Trending Business News
Fed holds interest rates steady despite Trump’s renewed calls to lower them
The Federal Reserve maintained interest rates steady in a divided 9-3 vote, with three members dissenting in favor of a rate increase amid persistent inflation concerns and pressure from the White House.
Bank holds interest rates but says it is ready to raise them if Iran war escalates
The Bank of England held interest rates at 3.75% but signaled readiness to raise them if the Iran conflict escalates and oil prices remain elevated.
US economy grows sluggish 1.5% in second quarter as inflation tops Fed target
US GDP grew 1.5% in the second quarter, falling short of expectations as rising imports pressured growth. Consumer spending remained positive, but inflation stayed above the Federal Reserve’s 2% target.
Burnham says he told Trump UK will be pragmatic about North Sea oil
UK Prime Minister Andy Burnham stated he told President Trump he would adopt a pragmatic approach to North Sea oil and gas drilling, amid debate over the government’s energy policy.
Andy Burnham to give regional mayors share of income tax
Prime Minister Andy Burnham will distribute income tax revenue shares to English city region mayors for the first time, as part of a broader devolution initiative transferring power from central government to local leaders.
Sainsbury’s to sell Argos to three retail veterans in £120m deal
Sainsbury’s has agreed to sell Argos retail chain for £120m to three retail veterans led by former Morrisons executive Richard Pennycook, enabling focus on core food business.
Budget to be held on 28 October, John Healey announces
Chancellor John Healey has announced his first Budget will take place on 28 October, stating it will move power and resources out of Westminster to communities across Britain while maintaining fiscal discipline.
Boss of £300m used-car firm was ousted after ‘orchestrated plan’ by investors, judge rules
A judge ruled that private equity investors orchestrated the ouster of a used-car company boss through a pre-planned scheme, despite also finding he was legitimately dismissed for gross misconduct.
FIFA tests the limits of private equity in sports with World Cup subsidiary sale
FIFA’s plan to sell a minority stake in a World Cup subsidiary to private equity firms has faced swift opposition from UEFA and Concacaf, which worry about outside investor influence on the sport.
US borrowing costs hit 19-year high as Fed holds interest rates
US government borrowing costs reached their highest level since 2007 as the Federal Reserve held interest rates steady, raising concerns about inflation control and economic stability.
Only the Middle East crisis is preventing a drop in UK interest rates
The UK’s Middle East conflict is the primary inflation threat preventing interest rate cuts, though domestic pressures remain subdued, the Bank of England indicated Thursday after holding rates at 3.75%.
Thames Water boss says leakage targets ‘not realistic’
Thames Water’s chief executive argues the company’s regulatory performance targets are unachievable, claiming leakage reduction commitments exceed what is realistically possible even with substantial investment.
HSBC to close all branches and pull out of Australian retail banking market
HSBC is exiting Australia’s retail banking market by closing all 19 branches over 18 months and selling its mortgage portfolio to Blackstone, though private and institutional services will continue.
Nike was once China’s sneaker king. Here’s why its sales have fallen 30%
Nike’s China sales have fallen 30% since 2021, declining for eight consecutive quarters as domestic brands and shifting consumer preferences challenge the company’s dominance in its once-fastest-growing market.
Nuclear submarine investment will protect Britain and boost jobs, PM says
The UK government is allocating £8.4bn to nuclear submarine development at Barrow-in-Furness, projecting support for 47,000 jobs and apprenticeships while replacing aging Vanguard-class vessels with new Dreadnought-class submarines.
Shell’s profits more than double after jump in oil and gas prices
Shell’s quarterly profit more than doubled to $9.8 billion in the three months to June, driven by elevated oil and gas prices following Middle East market disruptions.
Lloyds Bank to cut £2bn in costs as part of AI-powered strategy
Lloyds Banking Group will cut £2bn in costs over four years while investing £13bn in AI and technology to drive growth, Chief Executive Charlie Nunn announced.
HMRC fines Airbus £6.4m for breaching rules on export of sensitive technology
Airbus has been fined £6.4m by UK authorities for failing to maintain proper records of controlled technology exports before November 2022, marking the highest export control settlement HMRC has reached.
US economic growth sees surprise slowdown in second quarter
US economic growth slowed to 1.5% annually in the second quarter, down from 2.1% in the first quarter, despite robust consumer spending growth of 3.2%.
Hundreds of jobs to go at Jaguar Land Rover
Jaguar Land Rover plans to eliminate fewer than 300 positions as part of cost-cutting measures following a significant cyberattack that disrupted production last year.
How NBCUniversal’s deal with YouTube could jump-start the next chapter of the streaming wars
NBCUniversal struck a content deal with YouTube Premium that bundles Peacock programming at no extra cost starting early next year, marking a shift toward aggregation in the streaming industry.
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