Business

At just 26, Doménique Wissink is redefining what luxury travel looks like. As founder of Extra Ibiza, he has built a fast-growing, high-end travel company that goes far beyond villas and yachts—using psychological insight to curate deeply personalised experiences for discerning clients.

What started as a teenage side hustle has evolved into a business delivering 5,100% growth in just four years, all without external funding. Driven by instinct, creativity, and a refusal to follow the traditional path, Wissink represents a new generation of entrepreneur, one that blends lifestyle, data, and human connection to create something entirely different in the luxury travel space.

What do you currently do at Extra Ibiza?

At Extra Ibiza I focus on building and growing the ecosystem around the company while protecting it’s human and creative soul. On one side that means developing partnerships with yacht owners, villa owners and other asset partners so we can offer a strong portfolio of experiences that are curated and fit our clients desires. On the other side I spend a lot of time on strategy, marketing and brand development, making sure Extra keeps evolving as a platform for curated holidays and experiences in Ibiza and beyond.

A big part of my role is connecting the different pieces of the business. I work with partners, oversee new collaborations, guide the direction of the brand with the team and help shape the long term vision of the company. At the same time I stay close to the day to day reality of the business, whether that is developing new products, improving the sales process or expanding our network, and from time to time hopping back on a client request which still brings me the joy it did when we just started.

Ultimately my job is to keep pushing Extra forward, building the relationships, structure and ideas that allow the company to grow while continuing to work with our excellent team to create memorable experiences for the people who come to Ibiza.

What was the inspiration behind your business?

The inspiration came from a contrast I experienced while living in Switzerland. From the outside everything looked extremely polished and luxurious, but very often it felt a bit hollow. It made me realize that what is presented as luxury is sometimes just a facade. That experience pushed me to rethink what luxury actually means.

For me, real luxury is not about status or appearances. It is about time, curation and the people you share moments with. It is the ability to bring people together, create environments where they can disconnect from the noise and simply enjoy being present with the people they care about. In the end, no matter how successful someone becomes, we all sit around the same table playing Monopoly with family or friends. Those moments are the real luxury.

A big part of the inspiration also came from my girlfriend and partner, Jiel Dassen. Many of the ideas behind Extra grew from conversations between us about creating something of our own. We wanted to build a brand and a company that reflects the way we see the world and allows us to design the kind of life and experiences we believe in. Ibiza gave us the space to turn that vision into reality.

Who do you admire?

I’ve always admired people who build something with their bare hands and refuse to let go of it, no matter how hard it gets. The first people that come to mind are my grandparents. They were incredible business people who gave everything they had to what they were building. 

No shortcuts, no illusions, just work, risk and persistence. Hearing those stories growing up left a deep mark on how I think about business.

Beyond that, I’m drawn to people who step completely outside the box and follow their own path, even when it makes others uncomfortable. The people who change industries or create new ones rarely fit neatly into expectations. They tend to be a little stubborn, a ‘little’ rebellious and very convinced of their own vision.

Those kinds of people interest me far more than anyone who simply follows the script. The world moves forward because of the ones who ignore the script altogether. 

Looking back, is there anything you would have done differently?

Looking back, I would have invested earlier in the right people and in better structure around the team. When you build something from scratch you tend to focus on the idea, the deals and the growth, but the real strength of a company always comes down to the people and how well they are guided. Better onboarding, clearer management and stronger internal systems are things I would prioritize sooner if I could start again.

I would probably also listen more to my partner, Jiel. Having someone close to you who can challenge your thinking and bring a different perspective is incredibly valuable, especially when you are moving fast.

And on a more personal level, I would remind myself more often to be aware of the beautiful moments along the way. When you are building a company it’s easy to always look at the next step and forget to enjoy the journey itself. That said, I’m still only 26, so I like to think I still have plenty of time to make mistakes, learn from them and do things differently many more times.

What defines your way of doing business?

I tend to do business like a rocket. Fast, instinctive and always moving. I like connecting dots, meeting people, spotting opportunities and turning ideas into something real before most people have even finished talking about it.

I’ve never been very good at sitting still or waiting for the “perfect” moment. A lot of my approach is built around momentum. If there’s an opportunity, I’d rather move on it, learn along the way and adjust while flying.

At the core of it all is people. Almost everything in business comes down to relationships, trust and energy. The right conversation at the right moment can open doors you didn’t even know existed. My role is often just to keep that momentum going and keep connecting the right people, ideas and opportunities together.

What advice would you give to someone starting out?

Find the right partners. Business is rarely a solo journey (Even though we sometimes feel like it), and the people you build with will shape both the outcome and the experience along the way. Surround yourself with people who complement you, challenge you and genuinely enjoy building something together. It has to work both ways, be smart on who you work with and why!

Don’t be afraid to take risks either. Most people wait for certainty, but certainty almost never comes, and when it comes you can be certain it’s too late. If you believe in something, move on it, learn as you go and adjust along the way.

And keep some perspective. We’re literally floating on a rock through space, so the idea that everything has to be perfectly controlled is a bit of an illusion. Take things seriously, but not so seriously that you stop yourself from trying. The biggest regret for most people is usually not the things they did, but the things they never dared to do.

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Getting To Know You: Doménique Wissink, founder of Extra Ibiza

Labour has unveiled plans to allow wind turbines up to 30 metres tall to be installed at schools, hospitals and farms without full planning permission, in a significant shift aimed at accelerating the rollout of small-scale renewable energy across the UK.

Under the proposed changes, ministers will extend permitted development rights, currently limited largely to domestic properties, to cover non-domestic sites including public sector buildings and commercial premises. The move is designed to enable organisations to generate their own electricity and reduce exposure to volatile energy costs.

At present, homeowners can install small turbines without planning approval, but these are capped at 15 metres when mounted on a building and 11.1 metres when placed in a garden. The new framework would more than double that height limit for non-domestic use, allowing turbines comparable in scale to mature trees to be deployed more widely.

A turbine of this size can generate up to 50 kilowatts of power, which the government says is sufficient to meet the full electricity demand of a medium-sized farm or significantly offset consumption at sites such as schools and hospitals.

Energy minister Michael Shanks said the reforms would give organisations “the tools to lower their bills and make the best use of their land”, describing onshore wind as one of the cheapest and quickest forms of energy to deploy.

The policy comes against a backdrop of heightened energy price volatility driven by global geopolitical tensions, with ministers increasingly focused on boosting domestic generation to improve long-term resilience.

However, the proposals have already drawn criticism from opposition politicians and rural campaign groups, who warn the changes could sideline local communities.

Richard Tice, Reform UK’s deputy leader and energy spokesman, described the move as “intrusive”, accusing the government of weakening planning protections in pursuit of its net zero agenda.

Similarly, Sarah Lee of the Countryside Alliance cautioned that the reforms risk setting a precedent for wider development without adequate consultation. She said the key issue was not the turbines themselves, but “location, density and consent”, adding that planning rules exist to ensure local voices are heard.

Despite the relaxation of rules, planning permission will still be required for installations in sensitive areas, including conservation zones, listed buildings and designated habitats.

Industry figures have broadly welcomed the shift, arguing it could help address one of the UK’s core energy challenges, its reliance on imported gas. Nigel Pocklington of renewable supplier Good Energy said scaling domestic renewables is “the most effective way to bring prices down over the long term”.

The reforms also attempt to address the slow uptake of small-scale wind technology in the UK. Despite permitted development rights for homes being in place since 2011, adoption has remained limited, with just 128 installations recorded over the past decade.

That lack of traction has been attributed to a combination of planning constraints, cost barriers and public resistance, challenges the government now hopes to overcome by targeting larger, non-domestic sites where energy demand is higher and installations can deliver more meaningful savings.

For businesses and public sector organisations facing rising energy costs, the policy signals a shift towards decentralised, site-level generation, but its success will likely depend on how effectively ministers balance speed of deployment with local acceptance.

Read more:
Labour to allow 30m wind turbines at schools and hospitals in planning shake-up

Turo is stepping up its push into London, targeting former Zipcar users with a capital-light car-sharing model that avoids the high costs associated with owning and maintaining a fleet.

The US-based peer-to-peer platform, which has operated in the UK since 2018, allows private car owners to rent out their vehicles directly to users. More than 2,000 London motorists are already listing cars on the platform, according to the company, as it seeks to capitalise on a gap left by Zipcar’s withdrawal from the capital at the end of 2025.

Unlike traditional car clubs, Turo does not own or lease vehicles. Instead, it acts as a marketplace, enabling short-term rentals between individuals. The approach significantly reduces capital expenditure and operational overheads, a key differentiator at a time when rising costs have squeezed fleet-based operators.

Rory Brimmer, Turo’s UK managing director, said the model unlocks value from underutilised assets. “Cars are idle most of the time,” he noted, describing them as assets that can generate income rather than sit unused.

Hosts set their own availability and pricing, with rates fluctuating based on demand and seasonality. Turo takes a commission of between 25% and 35%, depending on the level of insurance and services selected. The company says the average London host earns around £400 per month, although more active users can generate significantly higher returns.

Brimmer himself rents out his Audi Q3 for roughly half the month, earning close to £800, and said built-in safeguards such as insurance cover and DVLA-integrated licence checks are critical to building trust on the platform.

The company has moved quickly to capture displaced demand following Zipcar’s exit, launching a £120,000 advertising campaign across the London Underground and Overground networks. Brimmer described the market shift as a clear “opportunity” to attract users previously reliant on traditional car clubs.

Zipcar’s departure reflects the mounting pressure on fleet-heavy models. The company cited deteriorating financial performance, falling usage and rising costs, including energy, insurance and vehicle maintenance, as key factors behind its decision. Additional pressures, such as the extension of London’s congestion charge to electric vehicles, have further eroded margins.

The contrasting fortunes of the two models highlight a broader shift in the economics of shared mobility. While asset-heavy operators face rising fixed costs and utilisation challenges, marketplace-driven platforms like Turo benefit from scalability without balance sheet exposure.

Policy momentum in London continues to favour shared transport solutions. With lower car ownership rates than the national average, city authorities, led by Mayor Sir Sadiq Khan, are seeking to reduce private vehicle use and encourage alternatives such as car clubs and shared mobility schemes.

Turo’s UK expansion also comes as it recalibrates its global strategy. The company has recently shelved plans for a New York Stock Exchange listing, with chief executive Andre Haddad citing market conditions and a desire to remain private to continue investing in growth.

Despite that decision, the business has scaled rapidly. Revenues rose from $150 million in 2020 to $958 million in 2024, with 150,000 active hosts and 3.5 million users worldwide.

For the UK market, the divergence between capital-light platforms and traditional fleet operators is becoming increasingly pronounced, and as funding tightens and cost pressures persist, that distinction may define the next phase of urban mobility.

Read more:
Truro targets former Zipcar users with capital-light expansion in London

A sharp rise in UK government borrowing has intensified concerns that ministers will have limited capacity to shield households from a looming surge in energy bills, as geopolitical tensions push inflation risks higher.

Official figures show public sector net borrowing reached £14.3 billion in February, the second-highest level for the month since records began and significantly above economists’ expectations of £8.8 billion. The figure was also £2.2 billion higher than the same period last year, underlining mounting fiscal pressure even before the escalation of conflict in the Middle East.

The data, released by the Office for National Statistics, reflects a widening gap between government spending and tax income. While receipts increased, they were outweighed by higher expenditure and the timing of debt interest payments, highlighting the growing burden of servicing the UK’s national debt.

The deterioration in the public finances comes at a critical moment. Since the outbreak of the US-Israel conflict with Iran, global energy markets have been thrown into volatility, pushing up oil and gas prices and raising fears of a renewed inflationary shock.

Economists warn that this combination of higher borrowing and rising debt costs significantly constrains the government’s ability to repeat the kind of large-scale energy support packages deployed during the 2022 cost-of-living crisis.

Ruth Gregory, deputy chief UK economist at Capital Economics, said there was little room for manoeuvre. “We doubt there is scope for a large-scale fiscal support package like that seen in 2022, even in more extreme scenarios,” she said, adding that any assistance offered would likely be more limited due to the UK’s “worse fiscal position”.

That view was echoed by Charlie Bean, former deputy governor of the Bank of England, who said the government no longer has the same financial flexibility it enjoyed during previous energy shocks.

Financial markets have already begun to react. Government borrowing costs have risen sharply in recent weeks as investors factor in the prospect of higher inflation driven by surging energy prices. This has increased the cost of servicing the UK’s debt pile, with around one in every ten pounds of public spending now going towards interest payments.

Danni Hewson, head of financial analysis at AJ Bell, said the latest borrowing figures would make uncomfortable reading for the Treasury. “With the chancellor under pressure to act swiftly to protect households from the impact of the latest energy price shock, today’s numbers won’t make great reading,” she said.

The scale of the challenge is compounded by forecasts that household energy bills could rise by more than £300 from July, according to consultancy Cornwall Insight, although the final figure remains subject to market movements.

While borrowing over the broader financial year remains lower than previously forecast, the February spike highlights the volatility in the UK’s fiscal position. Analysts noted that part of the increase reflects technical factors, including the timing of debt interest payments, but the underlying trend remains concerning.

Lindsay James, investment strategist at Quilter, said hopes that the government was regaining control of the public finances had been short-lived. “There were glimmers of hope that borrowing was being reined in after January’s record surplus, but the latest data has put a swift end to that picture,” she said.

The UK’s debt burden remains elevated at 93.1 per cent of GDP, close to levels last seen in the early 1960s, limiting the government’s ability to deploy further fiscal stimulus without risking market confidence.

Chief Secretary to the Treasury James Murray insisted the government had the “right economic plan” and was prepared for a more volatile global environment. However, political pressure is mounting, with critics arguing that rising borrowing and debt costs are narrowing the policy options available.

For households and businesses already grappling with high living costs, the message is increasingly clear: any government intervention to offset rising energy bills is likely to be more targeted, more modest, and far less generous than in previous crises.

Read more:
Surge in UK borrowing limits scope for energy bill support as fiscal pressures mount

Teenage darts sensation Luke Littler has applied to trademark his own face in a landmark move aimed at protecting his image from AI-generated fakes and unauthorised commercial use.

The 19-year-old, already a two-time World Darts Championship winner, has submitted an application to the UK Intellectual Property Office as concerns grow over the rapid rise of deepfakes and AI-generated content exploiting public figures.

Littler’s likeness is already widely used across commercial products, from branded dartboards and video games to food items, reflecting his meteoric rise as one of the most marketable names in British sport. He has previously secured trademark protection for his nickname “The Nuke” in the United States, underlining the increasing value of his personal brand.

The latest move signals a growing trend among high-profile athletes and celebrities seeking to protect their identity in an era where AI tools can replicate faces and voices with alarming accuracy.

Graeme Murray, a trademark attorney at Marks & Clerk, said such applications are becoming more common as public figures attempt to safeguard their image. He noted that AI-generated content poses a “genuine threat” to the commercial value and goodwill associated with well-known individuals.

“The objective is to create exclusivity around a recognisable appearance that consumers associate with one individual,” he explained. “This prevents third parties from exploiting that identity without consent, particularly in commercial settings.”

The legal landscape, however, remains uncertain. Unlike some jurisdictions, the UK does not recognise a formal “right of personality”, meaning individuals have limited protection over the commercial use of their likeness outside existing intellectual property frameworks.

Iain Connor, intellectual property partner at Michelmores, warned that trademarking a face is not a comprehensive solution. “Even if successful, trade mark protection is limited to specific categories of goods and services,” he said. “It is not a silver bullet against deepfakes.”

He added that previous attempts to protect identity through trademarks have produced mixed results, citing successful and unsuccessful cases involving public figures. The challenge lies in proving that a face or likeness functions as a distinctive commercial identifier.

The move comes as policymakers and legal experts increasingly debate how to regulate AI-generated content. The UK government has already acknowledged potential gaps in existing copyright and IP frameworks, with discussions underway about introducing new “personality rights” to better protect individuals from digital replication.

Littler’s application therefore represents not only a commercial strategy but also a test case for how far current intellectual property law can stretch in the age of generative AI.

Away from the courtroom, Littler continues to dominate on the oche. Fresh from a dramatic comeback victory over Gerwyn Price in Dublin, he admitted he is still adapting to the pressures of fame and fan scrutiny.

But as his profile continues to grow, so too does the need to protect it, not just from rivals on the darts circuit, but from the increasingly sophisticated capabilities of artificial intelligence.

Read more:
Luke Littler moves to trademark his face in bid to combat AI fakes

High street bank lending to UK businesses climbed to £17.5 billion in 2025, marking a second consecutive year of growth and underlining the increasingly central role of small firms in driving the country’s AI-led economic transformation.

New figures from UK Finance show gross lending rose from £16.1 billion in 2024, with momentum building steadily throughout the year. In the final quarter alone, £4.6 billion was lent, extending the run of year-on-year growth to eight successive quarters.

The increase was driven overwhelmingly by smaller businesses, particularly those with annual turnover of up to £2 million. Lending to this segment rose by more than 25 per cent compared with the previous year, reflecting both stronger demand and improving approval rates.

By contrast, medium-sized firms recorded more modest growth of 4 per cent, suggesting that while confidence is returning across the SME landscape, the smallest businesses are currently the most active in seeking finance.

The data points to a broad-based recovery in business lending across the UK, with activity spread evenly across regions. It also signals a shift in how companies are financing growth, with new loan approvals outpacing overdraft usage, reversing a trend seen in 2024.

However, despite the uptick in lending, utilisation of overdraft facilities remains below pre-pandemic levels, indicating that many businesses are still maintaining financial buffers amid ongoing economic uncertainty, rising costs and geopolitical volatility.

David Raw, Managing Director of Commercial Finance at UK Finance, said the figures highlighted the resilience and importance of the SME sector.

“SMEs are a vitally important part of the UK economy and the banking sector is proud to support them,” he said. “It was good to see gross lending increasing for another consecutive year of growth in 2025, driven by stronger demand from the smallest businesses and support from high street lenders.”

Yet industry experts have warned that while the headline figures are encouraging, they fall well short of what is required to support the next phase of economic growth, particularly as businesses race to adopt artificial intelligence and digital technologies.

Raj Abrol, chief executive of data intelligence firm Galytix, said that structural barriers within traditional banking models continue to limit access to capital for scale-ups and high-growth firms.

“It’s encouraging to see SME lending on the rise, but these figures are a drop in the ocean compared to the actual amounts needed to reboot the global economy,” he said.

“Scale-up companies rely on support from banks to invest in new technology, expand into new markets and hire talent, yet far too many struggle to secure the support they need due to outdated operating models and risk profiling.”

Abrol argued that artificial intelligence itself could play a role in addressing these inefficiencies, particularly in streamlining lending processes and improving credit assessments.

“AI agents can change all this, they do not get tired, do not miss details and do not forget what they learned last quarter,” he said. “They can rapidly prepare loan applications for approval and improve access to finance for SMEs.”

The link between access to capital and AI adoption is becoming increasingly clear, with smaller firms under pressure to invest in automation, data analytics and digital infrastructure to remain competitive.

Kenny MacAulay, chief executive of accounting platform Acting Office, said that without sufficient funding, many SMEs risk being left behind in the technological shift.

“Without access to finance, SMEs will fall drastically behind in the race for AI adoption, which in turn will hit the economy hard,” he said.

“It’s great to see an uptick in lending at a time when so many organisations are at a crossroads with tech investment, but these numbers don’t even begin to cover what is needed for long-term change.”

He added that closer collaboration between government and lenders would be essential to scale up funding and build an economy capable of supporting widespread AI integration.

The latest figures come at a pivotal moment for the UK economy, with policymakers increasingly focused on productivity, innovation and growth. SMEs, often described as the backbone of the economy, are now emerging as a critical engine of that transformation.

However, with borrowing costs still elevated and economic uncertainty lingering, the challenge for both lenders and government will be ensuring that access to finance keeps pace with ambition.

If it does not, the risk is that the UK’s AI-driven growth story could be constrained not by a lack of innovation, but by a lack of capital.

Read more:
SME lending rises to £17.5bn as small businesses drive AI-led growth across the UK

A landmark £746 million UK–Nigeria infrastructure deal has delivered a record-breaking export order for British Steel, in a major boost for UK manufacturing and international trade ties.

The agreement, backed by UK Export Finance (UKEF), will fund the redevelopment of two of Nigeria’s largest ports in Lagos, the Lagos Port Complex (Apapa Quays) and TinCan Island Port, while channelling at least £236 million into British suppliers.

At the centre of the deal is a £70 million contract for British Steel to supply 120,000 tonnes of steel billets, marking the company’s largest-ever export order supported by UKEF and one of the biggest billet orders in its history.

The financing package has been structured through UKEF’s Buyer Credit Facility and arranged by Citi, underlining the UK government’s increasing use of export finance to drive industrial growth and secure overseas contracts for British firms.

Ministers have positioned the deal as an early signal that the government’s newly launched Steel Strategy is beginning to deliver tangible results, with a focus on boosting domestic production while expanding global export opportunities.

Business and Trade Secretary Peter Kyle described the agreement as a “major win for British Steel”, adding that it demonstrates both the strength of UK manufacturing and the deepening commercial relationship between the UK and Nigeria.

The project is expected to support thousands of skilled jobs across the UK supply chain, particularly in industrial heartlands such as Scunthorpe, where British Steel employs around 4,000 people.

The Nigerian government, meanwhile, has framed the investment as a transformative step in modernising its maritime infrastructure and unlocking growth within its “blue economy”.

Dr Adegboyega Oyetola, Nigeria’s Minister of Marine and Blue Economy, said the upgrades would significantly improve port efficiency, reduce bottlenecks and lower logistics costs, while enabling faster movement of goods across West and Central Africa.

He added that digitalisation and automation would replace legacy, paper-based systems, improving transparency and predictability for businesses operating through Nigerian ports.

The agreement was signed alongside a broader Memorandum of Understanding between the UK and Nigeria, establishing a framework for future trade and investment collaboration. The MoU sets out a pipeline of priority infrastructure projects that could attract further UKEF-backed financing, creating additional opportunities for British exporters.

The deal also reflects a wider strategic push by the UK government to strengthen economic ties with high-growth markets, particularly in Africa, where demand for infrastructure investment continues to rise.

Since 2018, UKEF support for West and Central Africa has increased by more than £3 billion, highlighting a shift towards more active government-backed export promotion.

For British Steel, the contract represents a significant milestone following a period of instability that required government intervention in 2025. Chief executive Allan Bell said the deal marks a transition from stabilisation to long-term sustainability for the business.

“This is a record-breaking contract and a tremendous vote of confidence in British Steel and UK manufacturing,” he said, adding that it demonstrates how public policy and export finance can combine to unlock global demand.

Industry observers note that the structure of the deal, with a substantial proportion of funding tied to UK suppliers, reflects a more interventionist industrial strategy aimed at maximising domestic economic benefit from international agreements.

The redevelopment of Lagos’s port infrastructure is also expected to have wider economic implications, improving trade flows, reducing congestion and strengthening Nigeria’s position as a regional logistics hub.

For the UK, the agreement reinforces its ambition to remain a competitive exporter of industrial goods and services in an increasingly contested global market, while supporting domestic employment and supply chains.

As geopolitical uncertainty reshapes global trade dynamics, deals of this scale are likely to become increasingly important in sustaining growth, particularly for sectors such as steel that have faced prolonged competitive and cost pressures.

The UK–Nigeria partnership, officials say, is intended to serve as a model for future collaboration, combining public finance, private capital and industrial capability to deliver both economic and strategic returns.

Read more:
Record-breaking British Steel order secured in £746m UK–Nigeria ports deal

Uber is doubling down on autonomous mobility with plans to invest up to $1.25 billion in electric vehicle maker Rivian as part of a long-term strategy to launch a global robotaxi network.

The ride-hailing giant will initially commit $300 million, with the total investment potentially rising to $1.25 billion by 2031, contingent on Rivian meeting key performance milestones tied to the reliability and safety of its autonomous driving technology.

The partnership will see Uber, alongside fleet partners, purchase at least 10,000 autonomous Rivian R2 vehicles, which will be deployed exclusively through the Uber platform. The first robotaxi services are expected to launch in San Francisco and Miami in 2028, before expanding across the United States, Canada and Europe.

The deal represents one of Uber’s most significant moves yet in the rapidly evolving autonomous transport sector, as it seeks to position itself as the primary commercial gateway for robotaxi services rather than a developer of the underlying technology.

Having sold its own self-driving division in 2020, Uber has pivoted to a partnership-led model, aligning itself with a growing roster of autonomous vehicle developers. The company has now struck agreements with more than 20 self-driving firms, including Waymo and Zoox, as it races to build scale ahead of widespread adoption.

Under the Rivian agreement, Uber will also pay licensing fees for access to Rivian’s proprietary autonomous software, while retaining the option to expand the fleet to as many as 50,000 vehicles from 2030 onwards.

If all milestones are achieved, the companies expect to deploy thousands of fully driverless vehicles across more than 25 cities globally by the end of the decade.

For Uber, the strategy is clear: control the customer interface and demand layer, while outsourcing the capital-intensive and technically complex elements of autonomy to specialist partners. The company is also experimenting with owning or co-owning fleets, giving it more direct exposure to the economics of autonomous transport as it explores financing partnerships with banks and private equity investors.

The move comes as competition intensifies in the robotaxi space, with Tesla, Lucid and a host of technology-led entrants all vying for dominance in what many see as the next frontier of mobility.

Tesla has already begun limited robotaxi deployments in Austin and San Francisco, while Lucid is exploring expanded collaborations with Uber and other partners to scale its own autonomous ambitions.

For Rivian, the deal marks a significant strategic pivot towards software and autonomy at a time when the electric vehicle market is facing slowing demand, policy uncertainty and margin pressure.

The company acknowledged that accelerating its autonomy roadmap would come at a financial cost, warning it no longer expects to meet its previously stated profitability targets by 2027 due to increased research and development spending.

Nevertheless, investors initially responded positively to the announcement, with Rivian’s shares rising sharply before paring gains later in the session.

Rivian has been investing heavily in its in-house autonomous stack, including a proprietary chip, lidar systems, high-definition cameras and radar sensors, all of which are expected to be integrated into its upcoming R2 platform from 2027.

The company is also developing software for both commercial fleets and private vehicle ownership, with ambitions to enable fully autonomous everyday use cases such as school runs and airport pickups.

Industry analysts view the Uber–Rivian partnership as emblematic of a broader shift in the sector, where success is likely to depend less on individual technological breakthroughs and more on the ability to integrate hardware, software and distribution at scale.

Uber’s global network of riders and drivers provides a ready-made marketplace for autonomous services, while Rivian brings manufacturing capability and a vertically integrated approach to vehicle and software development.

However, significant hurdles remain. Regulatory approval, safety validation, infrastructure investment and public trust will all play critical roles in determining how quickly robotaxis move from pilot programmes to mainstream adoption.

The timeline itself reflects this reality. While Uber aims to operate robotaxis in 15 markets by the end of this year through various partnerships, meaningful scale is not expected until 2027 and beyond.

In the meantime, the deal underscores a growing consensus across the mobility sector: that autonomy is no longer a distant ambition, but an increasingly central battleground for the future of transport, and one that will require deep capital, long-term commitment and strategic collaboration to win.

Read more:
Uber commits up to $1.25bn to Rivian in major Robotaxi push

HSBC is weighing up plans to cut as many as 20,000 jobs globally over the next three to five years as it accelerates the use of artificial intelligence to streamline operations, in what could become one of the most significant workforce reductions in modern banking.

According to reports, the lender is exploring how AI can reduce reliance on back- and middle-office roles, with up to 10 per cent of its 210,000-strong global workforce potentially affected. While the bank declined to comment, the proposals align with a broader strategic push under chief executive Georges Elhedery to simplify processes and reduce operational complexity.

In the UK, where HSBC employs around 34,700 people, a proportional reduction could see approximately 3,500 roles impacted. The bank’s domestic footprint spans retail banking, corporate operations and asset management, alongside its London headquarters.

The potential cuts form part of a wider transformation agenda as HSBC seeks to embed generative AI across the organisation. Speaking earlier this year, Elhedery said the bank was rolling out AI tools to all employees, aiming to both improve productivity and enhance customer-facing services through more personalised interactions.

“We want to simplify processes, procedures and policies and reduce complexity,” he said at the time, while also highlighting the role of AI in equipping frontline staff.

The review of headcount began before the recent escalation in the Middle East, underscoring that the move is driven by long-term structural change rather than short-term economic shocks. Since taking over in 2024, Elhedery has already reduced staffing through divestments and a sharper focus on HSBC’s core markets, particularly in Greater China.

A reduction on this scale would place HSBC at the forefront of an emerging trend across global finance, where automation is increasingly targeting traditional white-collar roles. Industry estimates suggest banks could eliminate up to 200,000 positions worldwide in the coming years as AI systems take over tasks such as compliance checks, document processing and client onboarding.

Recent announcements from other sectors reinforce the direction of travel. Amazon has outlined plans to cut 16,000 roles, while Hewlett-Packard expects to shed up to 6,000 jobs over three years, both citing efficiency gains from AI. In the UK, Close Brothers this week confirmed 600 job cuts as it deploys AI “at pace” to reduce costs.

For HSBC, the financial incentives are significant. The bank reported a wage bill of $19.6 billion last year, up 6 per cent, and is targeting $1.5 billion in annualised cost savings ahead of schedule. AI-driven efficiencies are expected to play a central role in achieving those targets.

Pam Kaur, HSBC’s chief financial officer, recently emphasised the dual benefit of AI adoption, highlighting both revenue opportunities and cost reductions. “We are focused on the benefits we can get through AI, whether it’s on better productivity around the revenue line or just the cost benefit,” she said.

The shift also reflects a broader evolution in workforce strategy, with HSBC increasingly adopting a performance-led model in which top performers receive a larger share of bonuses, while underperformers are encouraged to exit.

However, the scale of potential job losses raises questions about the pace at which AI can deliver tangible financial returns. A widely cited study last year found that the vast majority of corporate AI initiatives had yet to materially improve profitability, suggesting that expectations may still be running ahead of reality.

Even so, sentiment among large corporates appears to have shifted. Businesses are now more willing to act on anticipated gains from automation, betting that AI can meaningfully reshape cost structures without undermining service quality.

For HSBC, the outcome of its deliberations will be closely watched across the financial sector. If implemented, the cuts would not only mark a major restructuring for one of the world’s largest banks, but also signal a tipping point in how AI is transforming employment across global finance.

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HSBC could cut 20,000 jobs as AI reshapes global banking workforce

Neurodiverse workers could hold a distinct advantage as artificial intelligence reshapes the modern workplace, according to a UK technology entrepreneur who says businesses are overlooking a critical talent pool at a pivotal moment of change.

Josh Hough, founder of home care software firm CareLineLive, has argued that traits commonly associated with neurodiversity, including heightened focus, pattern recognition and unconventional problem-solving, are becoming increasingly valuable as organisations accelerate their adoption of AI-driven systems and workflows.

Speaking during Neurodiversity Celebration Week, Hough said many employers remain too focused on traditional hiring frameworks, despite the growing need for adaptability and innovative thinking.

“A lot of businesses still want people who tick every box,” he said. “The reality is, people who think differently often solve problems differently.

“In a world where everything is changing quickly, that’s a real advantage. You need people who don’t just follow a process, but can see a better way of doing things.”

His comments come as businesses across the UK and globally invest heavily in artificial intelligence to drive productivity, automate processes and unlock new growth opportunities. However, this shift is also redefining the types of skills and mindsets organisations require, placing a premium on cognitive diversity rather than uniformity.

Hough’s own approach to leadership and hiring has been shaped by personal experience. Born with a rare muscle-weakening condition that left him reliant on a wheelchair for much of his early life, he developed a mindset centred on adaptability and alternative problem-solving from a young age.

“When you grow up having to do things differently you don’t assume the standard way is the best way,” he said. “That carries through into business.”

Founded in 2014, CareLineLive has grown into a significant player in the digital care technology space, supporting more than 700 home care providers across multiple countries and used by over 25,000 carers. Its platform is designed to streamline operations across the care sector, from staff management and patient records to real-time communication between care providers, families and healthcare professionals.

At a time when the care sector is under sustained pressure from staffing shortages, rising demand and regulatory complexity, Hough believes technology, combined with diverse thinking, is essential to improving efficiency and outcomes.

“One of the biggest challenges in care is how information flows between people and services,” he said. “Too often, information doesn’t move between people in the way it should. That creates risk and wastes time.

“Our focus has always been on making sure the right people have the right information at the right time.”

Beyond operational efficiency, Hough’s comments highlight a broader shift in how businesses should think about talent in the AI era. As automation takes over routine and process-driven tasks, the ability to think laterally, identify patterns and approach problems from new angles is becoming more strategically important.

This has significant implications for recruitment, workplace culture and long-term competitiveness. Companies that continue to prioritise rigid skill checklists and conventional career paths risk missing out on individuals who may be better suited to navigating complexity and change.

Hough said the conversation around neurodiversity must evolve beyond compliance or risk management and instead focus on value creation.

“Not everyone is going to fit a traditional mould,” he said. “But that doesn’t mean they can’t be excellent at what they do.

“If anything, in the current environment, thinking differently is exactly what businesses need.”

As AI adoption accelerates and the nature of work continues to shift, his message is clear: the future workforce will not just be defined by technical capability, but by diversity of thought, and those who recognise this early may gain a decisive edge.

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Neurodiverse talent could be key advantage in AI economy, says UK tech founder