Business News

Market ructions and cabinet reshuffles will help shape Reeves' Budget

September 07, 2025

The recent market changes and government shifts are expected to influence Rachel Reeves' upcoming Budget in November. Despite concerns about borrowing costs, Reeves remains confident, attributing the changes in bond markets to global trends rather than domestic issues. The 30-year UK bond rate fell after a rise, and the demand for UK debt remains strong.

Key Facts:

Rachel Reeves will present her second Budget on November 26.
There have been market changes and government reshuffles recently.
UK borrowing costs rose sharply but then declined.
The 30-year gilt rate saw highs not reached in decades but stabilized by week's end.
Reeves attributes bond market changes to global trends.
Some economists suggest a potential £50 billion financial gap.
Demand for UK government debt remains high despite market unrest.
The Bank of England noted long-term debt isn't a major part of current funding needs.

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BBC Top Stories

Anna Wintour was Vogue. Now she's gone, can the magazine stay relevant?

September 06, 2025

Anna Wintour, who has been a key figure at Vogue magazine for many years, is stepping down as editor-in-chief but will remain as global editorial director. Vogue, once a leading fashion magazine, faces challenges in staying relevant as print media competes with digital platforms. Chloe Malle will take over as head of editorial content and plans to focus more on themed issues.

Key Facts:

Anna Wintour will leave her role as editor-in-chief of Vogue but stay on as global editorial director.
Chloe Malle, who is 39 years old, will become the head of editorial content at Vogue.
Anna Wintour became known for putting pop stars and other contemporary figures on the Vogue cover.
Vogue used to have a major influence in the fashion industry but now faces strong competition from digital platforms like TikTok and Instagram.
Malle plans to release issues less frequently and focus on themes or cultural events rather than monthly publications.
Vogue started featuring a diverse range of people on its covers, including political figures and entertainers, under Wintour's leadership.
There was significant debate when Wintour put Kanye West and Kim Kardashian on the Vogue cover in 2014.

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BBC Top Stories

America's blue-collar workforce is shrinking

September 06, 2025

America's blue-collar workforce, which includes jobs in industries like manufacturing and construction, is getting smaller. This decline is partly due to policies related to trade and immigration. These sectors are experiencing job losses, and hiring is slowing down.

Key Facts:

The manufacturing sector lost 12,000 jobs in August, marking the fourth month in a row of job losses.
The construction industry has also been losing jobs for three consecutive months.
The wholesale trade sector, which includes jobs like transportation and warehousing, lost 32,000 jobs since May.
Employment issues are linked to higher tariffs, which increase costs for manufacturers and reduce demand.
Immigration policies are impacting sectors that depend on foreign-born workers, making hiring more difficult.
The unemployment rate in the construction sector reached a record low in August, partly due to workers leaving jobs to avoid immigration issues.
Average wage growth has slowed; manufacturing wages grew by 3.9% in August, down from 4.6% in March.
Economists at Morgan Stanley believe that trade policy uncertainty is a key factor in lower manufacturing employment.

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Axios

Russ & Daughters in NYC celebrates '100 Years of appetizing and family'

September 06, 2025

Russ & Daughters, a well-known food store in New York City, is celebrating 100 years of selling traditional Jewish cuisine. The shop, run by the same family for four generations, offers items like bagels with lox, various salmon products, and has just released a new cookbook. The store is recognized for being one of the last "appetizing" stores, focusing on fresh fish and dairy rather than smoked meats.

Key Facts:

Russ & Daughters is located in New York City's Lower East Side.
It has been owned by the Russ family for four generations.
The shop specializes in Jewish cuisine, particularly fish and dairy products.
Joel Russ founded the business over a century ago.
The store is known for its salmon and bagels, especially the classic "bagel and lox."
A new cookbook titled "RUSS & DAUGHTERS: 100 Years of Appetizing" has been published by the family.
The term "appetizing" refers to a type of store that differs from a deli, focusing on fish and dairy.
Professional slicers at the shop slice salmon very thinly, requiring about three months of training.

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NPR News

The U.S. government is taking a stake in Intel. It's rare — and it has some risks

September 06, 2025

The U.S. government has acquired about 10% of Intel, making it the company's largest shareholder. This move aims to help Intel compete with international companies in the microchip industry, especially against China's growing influence. The decision follows earlier financial support through grants as the government seeks to strengthen domestic technology production capabilities.

Key Facts:

The U.S. government has become the largest single shareholder in Intel by taking a 10% stake.
Typically, the U.S. government does not invest directly in companies unless during crises; the last notable instance was during the 2007-09 financial crisis.
The aim is to boost Intel's capability to produce advanced microchips domestically amid competition with China.
Previously, Intel received billions of dollars in government grants under the CHIPS and Science Act.
The government converted these grants into an equity stake in the company.
Intel, founded in 1968, is known for inventing the modern microchip but is currently lagging behind Taiwan's TSMC and South Korea's Samsung in cutting-edge chip manufacturing.

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NPR Home

Tylenol-maker shares hit after report RFK Jr will suggest autism link

September 06, 2025

Kenvue, the maker of Tylenol, saw its stock drop sharply after reports that U.S. Health Secretary Robert F. Kennedy Jr. might suggest a link between Tylenol use during pregnancy and autism. The company denied any causal link and emphasized that leading medical organizations agree on the safety of acetaminophen during pregnancy. Kenvue recommends that pregnant women consult healthcare professionals before taking any medication.

Key Facts:

Kenvue's stock fell 14% before ending the day down 9.5%.
RFK Jr. is expected to propose a potential connection between Tylenol use in pregnancy and autism.
The U.S. Department of Health and Human Services called the report's claims speculative.
Tylenol is a widely recommended pain reliever for pregnant women in the U.S., preferred over ibuprofen.
Medical bodies like the American College of Obstetricians and Gynecologists see no clear evidence linking acetaminophen to developmental issues.
Autism affects around one in 31 children in the U.S., with ongoing research into potential causes.
Some studies report a link between acetaminophen use in pregnancy and increased autism risk, but findings are inconclusive.
Kenvue continues to maintain that acetaminophen is safe when used as directed during pregnancy.

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BBC US

Air Canada flight attendants reject wage offer

September 05, 2025

Air Canada's flight attendants have voted against the company's wage proposal. This comes after recent strike actions by the flight attendants' union over dissatisfaction with wages.

Key Facts:

Air Canada's flight attendants rejected a wage offer from the company.
The union made the announcement following a vote.
Flight attendants were unhappy with proposed wage increases in a tentative agreement.
Air Canada proposed a 12% wage increase for newer staff and an 8% increase for more senior staff.
The union's rejection follows a recent three-day strike by about 10,500 flight attendants.
The strike caused disruptions that affected nearly half a million Air Canada customers.
The wage offer rejection is linked to dissatisfaction with both the offer terms and the negotiation process.

Source Information

Al Jazeera

Canada to give automakers a break on EV sales target as US tariffs weigh

September 05, 2025

Canada announced it will not require 20% of new vehicles sold next year to be emissions-free. This decision is part of a plan to support automakers affected by U.S. tariffs. Prime Minister Mark Carney outlined additional measures to help various sectors facing economic challenges due to these tariffs.

Key Facts:

Canada will waive the 20% emissions-free vehicle sales rule for next year.
This decision aims to help automakers impacted by U.S. tariffs.
The original target was set in 2023 by former Prime Minister Justin Trudeau.
Prime Minister Mark Carney announced additional measures to aid affected industries.
A 60-day review will be conducted to reduce costs linked to the emissions-free vehicle sales requirement.
A new fund of $5 billion Canadian dollars will support various sectors affected by tariffs.
The Canadian Vehicle Manufacturers’ Association supports the move, citing high costs of mandates.
Carney did not specify new aid for the steel and aluminum sectors but mentioned existing funds could be used.

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Al Jazeera

Chicago Fed president unpacks weak jobs report and what it says about the economy

September 05, 2025

The job market showed signs of slowing down over the summer, with a weaker than expected jobs report. In August, employers added 22,000 jobs, and revisions showed a loss of 13,000 jobs in June. These figures were discussed by the President of the Chicago Federal Reserve, Austin Goolsbee.

Key Facts:

The labor market slowed down over the summer.
In August, 22,000 new jobs were added.
In June, the economy lost 13,000 jobs.
The June job loss was the first since December 2020.
Austin Goolsbee, President of the Chicago Federal Reserve, discussed these findings.

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PBS NewsHour

Darth Vader's lightsaber sells for £2.7m at auction

September 05, 2025

A lightsaber used by the character Darth Vader in the original Star Wars films was sold for $3.6 million (£2.7 million) at an auction in Los Angeles. This lightsaber is now the highest-priced Star Wars item ever sold at auction. Other movie memorabilia from popular films were also sold, including a Harry Potter sign and items from an Indiana Jones film.

Key Facts:

A Darth Vader lightsaber from the original Star Wars films sold for $3.6 million (£2.7 million).
The auction took place in Los Angeles and included many UK-produced items.
The lightsaber became the highest-priced Star Wars item ever sold at auction.
Propstore, the auction company, is based in Buckinghamshire.
The lightsaber was used in films like "The Empire Strikes Back" and "Return of the Jedi."
Other items sold included an Indiana Jones bullwhip and a Harry Potter Platform 9 3/4 sign.
The Harry Potter sign sold for $138,600 (£102,573), which was much higher than expected.

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BBC Top Stories

Under Trump, the Federal Trade Commission is abandoning its ban on noncompetes

September 05, 2025

The Federal Trade Commission (FTC) is stopping its efforts to ban noncompete agreements after a federal judge ruled it exceeded its authority. The decision, supported by the Trump administration, reverses an initiative started under President Biden. Noncompete agreements restrict employees from working for competitors or starting similar businesses.

Key Facts:

The FTC is abandoning a rule that banned noncompete agreements.
Noncompetes prevent workers from joining competing companies after leaving a job.
A federal judge in Texas halted the ban, saying the FTC likely overstepped its powers.
The Biden administration appealed the decision, but the Trump administration paused and later dismissed the appeal.
Approximately 30 million U.S. workers, about 1 in 5, are subject to noncompete agreements.
The FTC's previous ban aimed to remove most existing noncompetes and limit new ones.
Business groups opposed the ban, arguing it would harm the economy and represent an overreach of the FTC's authority.

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NPR Home

Online shopping at work not sackable offence, judge rules

September 05, 2025

A UK judge ruled that spending less than an hour online during work for personal reasons is not a valid reason for firing an employee. An accountant, Ms. Lanuszka, was awarded over £14,000 after a tribunal found her dismissal for browsing personal websites unfair.

Key Facts:

A UK judge decided that brief online shopping at work is not a reason to fire someone.
Ms. Lanuszka, an accountancy administrator, received more than £14,000 after her unfair dismissal.
Her employer used spyware to track her time spent on personal activities.
The judge found that a significant part of her browsing time was for professional development.
There was no company policy against personal computer use during work hours.
The judge noted her boss had also used a work computer for personal reasons.
Ms. Lanuszka's firing happened around the arrival of the business owner's sister, which may have influenced the decision.
There were no prior warnings or conduct issues on Ms. Lanuszka's record.

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BBC Business

Homeland Security Investigations raided a Georgia battery plant, detaining 475 people

September 05, 2025

Homeland Security Investigations carried out a raid at a Hyundai and LG battery plant construction site in Georgia. They detained 475 people during this operation.

Key Facts:

The raid took place at a construction site for a battery plant.
The site is a project of Hyundai and LG, two major companies.
A total of 475 people were detained during the raid.
Homeland Security Investigations conducted the operation.
Hyundai is actively involved in U.S. manufacturing efforts.
The plant is part of Hyundai's strategy to produce cars and components in the United States.

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NPR National

Tesla proposes trillion-dollar compensation package for CEO Elon Musk

September 05, 2025

Tesla's board proposed a pay package for CEO Elon Musk that could make him a trillionaire if he meets specific goals over the next decade. The compensation will be awarded in Tesla shares, based on performance targets like increasing Tesla's value and car production. Shareholders will vote on this package on November 6.

Key Facts:

Tesla's board proposed a compensation plan for CEO Elon Musk that could total a trillion dollars over 10 years.
To receive this, Musk must achieve goals like increasing Tesla's value to $8.6 trillion and delivering 20 million vehicles.
The compensation is all in Tesla shares, with no cash bonuses or salary for Musk.
Musk must stay with Tesla for at least 7.5 years to collect any shares.
If successful, this would be the largest corporate pay package in U.S. history.
Shareholders will vote on this package on November 6.
The proposal has been reviewed by a committee of independent directors.
Musk's 2018 pay package of $55.8 billion is still under legal review.

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Al Jazeera

Do Reform's economic plans add up?

September 05, 2025

Reform UK, a political party, plans to alter the UK's approach to net zero emissions and proposes significant tax cuts and increased spending in its manifesto. The party claims it can save £30 billion annually by ending net zero-related subsidies and plans to cut taxes by £88 billion a year. Key proposals include raising the income tax threshold and abolishing business rates.

Key Facts:

Reform UK wants to end government efforts to reach net zero carbon emissions by 2050, claiming savings of £30 billion a year.
The savings are largely attributed to eliminating subsidies for renewable energy and emission reductions.
Reform UK's proposed tax cuts total £88 billion per year, including raising the income tax starting threshold to £20,000.
The party wants to abolish business rates, estimating a cost of £18 billion annually.
Proposed spending increases in areas like healthcare and defense would total £53 billion a year.
The Office for Budget Responsibility noted that switching to electric vehicles might still affect future government budgets.
Reform UK aims to deport 600,000 unauthorized migrants, projecting a £7 billion net saving over the next Parliament.
The OBR cautioned about potential fiscal costs from climate-related damage, which could increase borrowing in the long term.

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BBC Top Stories

Canadian unemployment jumps to 7.1% as tariffs weigh on economy

September 05, 2025

Canada's unemployment rate went up to 7.1% in August, reaching its highest point since May 2016 (excluding the pandemic years), with 1.6 million people unemployed. The country lost 65,500 jobs, primarily in part-time positions, due to impacts from trade tariffs and economic uncertainty. The employment rate dropped to its lowest since the pandemic, significantly affecting industries like transportation, warehousing, and manufacturing.

Key Facts:

Canada's unemployment rate increased to 7.1% in August 2023.
Around 1.6 million Canadians were unemployed during this period.
The country lost 65,500 jobs in August, mainly part-time roles.
Trade tariffs, especially from the US, have impacted Canada's economy.
The job loss was heaviest in transportation, manufacturing, and technical services.
Analysts expected 10,000 job gains, but instead saw losses.
The employment rate dropped to 60.5%, the lowest since the pandemic.
Financial markets expect a possible interest rate cut due to these economic indicators.

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Al Jazeera

The labor market is cratering

September 05, 2025

Job growth in the U.S. has slowed down significantly, with only 22,000 new jobs added in August. This marks the end of months of steady job increases, with losses particularly noticeable in the manufacturing sector and the federal workforce.

Key Facts:

The U.S. economy added 22,000 jobs in August, with health care being a key area of growth.
Revisions revealed that job growth had ended in May, and the U.S. lost 13,000 jobs in June.
The average monthly job gain dropped to 29,000 from the 111,000 average in March.
The federal workforce decreased by 97,000 jobs since January.
Manufacturing lost 12,000 jobs in August and 78,000 jobs compared to a year ago.
The unemployment rate rose to 4.3%, the highest since 2021.
26% of the unemployed have been out of work for six months or more.
Kevin Hassett suggested that issues with data collection at the Bureau of Labor Statistics might affect job numbers.

Source Information

Axios

You can trust the jobs report, Labor Department workers urge public

September 05, 2025

Employees from the Bureau of Labor Statistics (BLS) reassured the public that the U.S. jobs report data is trustworthy. This comes after a dispute involving President Trump firing the BLS commissioner and questioning the legitimacy of recent job figures.

Key Facts:

Bureau of Labor Statistics (BLS) workers stated the jobs report data is reliable.
President Trump fired BLS Commissioner Erika McEntarfer after a weak jobs report.
Trump accused McEntarfer of manipulating job figures without evidence.
The latest report shows the U.S. added only 22,000 jobs in August.
Revisions to jobs numbers are common as more data becomes available.
BLS workers emphasized their data collection methods are transparent.
Despite political pressure, BLS workers vowed to maintain accurate and unbiased reporting.

Source Information

NPR Home

PBS cuts staff after federal funding cuts

September 05, 2025

PBS announced it will cut 15% of its staff because of reduced federal funding. The funding cuts, totaling nearly $1.1 billion for 2026 and 2027, also impacted NPR and led to the closure of the Corporation for Public Broadcasting.

Key Facts:

PBS will reduce its workforce by 15% due to federal funding cuts.
The funding cuts for PBS and NPR amount to nearly $1.1 billion for 2026 and 2027.
PBS has relied on federal funding for over 50 years to create programs like "Sesame Street."
PBS plans to cut its budget by 21% in response to the funding loss.
NPR also plans budget reductions due to these cuts.
The Corporation for Public Broadcasting, which provided funding, closed due to budget losses.
The staff cuts will immediately impact 34 PBS employees.
PBS has nearly 350 member stations that partially depend on federal funding.

Source Information

Axios

Tesla proposes $1tn award for Musk if he hits targets

September 05, 2025

Tesla has proposed a pay package for Elon Musk that could be worth over $1 trillion if he achieves certain ambitious goals over the next decade. This plan does not include a regular salary or bonus and requires Tesla to significantly increase its value and achieve various technological advancements. The proposal follows a recent court ruling that previously awarded Musk $29 billion in shares was unfair to shareholders.

Key Facts:

Tesla plans to offer Elon Musk a pay package worth over $1 trillion upon meeting specific goals.
The proposed plan requires Tesla's value to increase more than eight times its current worth.
Musk's pay depends on hitting targets such as launching a million robotaxis and selling a million AI robots.
Musk will not receive a salary or bonus under this plan.
Previously, a court ruled that a $50 billion award for Musk was unfair, adjusting it to $29 billion in shares.
The proposal is viewed by some as necessary to keep Musk with Tesla to achieve these goals.
There are differing opinions about Musk's impact on Tesla, with some questioning his role due to his outside interests and actions.

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BBC Business

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