, 2026, according to the national electric company, amid a serious crisis on the island caused by the US energy blockade.

Yamil location | Afp | Getty Images

The White House has cut off Cuba’s oil supplies and threatened a “friendly takeover” of the communist-ruled island amid military operations in Venezuela and Iran.

US President Donald Trump hinted that the country was his next target, saying: “Whether I liberate it or take it, I think I can do whatever I want with it. They are a very weakened nation at the moment.” The lack of oil is bringing Cuba’s economy to the brink of collapse. But I’m reminded of the time not long ago when it briefly looked as if the two nations were normalizing their relations after decades of hostility.

I first landed in Havana in March 2012 to report on the visit of Pope Benedict XVI. to report. The airport was small. I had to repeatedly explain to the immigration officers that we were there as journalists, that we had permission and that everything had been arranged in advance. I was grateful that my team spoke Spanish to assist with the process.

Parts of the city seemed strangely familiar to me from the pictures I’d seen of faded pastel buildings and old American cars, somehow still in patched together pieces.

Cuba and the United States have been geopolitical enemies for more than 50 years. Cuba became communist when the 1959 revolution brought Fidel Castro to power and the island nation just 90 miles from Florida cemented its ties with the Soviet Union. In response to a growing U.S. embargo, the Cuban government confiscated U.S. property and American-owned businesses. In response, President John F. Kennedy imposed a complete embargo in 1962. Supplies of food, fuel and consumer goods quickly became scarce.

But once I was there, I felt something start to change.

CNBC’s Justin Solomon, field producer in Cuba, with correspondent Michelle Caruso-Cabrera

CNBC

Between 2012 and 2016, I traveled 10 times and produced on-site for CNBC with international correspondent Michelle Caruso-Cabrera. Almost every visit seemed to be accompanied by something significant – moments that felt like they could mark a turning point. But at the end, that momentum suddenly felt unsteady.

On my first visit, Havana tried to appear ready for a pope. Parts of the Malecón were covered in fresh paint that was still drying in places along the route the pope was expected to take. In a country marked by communism for decades, his presence felt like more than a religious event. It felt like a subtle but unmistakable signal that Cuba might be opening up.

After that things progressed quickly.

Less than a year later, the government invited a small group of journalists, including us, to take a close look at the so-called “reforms.” We spoke to the governor of the central bank and to small business owners who are trying to navigate a system that is changing, but not all at once.

We left the official itinerary and headed to Hershey, Cuba, a town founded by Milton Hershey in the early 1900s to secure sugar for his chocolate business. It was one of several reminders of Cuba’s American past before its revolution. A former Coca-Cola factory was converted by the state. A Western Union building housed the country’s telecommunications company. A Woolworth store became a local discount store.

In July 2015, President Barack Obama announced the restoration of diplomatic relations. We quickly left New York, drove to Miami and then boarded a charter flight to Havana. There was real excitement on site. But it wasn’t unguarded. People were hopeful but cautious.

A month later, the US Embassy reopened for the first time in more than 50 years. I watched the flag being raised from the balcony of a dilapidated apartment building across the street. For younger Cubans in particular, it felt like a turning point: more opportunity, more access, more choice seemed within reach.

Obama’s visit the following March only reinforced that feeling. Travel restrictions on Americans were eased and limited trade began to resume. The embargo still applied, as enshrined in U.S. law, but was slightly relaxed.

US President Barack Obama (l.) and Cuban President Raul Castro meet at the Revolutionary Palace in Havana on March 21, 2016. US President Barack Obama and his Cuban counterpart Raul Castro met at the Revolutionary Palace in Havana on Monday for groundbreaking talks aimed at ending the standoff between the two neighbors. AFP PHOTO/ NICHOLAS KAMM / AFP / NICHOLAS KAMM (Image credit should read NICHOLAS KAMM/AFP via Getty Images)

Nicholas Comb | Afp | Getty Images

This week there was a Rolling Stones concert and a Major League Baseball game, the first on the island in years.

Even then there was reluctance. The Cubans had learned not to outdo themselves. For many, optimism came with the reminder of how quickly it could fade. After all, not everyone believed that the United States should resume relations with the country. Many argued that normalizing relations would reward the communist government without forcing meaningful reforms.

Still, things changed. In 2016, Carnival Cruise Line docked in Havana under the Fathom brand, becoming the first U.S. cruise ship to visit the island since 1978. In November, JetBlue began offering direct flights from New York. For a while it felt like the barriers were falling in real time.

It was never easy reporting there. Approvals could fail without warning. Telephones rarely worked. WiFi was difficult to find. Restaurants handed out long menus, but when you asked, you were often told it was just rice and beans. I walked past buildings with elegant facades only to enter to find them hollowed out and crumbling, little more than dust and rubble.

And yet on every trip you could see small signs that change was continuing. Family-run restaurants began to open in people’s homes. Airbnb listings began to proliferate. It wasn’t dramatic, but it was there.

My last trip was in November 2016, shortly after Fidel Castro’s death, to cover his funeral. He had ceded power to his brother Raoul years earlier, but the death of the man who symbolized the revolution was a big moment.

This time it was quiet in Havana.

Thousands of Cubans lined the streets of Havana to say goodbye to Fidel Castro as a caravan carrying his ashes began a four-day journey across the country to the eastern city of Santiago. Fidel Castro, the former Prime Minister and President of Cuba, died late in the evening of November 25, 2016 at the age of 90. (Photo by Artur Widak/NurPhoto via Getty Images)

Photo only | Photo only | Getty Images

The music stopped. The alcohol disappeared. The city entered a formal period of mourning. People stood in long lines to sign books of condolence.

From the outside it looked like a clear ending. Things didn’t feel so easy in Cuba.

As I stood there, it was hard not to feel the energy of the past few years waning. The same questions kept coming. What happens now? What will happen to the reforms? About the relationship with the United States?

When I left for the last time, I felt like I had experienced something rare, a brief period of time in which history seemed to accelerate, in which long-standing patterns loosened, if only slightly, and the future seemed open for a moment.

In subsequent years, this dynamic has largely slowed and, in some cases, even reversed. The US withdrew its embassy staff, new travel restrictions were introduced in November 2017 and the influx of American visitors decreased. The opening that once seemed within reach has given way to more familiar tensions that flare as if the changes I saw never happened.

The story doesn’t always start with a clear beginning or end. In Cuba there is a tendency to refocus on oneself.

What comes next between these two neighbors is still unwritten.

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The UK authorities’s borrowing prices reached their highest degree since 2008

Lights shine on skyscrapers and commercial buildings across the skyline of the City of London, UK, on ​​Tuesday November 18, 2025. British business chiefs urged Chancellor of the Exchequer Rachel Reeves to cut energy costs and avoid increasing the tax burden on British businesses as she prepares this year’s budget.

Bloomberg | Bloomberg | Getty Images

The British government’s borrowing costs rose to their highest level since the 2008 financial crisis on Friday, with the benchmark 10-year Treasury rate breaching 5%, as investors struggled to price in rising inflation risks and a growing likelihood of interest rate hikes later this year.

British government bonds – so-called gilts – have been sharply revalued as the Iran war escalates. Benchmark 10-year Treasury yields have risen about 68 basis points in the 15 trading days since the conflict began, while 2-year Treasury yields have risen about 97 basis points.

Bond prices and yields move in opposite directions.

On Friday, the UK yield was increased 10-year government bonds rose around 15 basis points to 5.00%, the highest since the 2008 financial crisis.

Now it continues 2 year old gilts rose 19 basis points to around 4.602%, marking its highest level in more than a year.

Stock chart iconStock chart icon

British 2 year insurance

The U.K. bond market has been particularly vulnerable to fears of renewed inflation as the war between the U.S. and Iran drags on, partly because of its reliance on imported energy. The war and the subsequent blockade of the Strait of Hormuz – a key oil shipping route – have caused oil and gas prices to rise.

Even before the outbreak of war, the United Kingdom had the highest long-term government borrowing costs of all G7 countries 20- And 30 year old gilts Trading is well above the crucial 5% threshold. Yields on these bonds rose about 9 and 7 basis points, respectively, on Friday.

Nigel Green, CEO of financial advisory firm deVere Group, told CNBC that markets were quickly scaling back their expectations of interest rate cuts by the Bank of England.

On Thursday, the central bank’s monetary policy committee said it had voted “unanimously” to keep the key interest rate unchanged and said inflation would be higher in the near term “due to the new shock to the economy.”

Before the war began, the BOE was expected to lower the key interest rate. Currently, markets are pricing in a near 0% chance of a bank rate cut this year, with the vast majority of traders expecting a rate hike next month, LSEG data shows. In addition, markets are largely pricing in a key interest rate of at least 4.25% by the end of the year, which suggests at least two rate hikes.

“The trigger is energy, as oil and gas shocks directly impact inflation expectations and Treasury bonds react exactly as one would expect in this scenario,” deVere’s Green told CNBC by email. “This is not a disorderly sell-off – it is an understandable reassessment of risk.”

This is not a disorderly sell-off, but rather an understandable reassessment of risk.

Nigel Green

CEO, deVere Group

According to Green, there was “also a political layer” to the moves in gilt markets.

“Treasury Minister Rachel Reeves has built her fiscal framework around stability and credibility, but higher yields quickly lead to higher borrowing costs,” he said. “This of course limits their scope for action at precisely the moment when the pressure for additional support for energy and households increases.”

The bond market has largely supported Reeves’ commitment to her so-called “fiscal rules” during her tenure as finance minister, with speculation that she could be ousted from office last year sparking a sell-off in British government bonds.

Official figures showed the British government borrowed more than expected to the tune of 14.3 billion pounds ($1.74 billion) in February, adding to selling pressure on Friday.

Reeves has committed to bringing daily government spending to a level where it can be financed through tax revenue rather than borrowing. Its rules also state that national debt must fall in relation to economic output by 2029/30.

“From an investment perspective, higher yields are starting to restore value in parts of the curve,” Green added. “But volatility will remain high as energy markets determine the inflation outlook.”

George Godber, fund manager of the Polar Capital UK Value Opportunities Fund, told CNBC’s “Squawk Box Europe” on Thursday that his team was avoiding any knee-jerk reaction to the deluge of news surrounding the conflict.

“The duration of these impacts is completely unknown…In these times, history shows that it is best to remain calm,” he said. “What we have done is very little.”

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Uber and Rivian announce $1.25 billion deal for 50,000 robotaxis

The Rivian R2 is on display during the 2025 Los Angeles Auto Show at the Los Angeles Convention Center on November 23, 2025 in Los Angeles, California.

Josh Lefkowitz | Getty Images

Uber technologies plans to invest up to $1.25 billion in the electric vehicle maker Rivian Automotive The companies announced Thursday as part of an agreement to deploy up to 50,000 robotaxis in multiple countries by 2031.

According to a statement from the companies, the collaboration includes the expectation that Uber or its fleet partners will purchase 10,000 autonomous versions of Rivian’s upcoming R2 electric vehicle, with the option to purchase up to 40,000 more robotaxis starting in 2030.

Shares of Rivian jumped in premarket trading on Thursday, rising about 10% before erasing those gains to close the day up 3%, while shares of Uber fell 1%.

The deal is the latest in a resurgence of autonomous vehicle and robotaxis announcements as companies look to capitalize on the multi-trillion-dollar market predicted by investors. Many companies, including Uber, have so far missed their goals for robotaxis.

An initial $300 million investment from Uber to Rivian, which is preparing to begin R2 sales to consumers this spring, is expected soon after the deal is signed, subject to regulatory approval, according to the press release. This investment represents approximately 19.55 million shares of the automaker’s stock, a Rivian spokesperson confirmed.

Four additional tranches of investment will occur by an unspecified date through 2031, subject to the achievement of certain milestones, the automaker said in a public filing Thursday. Uber will also pay certain royalties related to its use of Rivian’s autonomous driving system software, the filing said.

The companies said the R2 robotaxis are expected to be available exclusively through Uber’s ride-sharing and delivery platform in 25 cities across the U.S., Canada and Europe. San Francisco and Miami are planned to be the first cities in 2028, it said.

“We strongly believe in Rivian’s approach – co-designing the vehicle, computing platform and software stack while maintaining full control of production and delivery in the U.S.,” Uber CEO Dara Khosrowshahi said in the press release. “This vertical integration, combined with data from the growing personal vehicle base and experience in managing the complexities of commercial fleets, gives us the confidence to set these ambitious but achievable goals.”

The deal is the latest capital investment for Rivian following a $5.8 billion software deal with a German automaker Volkswagen announced in late 2024. This also marks an expansion of Uber’s robotaxis plans following recent announcements with the electric vehicle maker Clear, Amazon’s Zoox, Chrysler mother Stellar and technology giant Nvidia.

Rivian CEO RJ Scaringe has recently started talking about the company’s robotaxis ambitions, including at the electric vehicle maker’s third-quarter earnings call in November and at its first-ever “Autonomy and AI Day” in December.

Scaringe said Rivian’s upcoming R2 and the technologies supporting it would allow the company to pursue robotaxis, which are currently dominated in the U.S. by Alphabet-backed Waymo.

Rivian CEO RJ Scaringe speaks at the company’s first Autonomy and AI Day in Palo Alto, California, United States, on December 11, 2025, where he presents developments in self-driving technology.

Carlos Barria | Reuters

Scaringe and other executives said the emergence of new technologies, including artificial intelligence and more powerful semiconductor chips, will allow companies to finally succeed with robotaxis.

“The extent of Rivian’s growing data flywheel coupled with RAP1 [Rivian Autonomy Processor]”, our state-of-the-art internal inference platform and our multimodal perception platform, we are incredibly excited about Rivian’s rapid evolution of autonomy over the next few years,” Scaringe said in Thursday’s press release.

—CNBC’s Lora Kolodny contributed to this report.

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Eli Lilly shares slide after bearish analyst name – this is our take

In a disastrous press convention, Trump exhibits how he misplaced the Iran warfare

The White House described Trump’s press conference with Vice President JD Vance as evidence that the entire administration is on the same page about the Iran war.

Reports circulated that Vance was not enthusiastic about the war and was described as skeptical about the operation.

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Vance backed up his support for the war by claiming that all other presidents are stupid, but Trump is smart, so he’s staying with Trump in this war.

The reality is that Vance needs Trump because he wants to sit in the big chair in the Oval Office one day, and he can’t get the Republican nomination without continuing to be Trump’s lackey.

The press conference wasn’t about JD Vance, it was about Donald Trump.

In some very unintentionally revealing answers, Trump demonstrated the mindset that led to failure in Iran.

Please watch my video below about how Trump’s Iran War failed:

Trump demanded gratitude to America’s allies for trying to drag them into a war they didn’t ask for:

I don’t expect to thank you, but they should thank us. Japan gets 95%, China 91%. Many of the countries, South Korea, get a huge percentage of their oil and energy from the Strait, the Strait, or as they call it, the Strait, and they should not only thank us, they should help us. What surprises me is that they are unwilling to help. But there are some countries that have disappointed me very much, and I am the one who made them pay 2 to 5% of GDP to NATO. And I get along well with these countries in NATO.

But I’ve always said the problem with NATO is that we will always be there for them, but they will never be there for us.

That’s problem No. 1. Trump has never tried to build a coalition to support action against Iran. He simply assumed that America’s allies would go along.

They don’t have that.

Oscars 2026 after-parties: celeb photographs, style

The 2026 Oscars may be over, but film’s biggest night continues.

After One Battle After Another won Best Film Conan O’BrienAt the ceremony held on March 15, the star-studded crowd at the Dolby Theater dispersed to attend the many parties taking place throughout Los Angeles. (See all the celebrities on the Oscars red carpet here and a full list of winners here.)

In addition to the famous Vanity Fair afterparty, winners, nominees, presenters and even some celebrities who weren’t at the Oscars flocked to late-night parties Elton John, Madonna And Jay Z And Beyonce to celebrate the occasion.

Of course, there was also the legendary Governor’s Ball, the Academy’s official after-party, where newly crowned Oscar winners traditionally have their statuettes engraved. As Michael B Jordan, Jessie Buckley And Amy Madigan waited for their trophies, other guests enjoyed the celebrity chef’s culinary creations Wolfgang Puck and his son Byron Puckand drinks from Don Julio Tequila.