Ford announced a new midsize electric pickup truck called the Fathom. The truck will be built on a new universal electric vehicle platform and start production in 2027 at the Louisville, Kentucky plant.
Key Facts
The new electric truck is named Ford Fathom.
"Fathom" is a word that usually means a length of six feet.
The name has no historical connection to previous Ford trucks.
Ford considered many other names but chose Fathom to give the truck character.
Two company copywriters independently suggested the name Fathom.
Engineers helped decide the final name through a survey.
The Fathom will be available in North America starting in late 2027, with pre-orders earlier that year.
The base price for the Fathom will be $28,350.
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French winemakers in southeastern France are concerned that this summer’s wildfires and smoke may affect the taste of their 2026 wine harvest. Experts and farmers are testing grapes to check if the smoke has changed their flavor, which could make the wine less desirable or unsellable.
Key Facts
Wildfires burned parts of vineyards in the Var region, destroying over 6,000 hectares of land.
Winemakers fear the smoke could cause a "smoky" or burnt taste in the 2026 wine vintage.
Smoke can bind to grape sugars, creating changes in flavor that appear after fermentation.
Some vineyards lost half or more of their grape yield due to fire damage.
Lab tests are being done to detect if grapes are still good for making wine.
Wines with smoky flavors are not popular and may be hard to sell even if drinkable.
One winemaker plans to harvest grapes in separate batches to reduce potential damage.
Vineyards sprayed with fire retardant chemicals have been declared unfit for winemaking so far.
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The company that owns the Raleigh bicycle brand has started insolvency proceedings after failing to find a buyer. The Netherlands-based Accell Group, which owns Raleigh and other bike brands, could not find a way to keep the business running in its current form.
Key Facts
Raleigh is a historic bike brand founded in 1887 and was once the largest bike maker in the world.
Production in England stopped in 2002, and the brand was sold to Accell Group in 2012 for $100 million.
Accell Group owns several bike brands and shifted most production to Hungary to reduce costs by about 30%.
Accell was acquired in 2022 by U.S. private equity firm KKR for €1.4 billion, aiming to benefit from growth in cycling.
The bike industry faced challenges after a pandemic-driven surge in demand dropped, leaving too much unsold stock.
KKR handed over Accell to creditors in February 2024 after cost-cutting and takeover talks failed.
Accell’s CEO said all options were tried but no way was found to continue the business as it was.
The company is now working with court-appointed administrators to preserve parts of the business and jobs where possible.
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The article talks about the collapse of the Situational Awareness hedge fund, which is linked to the current boom in AI-driven investing. It also includes advice for someone trying to manage saving for retirement, paying college costs, and caring for a seriously ill parent. Additionally, it mentions a billionaire's suggestion to sell all U.S. stocks.
Key Facts
The Situational Awareness hedge fund recently failed spectacularly.
This failure is connected to the rise of investing based on artificial intelligence (AI).
A caller asks how to handle saving for retirement, paying for children's college, and caring for a mother with a degenerative illness.
Jill and Mark provide guidance on balancing these financial priorities.
Billionaire investor Jeremy Grantham advised people to sell all their U.S. stocks.
The advice from Grantham has sparked reactions because it is seen as extreme.
The discussion was featured on the CBS News show "Money Moves with Jill Schlesinger."
The article mainly focuses on personal finance and investment issues.
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Diageo’s new CEO, Dave Lewis, has announced a plan to save $1 billion over two years by making the company leaner and more flexible. After this announcement, Diageo’s shares rose by 10%, showing investor confidence, but the company also reported a 2% drop in sales and a 27% fall in operating profit.
Key Facts
Dave Lewis, former Tesco CEO, is leading Diageo’s turnaround plan with a goal of $1 billion in savings.
The restructuring may cause job losses, which Lewis acknowledged would impact employees.
Diageo shares went up 10% after the announcement of the cost-saving plan.
The company’s dividend was cut earlier and will stay at a reduced level of $0.50 per share.
Diageo’s net sales fell 2% to $19.6 billion in the year ending June 2026.
Operating profit dropped 27% to $3.16 billion, partly due to one-time costs from restructuring.
The $1 billion savings come from a $1.2 billion overhaul which is already in progress.
Diageo owns famous brands like Johnnie Walker and Smirnoff.
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Nintendo’s profits rose by 53.5% in the three months to June, helped by a refund from tariffs imposed under President Trump’s administration. Although sales dropped 10% compared to last year, the refund offset this and boosted earnings.
Key Facts
Nintendo’s profit reached ¥147.4 billion (£694 million), much higher than the expected ¥77.8 billion.
Sales of the Switch 2 console and popular games remained strong but overall sales fell by 10% to ¥517.8 billion.
The US Supreme Court ruled that President Trump’s tariffs, called “Liberation Day” trade levies, were illegal.
About $100 billion of the $165 billion collected in tariffs has been refunded by the US government.
Nintendo filed a lawsuit demanding a full refund with interest for the tariffs it paid.
The company’s shares rose by 2.87% after announcing the earnings.
Nintendo faces a class action lawsuit claiming it raised prices due to tariffs but did not lower prices after the refund.
President Trump recently imposed new tariffs on more than 80 countries, including Japan, affecting companies like Nintendo.
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SoftBank Group, a Japanese technology investment company, reported an 18% drop in profit for the first quarter of the fiscal year, earning 347.3 billion yen ($2.2 billion) compared to 421.8 billion yen the previous year. Despite this, its sales rose nearly 11% to 2 trillion yen ($12.7 billion), and the company continues to invest heavily in areas like artificial intelligence, energy, robotics, and autonomous driving.
Key Facts
SoftBank Group's profit fell by 18% in the April-June fiscal first quarter.
The company earned 347.3 billion yen ($2.2 billion) in profit, down from 421.8 billion yen last year.
Quarterly sales increased by almost 11%, reaching 2 trillion yen ($12.7 billion).
SoftBank invested an additional $20 billion in OpenAI and plans more investments this year.
The company owns shares in firms like ByteDance (TikTok’s parent), Intel, PayPay, and TSMC.
SoftBank operates through its Vision Fund, which invests in new technology startups with both high potential and high risk.
CEO Masayoshi Son is focusing on future technologies including autonomous driving and robotics.
SoftBank Group’s stock fell 4% in Tokyo trading after the report.
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Fannie Mae and Freddie Mac have introduced new rules for condominium loans to reduce financial risks related to condo buildings’ safety and finances. These rules require more detailed checks on condo associations’ money and building conditions, which may lead to longer loan approval times and more loan denials for buyers.
Key Facts
Fannie Mae and Freddie Mac guarantee most U.S. mortgages and set lending rules for condos.
New rules started on August 3, requiring stricter checks on condo finances and maintenance.
Condo associations now must save 15% of their annual budget for repairs, up from 10%.
The simplified "limited review" process was removed; most condos need a full, detailed review.
These changes aim to lower risks like underfunded repairs and underinsurance in condo buildings.
The rules were motivated by concerns after condo collapses, such as Surfside, Florida, in 2021.
Loan approvals may take longer and result in more denials because of heavier documentation.
Condo owners might face higher fees due to increased reserve requirements.
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Many young people in the UK do not know they have money saved in Child Trust Funds (CTFs), government accounts set up for children born between 2002 and 2011. Over 750,000 accounts remain unclaimed, with an average of about £2,200 each, because owners are often unaware of their existence.
Key Facts
Child Trust Funds were created by the UK government for children born from September 2002 to January 2011.
Each fund had a government voucher starting at £250 (£500 for low-income families), with extra payments when the child turned seven.
Around 6.3 million CTFs were set up, but over 750,000 accounts have not been claimed.
The average amount in each unclaimed fund is about £2,200.
Young people can manage their CTF from age 16 but cannot withdraw money until they turn 18.
Many are unaware of their CTF because they were not informed or the funds are held by various private providers.
The Share Foundation helps young people find their CTFs for free and urges more awareness.
The UK government says the savings belong to individual account holders and cannot be accessed or transferred by the government directly.
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The University of Greater Manchester has ended the contract of its vice-chancellor, Sir George Holmes, after investigations into financial mismanagement and misconduct. Holmes was suspended last year and is no longer employed as the university seeks to restore confidence and find a permanent leader.
Key Facts
Sir George Holmes served as vice-chancellor for 20 years before his contract was terminated.
Holmes was suspended in May last year following an external investigation into allegations of financial mismanagement, bullying, racism, and fraud.
The university, formerly known as the University of Bolton, informed staff and students that Holmes is no longer employed there.
Police are investigating suspected fraud and bribery involving over £1 million in transactions between 2014 and 2025.
Three people were arrested in July as part of the fraud probe but have since been released on bail without charges.
The current acting vice-chancellor, Greg Walker, remains in place while the university plans to find a permanent replacement.
The university’s governing body aims to improve governance and maintain a focus on educational quality and community trust.
Local MP Phil Brickell called for stability and transparency during this time, emphasizing the importance of the university’s role in the community.
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Nintendo’s profit rose by more than half in the first quarter thanks to the success of the Super Mario movie and strong sales of its new Switch 2 gaming console. Despite a drop in overall sales and challenges from tariffs and rising component costs, Nintendo expects solid software sales and continued Switch 2 console sales this fiscal year.
Key Facts
Nintendo’s profit in April-June 2025 was 147.4 billion yen ($933 million), up 53.5% from the prior year.
Sales for the same period fell 9.5% to 517.8 billion yen ($3.3 billion).
Tariffs from President Trump and higher costs for memory chips and components negatively affected Nintendo’s profits.
Nintendo sold 3.82 million Switch 2 consoles globally in the quarter.
Popular Switch 2 games include “Yoshi and the Mysterious Book” and “Pokemon Pokopia,” with software sales totaling 9.46 million units.
The Super Mario Galaxy Movie earned 517.8 billion yen ($3.3 billion), mostly from overseas.
Nintendo forecasts a full-year profit of 310 billion yen ($2 billion), down nearly 27%, with sales expected to drop 11% to 2.05 trillion yen ($13 billion).
Nintendo expects to sell 16.5 million Switch 2 consoles and 60 million game software units this fiscal year.
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Air India has named Tewolde Gebremariam as its new CEO to lead the airline through serious financial losses and safety challenges, including a fatal crash in 2023. Gebremariam, formerly CEO of Ethiopian Airlines, is expected to focus on growth and operational improvements as Air India recovers from setbacks.
Key Facts
Tewolde Gebremariam is the new CEO of Air India, replacing Campbell Wilson.
Gebremariam was previously CEO of Ethiopian Airlines for over 10 years.
Air India was bought by the Tata Group from the Indian government in 2022.
The airline is dealing with heavy losses, recording nearly $2.3 billion in losses recently.
Air India experienced a deadly crash in June 2023 killing 260 people, with the final report due in October.
The airline has cut about one-third of its international flights amid ongoing challenges.
Air India operates 198 aircraft and flies to 91 destinations in India and abroad.
The airline faces wider industry pressures including increased costs, route disruptions, and regulatory issues.
Gebremariam’s priorities include improving employee morale, fleet expansion, and reshaping Air India’s route network.
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UK housebuilder Persimmon has raised its yearly outlook and expects to complete 12,500 new homes by the end of the year. The company aims to benefit from Prime Minister Andy Burnham’s housing policies, despite rising building costs linked to global issues like the Iran conflict.
Key Facts
Persimmon plans to build 12,500 new homes in 2024, at the top of its previous forecast.
The company’s pre-tax profits rose 15% to £168 million in the first half of the year.
Homebuilding increased by 13% during the same period.
Persimmon expects rising costs due to inflation and the Iran war, which may continue into 2027.
It is the most cost-efficient national housebuilder in the UK, focusing on affordable homes.
The firm is working on cost-saving measures like better buying strategies, improving house designs, cutting overhead expenses, and boosting operational efficiency.
The UK housing market faces a long-term shortage of homes and affordability problems for buyers.
Persimmon believes it is well-positioned to grow because of a strong land supply and expanding sales outlets.
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The Dutch company Accell, which owns the famous bike maker Raleigh, has started legal steps for insolvency because it cannot pay its debts. Raleigh has faced financial troubles recently, including staff cuts and big losses.
Key Facts
Accell, based in the Netherlands, bought Raleigh for $100 million in 2012.
Accell said it can no longer meet its financial responsibilities and began insolvency proceedings.
Raleigh had £30 million in losses reported in 2025 accounts.
The company made job cuts in 2024 during a difficult period.
Raleigh was founded in Nottingham in 1887 and was once the largest bike maker in the world.
Raleigh stopped making bikes in Nottingham many years ago and moved headquarters nearby in 2024.
Accell’s CEO said all options to save the business were tried but none worked.
The company aims to manage the insolvency process carefully to protect jobs and viable parts of the business where possible.
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New UK Chancellor John Healey is preparing his first budget and wants to increase government investment without breaking fiscal rules set by the Treasury. Economists are encouraging him to use available borrowing flexibility to fund projects like infrastructure and housing to support economic growth.
Key Facts
John Healey is the new UK Chancellor of the Exchequer.
He faces costs such as a VAT cut on energy bills and a £5 billion gap in defense spending.
Healey may fund these either through tax changes or budget cuts in other departments.
The Treasury’s fiscal rules limit government borrowing, but recent changes allow more borrowing if money is used to buy financial assets.
Economists suggest public financial institutions could borrow an extra £9 billion yearly without breaking the rules.
There are calls to use fiscal rules more creatively to increase investment in infrastructure and housing.
Some experts warn that sticking to fiscal rules is important for credibility and caution about the impact of increased debt.
Proposals include creating new agencies to decide which infrastructure projects to fund and allowing public corporations to borrow directly.
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New South Wales’s anti-corruption agency (Icac) is investigating whether the political group called the Reformers received illegal payments, including possible payments connected to federal opposition leader Angus Taylor. The inquiry examines payments made through a lobbying company and focuses on political donations and factional work within the Liberal party.
Key Facts
Icac is looking into text messages suggesting Angus Taylor may have paid money to the Reformers group or refused to pay.
Angus Taylor denies making payments to the Reformers.
The Reformers is described as a hard-right factional group within the Liberal party.
Jean-Claude Perrottet, brother of former NSW premier Dominic Perrottet, received monthly $5,000 payments from a lobbying company linked to the Reformers but does not remember the reason.
The lobbying company, Beckington, allegedly issued fake invoices and received money from prohibited donors for factional work.
Michael O’Hara, a hotelier and prohibited donor, reportedly stopped payments after the Reformers adopted an anti-vaccine stance.
Branch stacking, recruiting members to influence party opinion, is being investigated but is not illegal itself.
Former federal Liberal vice-president Teena McQueen may have supported the Reformers with money and venues for events.
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Asian stock markets mostly fell, with South Korea’s Kospi dropping over 4% due to declines in big technology companies like SK Hynix and Samsung Electronics. Oil prices stayed steady near $79 a barrel amidst uncertainty about the U.S.-Iran conflict and upcoming U.S. jobs data.
Key Facts
South Korea’s Kospi index fell 4.5%, hitting 6,306.40 points.
SK Hynix shares dropped 9.7%, and Samsung Electronics lost 6.1%.
Japan’s Nikkei 225 fell 1.2%, Hong Kong’s Hang Seng declined 1.8%, and Shanghai’s index was nearly unchanged.
Australia’s S&P/ASX 200 rose slightly by 0.5%.
Brent crude oil price stayed near $79.24 per barrel, down 0.3%.
U.S. benchmark crude oil was at $74.93 per barrel, down 0.4%.
The U.S.-Iran conflict has affected global oil supply and markets, causing fluctuating oil prices.
Investors are cautious ahead of the U.S. July jobs report expected on Friday, which could impact markets.
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The dry and hot weather this summer has caused major problems for vegetable farmers in Wiltshire, damaging crops like cauliflowers and potatoes. Meanwhile, winemakers in Somerset are benefiting from the warmth, producing better quality and more wine due to the favorable conditions.
Key Facts
Wiltshire vegetable farmer Phil Collins has lost many of his cauliflowers and potatoes due to six weeks without rain.
The drought has caused a shortage of vegetables across the country.
Somerset winemaker Sandy Luck said the dry, sunny days help grapes ripen and reduce disease.
Higher sugar in grapes from the sun leads to wines with more alcohol, allowing for new styles like still red wines.
English wine production increased by 55% in 2025 thanks to warmer summers.
Traditional vegetable farming is becoming harder as costs rise and crops fail in dry weather.
Some crops, like the "drought-resistant" Marfona potato, failed this year because of the extreme dryness.
Southern England’s climate is increasingly suitable for growing grapes, similar to parts of central France twenty years ago.
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Ynyshir Restaurant in Wales, which had its food hygiene rating lowered to one star due to issues like flies and broken equipment, has now regained a five-star hygiene rating after improvements. The restaurant, known for its high-end Japanese-inspired dishes, had previously faced challenges with local health inspectors but has since addressed the concerns.
Key Facts
Ynyshir Restaurant is the only two-Michelin-star restaurant in Wales.
It received a one-star food hygiene rating after inspections found flies, dirty floors, broken equipment, and poor hand-washing facilities.
The restaurant was ordered to stop serving raw lobster due to safety concerns.
After making improvements, Ynyshir’s rating was restored to five stars.
The local council said inspections follow national food safety rules.
Chef Gareth Ward said the restaurant uses unique techniques for raw food and disagreed with inspectors’ understanding of these methods.
Food critic Giles Coren said Michelin-starred restaurants might need different hygiene rules because of their special cooking styles.
Between April and December 2025, 90% of inspected food businesses in the area scored three stars or higher.
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Some people in the UK are choosing to sell their houses and live on narrowboats to save money and try a different lifestyle. While boat living has challenges like maintenance and winter difficulties, many find it rewarding and enjoy the sense of adventure.
Key Facts
Ken Tracey sold his house in 2022 and now lives on a narrowboat to reduce costs and seek adventure.
Ken spent £75,000 to buy his boat and £20,000 on repairs and maintenance.
Living on a boat requires learning new skills, such as steering and handling old lock technology.
The Canal and River Trust reports more people are using boats as permanent homes, especially after Covid.
In Yorkshire and the North East, 34% of boaters say their boat is their permanent home, up from 27% the year before.
Andy Brown and his wife moved onto a narrowboat after retirement and enjoy the slower pace and new places it allows them to see.
Andy says living on a boat costs a bit less than living in a house but not by much.
Ken Marshall, who has lived on his boat for eight years, says he has no regrets despite some struggles with boat life.
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