Apple’s Siri to undergo AI transformation

📍Top line: Apple is set to transform Siri with advanced artificial intelligence, creating a digital assistant akin to OpenAI’s ChatGPT and Google’s Gemini Live, according to Bloomberg. Dubbed “LLM Siri,” the revamped assistant will use Apple’s AI models for more conversational and natural interactions, while also gaining new capabilities to handle complex tasks.

Key Points:

• Conversational AI Integration: Siri will adopt Apple's AI models for more natural, human-like conversations. The assistant will also gain the ability to summarize, write text, and interact seamlessly with third-party apps via expanded App Intents.

• Timeline for Overhaul: Apple plans to announce the overhaul in 2024 and transition Siri’s underlying software by spring 2026.

• Enhanced Features: Siri will gain contextual abilities to "understand" screen content and perform in-app actions, starting next year.

• Differentiation from Competitors: Apple aims to combine Siri’s practical utility (e.g., sending texts, controlling smart devices) with advanced conversational capabilities, offering a unique balance not fully matched by competitors like ChatGPT.

Britain’s wealthy courted by other countries

📍Top line: Countries such as Italy, Abu Dhabi, and Cyprus are actively courting Britain’s wealthy non-domiciled residents (non-doms) following the UK government’s decision to abolish the non-dom tax regime. 

Key Points:

• Relocation Push: Italy, Abu Dhabi, and Cyprus are among countries hosting events in London to attract non-doms from the UK.

• Concerns Over Brain Drain: Financial advisers report a sharp increase in inquiries from non-doms seeking to relocate to countries like Spain and Portugal, which offer attractive tax regimes.

• Impact of Tax Plans: The Labour government plans to end the non-dom tax regime in April, replacing it with a time-limited grace period. Non-doms currently avoid paying UK tax on overseas earnings for up to 15 years.

• Economic Context: Non-dom status has been a contentious issue, benefiting wealthy foreigners but drawing criticism for tax inequalities. A 2022 report found one in five bankers and four in 10 individuals earning over £5m had claimed non-dom status at some point.

Elsewhere in business:

🍺 Wetherspoons has announced that more than 600 of its pubs across the UK will open their doors on Christmas Day, offering a space for families and friends to gather and celebrate. A total of 664 branches will welcome patrons from 11am to 3pm, serving a range of drinks, including draught pints, spirits, wine, and fizz. Food will not be served, so customers will need alternative plans for Christmas lunch.

👟  JD Sports has warned that profits for the year will fall at the lower end of its forecasted range of £955m to just over £1bn, as mild weather and aggressive discounting by rivals hit sales in October. The announcement led to a 15% drop in its share price, wiping £800m off the company’s market value. 

Almost 1m under 25s are out of work

📍 Top line: Nearly one million under-25s in the UK are not in work or education, marking the highest number since 2014, according to new figures from the Office for National Statistics (ONS). The rise in "Neets" (not in employment, education, or training) highlights a growing crisis as the government plans stricter measures to address the issue.

Key Points:

• Neets Rising: 946,000 young people were classified as Neets in the three months to September, a 9% increase from the previous year. The figure represents 13.2% of all 16 to 24-year-olds.

• Post-Pandemic Effects: Most Neets are economically inactive, not actively seeking work. The rise is attributed to lockdown legacies and mental health challenges, with young men accounting for 550,000 of the total.

• Government Response: Work and Pensions Secretary Liz Kendall will introduce a “Get Britain Working” white paper, including plans to strip benefits from those not engaged in education, training, or work.

• Historical Context: The last peak of youth worklessness in 2011 saw 1.25 million Neets, leading to strict benefit reassessments under the coalition government.

Elsewhere in the economy:

💷 Government borrowing hit £17.4 billion in October, exceeding economist forecasts of £12.3 billion, driven by increased spending on public sector pay and higher debt interest costs, according to the Office for National Statistics (ONS). The borrowing figures, the second-highest for October on record, have raised concerns about the potential for further tax increases.

🚆 London Liverpool Street has retained its title as the UK's busiest railway station, with 94.5 million passenger entries and exits recorded from March 2023 to 2024, according to the Office of Rail and Road (ORR). This marks a 17.5% increase from last year’s 80.4 million, driven largely by the growing popularity of the Elizabeth Line.

BlackRock has opened applications for its 2025 Summer Analytics and Modelling internship in London. Successful applicants will be immersed in a scheme designed to provide them with a challenging, meaningful and supportive internship experience that replicates, as closely as possible, the experience of being a full-time BlackRock Analyst. The role is open to students in their penultimate year of a bachelor’s or master’s degree, graduating in 2026. Apply now here.

Google could be forced to sell Chrome

📍Top line: US prosecutors have called for Google to sell its Chrome browser and face stricter regulations to curb its dominance in online search and smartphone markets. A 23-page filing by the Justice Department outlined sweeping measures that could regulate Google for a decade. Here's what you need to know:

• Monopoly Power: Google controls 90% of the overall search market and 95% on smartphones, raising competition concerns.

• Proposed Changes: Prosecutors are seeking to end deals where Google pays billions to Apple and others to remain the default search engine on devices.

• Big Tech Fallout: Google slammed the proposals, claiming they would harm consumers and weaken US competitiveness in artificial intelligence.

• What’s Next: The DoJ's plans expand on earlier antitrust arguments. Google has vowed to appeal, setting up a high-stakes legal battle.

Elsewhere in tech:

👀 Elon Musk has escalated tensions with UK Labour MPs, declaring they “will be summoned to the United States” to explain their stance on censorship and threats to American citizens. His comments came after the UK Parliament’s science and technology committee announced plans to summon him in the new year to discuss harmful content on X (formerly Twitter) following August’s riots.

🇨🇳 Professor Tim Spector, a genetic epidemiologist at King's College London and co-creator of the Zoe COVID Symptom Study app, has expressed his belief that COVID-19 most likely originated from a laboratory leak in China. In a recent episode of the Zoe podcast, he stated that it was "obvious" there had been a cover-up regarding the pandemic's origins.

🇺🇸 Matt Gaetz, Donald Trump’s nominee for attorney general, has withdrawn from consideration, citing the controversy surrounding his nomination as a "distraction" for the president-elect. Gaetz is under investigation by the House Ethics Committee over allegations of sexual misconduct, including claims of sex with a minor, and illicit drug use, accusations he has consistently denied.

📺 The beloved cast of Gavin and Stacey is back together in a newly released image ahead of the highly anticipated BBC finale. The photo, featuring James Corden (Smithy), Matthew Horne (Gavin), Joanna Page (Stacey), and Ruth Jones (Nessa), mirrors the iconic promotional shots from Barry Island taken 17 years ago when the hit comedy first aired. The final episode will air on BBC One this Christmas Day.

👑 Official accounts have revealed King Charles III’s 2023 coronation cost UK taxpayers £72m, the first such event since 1953. The Department for Culture, Media and Sport spent £50.3m coordinating the event, while £21.7m went to policing. By contrast, Queen Elizabeth II's funeral and mourning period cost £162m.