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US tariff turmoil makes Spain’s flagship foods seek other markets

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Guy Hedgecoe

Business reporter

Guy Hedgecoe A leg of Spanish ham, or jamon, being carved at a bar in SevilleGuy Hedgecoe

Spain’s famous jamón ibérico is one of its biggest food exports

It’s lunchtime in a bar in the southern Spanish city of Seville. The kitchen is humming with activity, and behind the bar a member of staff pours cold beer from a tap into a glass.

Nearby, another uses a carving knife to cut slices from a large leg of jamón ibérico, or Iberian ham, placing each one on a plate, to be served as an appetiser.

There are few more Spanish scenes. And there are few more Spanish products than jamón ibérico, whose unique salty flavour is renowned across the world, and part of a national cured ham industry worth nearly €750m ($850m; £630m) each year in exports.

As he watches the jamón being carved, Jaime Fernández, international commercial director for the Grupo Osborne, which produces wine, sherry and the renowned Cinco Jotas brand of ham, describes it as a “flagship” national foodstuff.

“It’s one of the most iconic gastronomic products from Spain,” he says, pointing out how the pigs used to make the ham are reared in the wild and fed on acorns. “It represents our tradition, our culture, our essence.”

But jamón ibérico, like products across Spain and the rest of Europe, is facing the threat of trade tariffs imposed by US President Donald Trump.

There was no tariff on Spanish ham exports to the US until April of this year, when a 20% charge on all European imports was suddenly introduced, dropping to 10% pending negotiations.

However, in May Trump unsettled European exporters again when he said that the tariff for all EU goods could rise as high as 50% if trade talks with Brussels do not come to a successful agreement. The current deadline for this is 9 July.

“The United States is one of our top, priority markets,” says Mr Fernández. “The uncertainty is there, and it complicates our medium-and long-term planning, investments and commercial development.”

The tariffs, he adds, “pose a threat to our industry.”

Guy Hedgecoe Jaime Fernández, international commercial director for the Spanish food firm Grupo Osborne, sitting in a bar in SevilleGuy Hedgecoe

Jaime Fernández says his company is already looking to invest in China as an alternative to the US

Spain’s overall economy is in rude health. The IMF has forecast growth this year of 2.5% – much higher than the other main EU economies – and unemployment is at a 17-year low.

But the tariff issue comes as a blow for the country’s pork industry, which represents more than 400,000 direct and indirect jobs, and is Europe’s largest.

Demand for cured ham in the US has grown substantially in recent years, and it has become the biggest importer of Spanish ham outside the EU.

But the Spanish industry now faces the prospect of having to raise retail prices for US consumers and therefore losing competitivity to local products, or those not subject to the same tariffs.

Spain’s olive oil sector is in a similar quandary. The world’s biggest producer of olive oil, Spain had set its sights on the US as a burgeoning market whose growth was driven by growing awareness of the health benefits of the product.

Yet the the tariff turmoil comes just as Spanish producers and exporters have recovered from a drought that slashed harvests in the south of the country, and sent prices temporarily soaring.

The US represents half of world olive oil consumption outside the EU.

It is also the country whose imports of the foodstuff from Spain have grown the most in recent years, increasing from approximately 300,000 tonnes per year a decade ago to around 430,000 tonnes, says Rafael Pico Lapuente, director general of the Spanish association of olive oil exporters (ASOLIVA).

Much will depend, he says, on the final tariff set for the EU.

“If there is a 10% tariff which is permanent, without differentiating between countries of origin, it’s not going to create a distortion on the international market,” says Mr Pico Lapuente.

He explains that American consumers might have to absorb the extra cost. And although local US producers of olive oil or similar products would gain a competitive edge, their output is small enough for it not to concern the likes of Spain.

However, he says it would be “a different story” if Trump introduced higher tariffs for the EU than for competitor olive oil countries outside the bloc – such as Turkey, the world’s second-largest producer, or Tunisia, an emerging grower. That scenario, he says, would have a major impact on the world market and Spanish producers.

Guy Hedgecoe Black Iberian pigsGuy Hedgecoe

Spain is renowned for the quality of its Black Iberian pigs and the ham they produce

But variations in tariffs between countries or trade blocs would also lead to a certain amount rule-bending and even chaos, according to Javier Díaz-Giménez, a professor of economics at the IESE business school in Madrid. He suggests two of Spain’s direct neighbours as a hypothetical example.

“If Spain has a 20% tariff and Morocco and Andorra have a 10% tariff, all the Spanish products that can go through Morocco or Andorra… will do so.”

He adds: “They will be first exported to Morocco and Andorra and from there re-exported to the United States with a 10% tariff.

“And it’s going to be really hard to make sure that these olives came from Andorra proper and not from Spain. Is Trump going to do something about that?”

Getty Images Bottles of Spanish olive oilGetty Images

Spain is the world’s largest producer of olive oil

For now, Spanish producers and exporters must hold their breath as EU negotiations take place with Washington. For Mr Pico Lapuente, a big cause of concern is the influence – or as he sees it, lack of influence – his sector wields within the European trade bloc.

“The negotiations representing the EU’s 27 countries are carried out by Brussels,” he says. “In these negotiations, industrial products have a much bigger influence than food.

“I wouldn’t like it if, in this negotiation, food products like olive oil were used as mere bargaining chips in order to get a better deal for Europe’s industrial products. That worries me. And I hope it doesn’t happen.”

A spokesperson for the European Commission told the BBC that in negotiations with the US it will act “in defence of European interests, protecting its workers, consumers and its industries”.

Jaime Fernández, of the Grupo Osborne, believes his industry could live with the 10% tariff that is currently in place without suffering too much fallout.

However, a 20% charge, he says would cause the industry “to reconsider how to accelerate growth in some other markets, which would eventually lead to the relocation of resources from the US”.

He says his company is already looking at alternative markets in which to invest, such as China, or proven European ham consumers such as France, Italy and Portugal.

Mr Díaz-Giménez says that is the logical response to the current uncertainty.

“If I was the CEO of any company with a high exposure to the United States… I would have sent my entire sales team to find other markets,” he says.

“And by now, they would have found them. There would be plan Bs and plan Cs, to make sure that we have reduced this exposure to the US.”



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Can AI run a successful vending business? An AI startup tested it out

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Because AI isn’t (yet) able to physically restock the machine, the AI model could email company employees who handled such tasks. Beyond that, however, the AI model, dubbed Claudius for the experiment, was tasked with many of the responsibilities of a traditional operator, including selecting and maintaining inventory, setting prices and maximizing profit.

The upshot: “If Anthropic were deciding today to expand into the in-office vending market, we would not hire Claudius,” the company wrote in its blog.

The experiment showed that while the AI model was effective at tasks such as identifying suppliers, adapting to users’ requests and “jailbreak resistance,” as Anthropic employees tried to trick Claudius into stock sensitive items, Claudius failed as a convenience service operator because it ignored profitable opportunities, instructed customers to make payments at a Venmo address it had imagined (instead of the one created), sold products at a loss, offered excessive discounts and mismanaged inventory.

Although version one of Project Vend wasn’t successful at the bottom line, Anthropic predicts that AI middle managers will come to pass. “It’s worth remembering that the AI won’t have to be perfect to be adopted; it will just have to be competitive with human performance at a lower cost in some cases,” the company wrote in its blog.

Read the full story here.



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Suntory Global Spirits chooses Globant to build a Commercial Insights AI Agent and unlock Business Intelligence at Scale

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Suntory Global Spirits chooses Globant to build a Commercial Insights AI Agent and unlock Business Intelligence at Scale

Suntory Global Spirits chooses Globant to build a Commercial Insights AI Agent and unlock Business Intelligence at Scale

PR Newswire

NEW YORK, July 7, 2025


  • Globant is partnering with Suntory Global Spirits to build a generative AI-powered Commercial Insights Agent
  • With the Agent, Suntory Global Spirits employees can access data insights and self-service intelligence, speeding up decision-making across product development, marketing, sales and strategy

NEW YORK, July 7, 2025 /PRNewswire/ — Globant (NYSE: GLOB), a digitally native company focused on reinventing businesses through innovative technology solutions, today announced a reinvention partnership with Suntory Global Spirits, the world leader in premium spirits, to build and deploy a generative AI-powered Commercial Insights Agent. By compressing days of work into seconds and supporting real-time decision-making for sales, marketing, and strategy, Globant’s Commercial Insights Agent is transforming operations for the beverage company.



The AI-powered agent can interpret complex business questions across dashboards, reports, and unstructured documentation for Suntory Global Spirits, eliminating the need for manual insight requests. By automating insight retrieval, the Commercial Insights Agent reduces operating costs tied to traditional business intelligence workflows and significantly reduces time-to-action. What once required multiple cycles of back-and-forth between business and analytics teams can now be executed on demand, freeing up employees to focus on higher-value strategic tasks.

“Our work with Suntory Global Spirits exemplifies how visionary companies can harness the power of agentic and generative AI to fundamentally transform the way they operate,” said Santiago Noziglia, Retail, CPG and Automotive AI Studio CEO at Globant. “The Commercial Insights Agent is more than a productivity tool; it’s a strategic enabler that redefines how teams access knowledge, make decisions, and unlock growth. Together, we’re pushing the boundaries of what’s possible when building an AI-powered enterprise.”

Additional benefits of the Commercial Insights Agent include:

  • Self-serve decision support at scale: Teams at Suntory Global Spirits, especially across marketing, sales and product management, can independently access data insights, ask questions, or generate reports without bottlenecks or dependencies on other teams.
  • Contextual recommendations powered by GenAI: The Commercial Insights Agent is trained on internal data to provide contextual GenAI recommendations that speed up decision-making.
  • AI Agent foundation: The Commercial Insights Agent is just the beginning for Suntory Global Spirits, which can now use the agent as a template for new use cases across brand planning, commercial forecasting and innovation pipelines.

To learn more about Globant’s AI-powered tools, visit https://www.globant.com/enterprise-ai.

About Globant

At Globant, we create the digitally-native products that people love. We bridge the gap between businesses and consumers through technology and creativity, leveraging our expertise in AI. We dare to digitally transform organizations and strive to delight their customers.

  • We have more than 31,100 employees and are present in 36 countries across 5 continents, working for companies like Google, Electronic Arts, and Santander, among others.
  • We were named a Worldwide Leader in AI Services (2023) and a Worldwide Leader in Media Consultation, Integration, and Business Operations Cloud Service Providers (2024) by IDC MarketScape report.
  • We are the fastest-growing IT brand and the 5th strongest IT brand globally (2024), according to Brand Finance.
  • We were featured as a business case study at Harvard, MIT, and Stanford.
  • We are active members of The Green Software Foundation (GSF) and the Cybersecurity Tech Accord.

Contact: pr@globant.com
Sign up to get first dibs on press news and updates.
For more information, visit www.globant.com.



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AI Company Buys Bitcoin Miner in $9 Billion Deal to Expand Data Power

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AI cloud provider CoreWeave announced it will acquire bitcoin mining firm Core Scientific in an all-stock transaction valued at approximately $9 billion, according to Reuters.

As AI workloads continue to surge, energy-hungry data centers have become a crucial asset. Firms like CoreWeave, which began as a crypto miner and later transitioned into AI infrastructure, are aggressively expanding their access to power and physical computing capacity. Per Reuters, the acquisition will give CoreWeave control of Core Scientific’s 1.3 gigawatts of contracted power and its development pipeline, a major boost in the race to scale AI operations.

Under the terms of the deal, Core Scientific shareholders will receive 0.1235 shares of newly issued CoreWeave stock for each Core Scientific share they hold. The offer values Core Scientific at $20.40 per share—a 66% premium over the stock’s price before deal discussions became public in late June, Reuters noted.

Despite the premium, Core Scientific’s stock dropped 22% in early trading Monday, while CoreWeave, which is backed by Nvidia, saw its shares decline 4.5%.

Related: Binance Advises Governments on Crypto Rules and Digital Asset Reserves

The acquisition is expected to help CoreWeave reduce more than $10 billion in projected future lease expenses tied to current site agreements over the next 12 years. The move not only expands CoreWeave’s energy footprint but also signals a broader trend of bitcoin miners diversifying into AI to remain viable in a rapidly shifting tech landscape.

“This acquisition accelerates our strategy to deploy AI and HPC (high-performance computing) workloads at scale,” said CoreWeave CEO Michael Intrator, in a statement released alongside the announcement.

Industry analysts see the transaction as a potential inflection point. Gautam Chhugani of Bernstein told Reuters the deal could become a blueprint for other miners looking to reposition themselves in the AI economy. Power access, he emphasized, remains the chief bottleneck for the expansion of AI-focused data centers.

Founded in 2017 as an Ethereum mining operation, CoreWeave exited the crypto mining business following Ethereum’s 2022 shift to a proof-of-stake model, which dramatically reduced miner incentives. Since then, the company has grown rapidly, with revenue surging more than eightfold last year, per its IPO filing.

Source: Reuters



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