Finance sector will gain from the tech but it will need substantial investment and create risks, says rating agency

The rating agency Moody’s has said the race to adopt AI is putting big banks at the mercy of a small group of Silicon Valley firms, leaving them vulnerable to widespread outages and price gouging by profit-hungry tech bosses.

The financial sector’s efforts to integrate AI into day-to-day operations will eventually cut costs and increase revenues across the City and Wall Street, Moody’s said.

Profit jump fuelled largely by unknown US refund amount as Japanese video game firm records quarterly sales drop

Nintendo has reported a jump in profits, as the Japanese game maker’s earnings were buoyed up by a long-awaited refund on Donald Trump’s tariffs.

The company said profits surged 53.5% to ¥147.4bn (£694m) over the three months to June, substantially beating expert forecasts for ¥77.8bn.

Campaigners hope move will force commercial banks to rethink holding assets linked to the fossil fuel

Climate campaigners have declared a victory after the Bank of England said it would no longer accept bonds linked to one of the most polluting industries on the planet for key loan arrangements.

The ban, which comes into force in October, marks a fresh crackdown on thermal coal, which is burned in power plants to create electricity, and has long been a target of green policy activists.