Amazon reported to be closing Shanghai AI lab
Bengaluru — Amazon is shutting down its Shanghai AI lab, which was established by its cloud services arm in 2018, the Financial Times reported on Wednesday.
The report comes after Reuters first reported last week that the company had cut at least hundreds of jobs globally in Amazon Web Services (AWS), just a month after Amazon CEO Andy Jassy warned of a workforce reduction due to adoption of generative AI tools.
In response to a query on the FT report on the Shanghai AI lab, an Amazon spokesperson reiterated it was eliminating some roles across AWS. The spokesperson did not comment on the FT report or confirm that the Shanghai AI lab was being shut down.
Amazon said on Wednesday the AWS role reductions are not primarily because of AI. Reuters
Microsoft cyberattack threatened 400 organisations
Washington — About 400 organisations show signs of having been compromised after the discovery of a sweeping cyber-espionage operation centred on Microsoft’s server software, according to researchers at Netherlands-based Eye Security.
The figure compares with 100 organisations catalogued over the weekend. Eye Security said the figure is likely an undercount. Reuters
Barclays appoints global chair of investment banking
London — Barclays has appointed former Deutsche Bank executive Alex Ham as global chair of investment banking, the British lender said on Wednesday.
Ham was most recently co-CEO of Deutsche Numis and head of global private growth capital at Deutsche Bank, with a focus on clients in the venture capital and technology sectors, where Barclays said it is looking to expand.
The hire comes as Barclays looks to grow its market share in equity capital markets and mergers & acquisitions, traditional banking advisory markets that have been dominated by Wall Street rivals in recent years.
Ham will start at Barclays in early 2026, the bank said. Reuters
Teledyne Technologies upbeat amid strong demand
Bengaluru — Teledyne Technologies raised the lower end of its annual profit forecast after topping Wall Street expectations for second-quarter results on Wednesday, driven by strong demand for its military drones and target detection sensors.
Shares of the company rose 4.3% in premarket trading.
Defence firms have benefited from sustained demand as a result of simmering geopolitical tensions, including the protracted Russia-Ukraine war and tensions in the Middle East.
It now expects adjusted profit per share for 2025 of $21.20-$21.50, compared with its previous forecast of $21.10-$21.50. Reuters
AT&T adds fewer fibre customers than expected
Bengaluru — AT&T added fewer fibre customers than expected in the second quarter, stoking concerns about intense competition and eclipsing a surge in wireless subscribers fuelled by its discounted bundles.
Shares of the US telecom giant fell 3.4% in premarket trading on Wednesday. The stock is up more than 20% so far this year.
AT&T has doubled down on its push into high-speed internet, a segment traditionally dominated by broadband giants such as Comcast, to counter slowing growth and heightened promotional activity by wireless rivals Verizon and T-Mobile.
Texas-based AT&T added 243,000 fibre customers in the second quarter, fewer than 250,610 expected by analysts at Visible Alpha. The company added 261,000 customers during the January-March period.
The company said it expects the acquisition of Lumen’s mass markets fibre business, set to close in the first half of 2026, to propel it to more than 60-million fibre locations by the end of 2030. Reuters
Saudi business delegation arrives in Syria
Riyadh — Saudi Arabia’s investment minister led a business delegation travelling to Syria on Wednesday, where they were expected to sign deals worth about $4bn as part of Riyadh’s efforts to support the country’s post-war recovery.
The Gulf kingdom has been a crucial supporter of interim President Ahmed al-Sharaa’s government, which came to power after toppling Bashar al-Assad in December and is now seeking to rebuild Syria after a 14-year civil war.
Saudi investment minister Khalid bin Abdulaziz Al-Falih, who brought about 130 Saudi businesspeople to Damascus, is set to hold meetings with Syria’s leadership ahead of a two-day investment conference on Wednesday, according to people due to attend.
Syria has signed a $7bn power deal with Qatar and a $800m agreement with UAE-based port company DP World in recent months, while US energy firms are also set to draw up a master plan for the country’s energy sector. Reuters
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