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Business News
Business news, market updates, and economic developments
A baker in Seattle has become popular on social media by sharing baking videos narrated by his children. These videos have helped his business grow quickly.
Key Facts
The baker is based in Seattle.
His kids narrate the baking videos in a fun way.
The videos have gone viral, meaning many people have watched and shared them.
This social media attention helped the baker’s business grow a lot.
The stories were shared by ABC News and covered by reporter Danny New.
The growth is directly connected to the unique way the videos are made.
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Lululemon apologized after a yoga event at the Great Wall of China used a Japanese drum instead of a traditional Chinese drum, causing public upset. The company said it meant to honor Chinese culture and promised to be more careful in the future.
Key Facts
Lululemon held a yoga event at the Great Wall of China, inviting over 2,000 people.
The event was promoted as celebrating Chinese culture and wellness.
A Japanese taiko drum was mistakenly used instead of a Chinese dagu drum.
Many people on China’s social media platform Weibo found this disrespectful and criticized the brand.
Lululemon apologized publicly and removed related content from its website and social media.
The drum group and Chinese actor involved also apologized.
The incident shows the challenges foreign brands face in respecting China’s cultural sensitivities.
Lululemon pledged to be more careful with event planning and cultural issues in the future.
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The Parisian department store BHV has ended its partnership with the Chinese retailer Shein after new management took over and called the deal a strategic mistake. However, seven other BHV stores in the Paris area will continue their partnership with Shein.
Key Facts
BHV is a well-known department store in Paris.
BHV had a partnership with Shein, a Chinese-based fashion retailer.
The partnership lasted a short time and faced controversy.
New management at BHV decided to end the contract with Shein.
The management admitted that partnering with Shein was a strategic error.
Despite ending the deal at one BHV store, seven other BHV stores in the Paris region will keep working with Shein.
The announcement was made in June 2026.
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UK inflation stayed steady at 2.8% in May, which was better than expected after concerns about rising costs from the war in Iran. This suggests the conflict has had a smaller impact on the UK economy than first feared, and interest rates are likely to stay the same for now.
Key Facts
Inflation in the UK was 2.8% in May, unchanged from April and below the expected 3%.
The price of petrol in the UK rose 25% compared to the previous year.
Food prices fell slightly by 0.1% from April to May.
UK and EU inflation trends have been similar, even though some EU countries cut fuel taxes.
The Bank of England left interest rates at 3.75%, with no increase expected soon.
The reopening of the Strait of Hormuz after a US-Iran peace deal helped lower oil prices below $80 per barrel.
The Bank of England says companies cannot raise prices much because customers cannot afford higher costs.
Some inflation pressures, like higher fertiliser costs, may still appear in the coming months.
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New artificial intelligence (AI) tools are helping people start and grow businesses by making tasks like writing plans, marketing, and product design easier and cheaper. This technology is encouraging more people to become entrepreneurs and could increase job creation, although some experts worry it might reduce hiring.
Key Facts
AI can write business plans, research industries, create marketing content, design logos, and help develop new products.
U.S. business formation is at its highest level ever, with many new businesses started by solo founders.
AI lowers startup costs and speeds up work; for example, building a website is faster and cheaper now.
Entrepreneurs use AI to get advice on supply chains and complete necessary forms for starting a business.
A small candle company uses AI to plan finances, understand product demand, and manage supplies.
Some experts believe AI will boost innovation and create more jobs over time.
Other experts worry that AI might lead to fewer new hires by entrepreneurs.
AI tools are making entrepreneurship more accessible and dynamic for experts in fields like consulting, finance, and legal services.
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Celebrities often wear sneakers that many people can afford, but this is usually done to create a certain image or get attention. This practice, called "stunting," involves wearing affordable shoes to appear more relatable, even though celebrities are very wealthy and not buying for value.
Key Facts
"Stunting" means showing off or pretending to be someone you are not by doing something elaborate.
Celebrities like Kendall Jenner wear mid-priced sneakers, such as Alo, which cost $100 to $200 but seem unusual for someone very rich.
Kate Middleton, Princess of Wales, has been seen wearing Veja shoes priced around $150, likely to seem relatable without being paid to do so.
Adidas Samba sneakers, costing about $100, are popular among many celebrities including Bella Hadid, Brad Pitt, Olivia Rodrigo, and Rosé.
When many famous people wear the same affordable shoe, it becomes a deliberate strategy rather than a coincidence.
As celebrity stunting makes these shoes popular, they become harder for regular people to buy.
The article suggests stunting affects what shoes people can find and buy due to increased demand driven by celebrities.
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Many American workers say they are satisfied with their jobs, mainly because they feel secure at work. However, some experts worry that this "Big Stay" trend—where people stay in their jobs more due to fear of risk and uncertainty about technology—is not a healthy sign for the future.
Key Facts
A recent study found that 80% of workers say job security makes them happy at work.
Workers prefer stable jobs over taking risky chances for new opportunities.
Other important factors for job satisfaction are a good work environment, fair pay, and mental health support.
Experts warn that many workers stay in their jobs because they feel they have no better options due to a slow job market and concerns about artificial intelligence (AI).
Staying in a job doesn’t always mean employees are happy or engaged.
Companies may face "Dignity Debt" by asking workers for more productivity without properly supporting or rewarding them.
Experts recommend that companies update how work is done to better support workers instead of just adding new technology to old systems.
Clear communication and thoughtful changes at work can help keep worker productivity and satisfaction.
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A bartender in Boston earned nearly $1,000 in tips during one shift because of the 2026 FIFA World Cup. The tournament brought many international fans, especially Scottish supporters, which increased business and tipping at local bars and restaurants.
Key Facts
Kaleigh Matulonis, a Boston bartender, made close to $1,000 in tips in a single 6 hour 45 minute shift.
This amount is much higher than her usual earnings and is not typical for a regular day.
The surge in tips happened because many international fans came to watch the World Cup matches.
About half of her tips came from Scottish fans, known as the "tartan army," who were visiting Boston.
Bars added a mandatory gratuity during busy times, but many customers still tipped extra.
Traveling fan groups often spend more on food, drinks, and tips than local customers.
The influx of fans during the World Cup provides an economic boost to hospitality workers.
This boost happens in cities that host games or see lots of visiting supporters.
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New York has passed a law to stop "ghost jobs," which are job ads for positions that are not really open. The law requires employers to clearly say if a job is currently available, when it will be filled, or if they are just collecting resumes for future openings. Employers must remove ads when jobs are filled or face fines.
Key Facts
New York’s bill S8877 requires job ads to clearly state if a job is open now, will open in the future, or is just collecting resumes.
The law demands these statements be bold and in capital letters for clarity.
Employers must take down job postings once a position is filled or pay fines starting at $2,500 per violation.
“Ghost jobs” are job ads without a real vacancy, causing wasted time for job seekers.
A 2024 survey found 40% of employers post jobs without immediate hiring plans; 30% leave filled or inactive listings online.
Other states like New Jersey, California, Kentucky, and Pennsylvania are considering or proposing similar laws.
The goal of these laws is to make hiring more honest and restore trust for applicants.
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Japan's competition authority raided six major ice cream companies for allegedly working together to raise ice cream prices unfairly. The companies are suspected of increasing prices by 5-10% several times, despite rising raw material costs, during a record-breaking hot summer in Japan.
Key Facts
The Japan Fair Trade Commission (JFTC) conducted inspections of six ice cream makers, including Meiji, Ezaki Glico, Morinaga Milk Industry, Lotte, Morinaga, and Akagi Nyugyo.
The companies are suspected of forming a cartel to fix ice cream prices, raising them beyond normal cost increases.
These price hikes allegedly happened multiple times over the years, with increases between 5% and 10%.
The ice cream brands sell their products wholesale to supermarkets and convenience stores across Japan.
Meiji, Glico, and Morinaga Milk Industry confirmed the inspections and said they will cooperate with the investigation.
Japan recently introduced a new term for days reaching 40°C (104°F) or higher, reflecting the extreme heat this summer.
The investigation comes as Japan experiences record summer temperatures, increasing demand for frozen desserts.
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Inflation in the UK stayed at 2.8% in the year to May, which was a little lower than experts expected. Prices rose fastest for transport costs, while increases in food prices slowed down. The ongoing war in Iran is expected to push inflation higher later this year.
Key Facts
Inflation was 2.8% from June 2023 to May 2024, below the expected 3%.
Transport costs, including airfares, vehicle taxes, and petrol, rose the fastest.
Food price increases slowed but are still higher than last year.
Household energy prices dropped in April, helping slow inflation.
Domestic heating oil prices fell after previous sharp rises.
Economists think inflation could reach 3.5% to 4% in late 2024 due to the Iran war’s impact.
The Bank of England is expected to keep interest rates steady at 3.75% in its next decision.
The UK government says it is supporting families with energy bill cuts and fuel duty freezes.
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Gasoline prices in the US are expected to stay high, with no drop below 79 cents per litre until 2027. Experts say this is because world oil supplies will take over a year to recover due to problems caused by the war involving Iran.
Key Facts
US drivers might not see gas prices below 79 cents per litre until 2027.
Patrick De Haan is the Head of Petroleum Analysis at GasBuddy.
He predicts long recovery times for global oil supplies.
The supply issues are linked to disruptions from the war involving Iran.
Gas prices are affected by global oil inventory levels.
Current conflicts have caused delays in oil availability worldwide.
The petroleum market may remain tight for several years.
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Asian stock markets showed mixed results while oil prices stayed below $80 a barrel due to optimism about a temporary peace deal between the U.S. and Iran. Investors are also awaiting the U.S. Federal Reserve’s interest rate decision with attention on economic impacts.
Key Facts
Asian shares had mixed performance: Japan’s Nikkei rose by 0.8%, South Korea’s Kospi fell by 0.2%, Hong Kong’s Hang Seng dropped 0.8%, Shanghai Composite slightly declined by 0.1%, Australia’s S&P/ASX 200 rose 0.5%, Taiwan’s Taiex fell 0.5%, and India’s Sensex went up 0.3%.
Japan’s exports increased 17% in May compared to last year, partly due to strong demand for technology products.
Oil prices stabilized below $80 per barrel after a sharp drop, with Brent crude at around $78.76 and U.S. crude at about $75.78.
Optimism about the U.S.-Iran interim agreement raised hopes for reopening the Strait of Hormuz, a key route for oil transport.
Challenges remain for normalizing oil flows, including mine clearance, insurance issues, clearing excess oil storage, moving ships, and restarting production fields.
The U.S. Federal Reserve had a two-day meeting starting Tuesday, led by new chair Kevin Warsh, with an interest rate decision expected Wednesday.
President Donald Trump has been encouraging the Fed to lower interest rates to boost the U.S. economy.
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UK inflation stayed at 2.8% in May, unchanged from April, as higher transport and fuel costs were balanced by slower rises in food prices. This came despite concerns about the Middle East conflict causing higher energy prices.
Key Facts
UK inflation rate was 2.8% in May, the same as in April.
Transport costs, including airfares, vehicle taxes, and petrol prices, increased inflation.
Food prices grew more slowly, with prices of meat, dairy, and vegetables falling compared to April.
The cost of domestic heating oil decreased after recent rises.
Raw material costs, like chemicals, kept increasing.
Factory output costs slowed, helped by lower prices for cars made in the UK.
Chancellor Rachel Reeves highlighted government actions, like energy bill cuts and freezes on fuel duty and rail fares, to support families and businesses.
The Bank of England is expected to keep interest rates at 3.75% as it watches inflation and the impact of global events.
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The UK government has temporarily reduced the tax (VAT) on meals for children under 18 from 20% to 5% for summer to help families and hospitality venues. Some restaurants are creating special "kids" menus with expensive items to benefit from the tax cut, while many in the industry say this small discount won't solve their larger financial problems.
Key Facts
The UK cut VAT on children’s meals from 20% to 5% from June 25 to September 1, 2024.
This tax break is part of a summer savings scheme intended to support restaurants, pubs, and families.
Some venues are offering high-priced "children’s meals" with luxury items like snails and anchovy butter toast to take advantage of the tax cut.
Pubs and restaurants are not required to check if a customer ordering a discounted children’s meal is actually under 18.
Industry leaders say the VAT cut is too small and will not help businesses struggling with high costs.
Hospitality businesses want a permanent VAT reduction for all meals from 20% to 10%, supported by a petition with over 200,000 signatures.
The European average VAT on hospitality is 12.8%, with countries like Germany charging as low as 7%.
Rising costs such as energy bills and wage increases continue to challenge UK hospitality venues despite government support.
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Lidl, a supermarket chain, has opened its first-ever pub called The Middle Ale in Dundonald, near Belfast. The pub is designed to navigate Northern Ireland's strict alcohol licensing laws and brings a new way to sell alcohol in the area.
Key Facts
The Middle Ale is Lidl’s first pub and is located in Dundonald, on the outskirts of Belfast.
Northern Ireland requires supermarkets to buy a surrendered license from another business to sell alcohol.
Supermarkets must also pass an "inadequacy" test, proving there are not enough licensed alcohol sellers nearby.
Lidl could not pass the test for a standard off-license but succeeded by opening a pub since two local bars had closed.
Lidl spent £500,000 on creating the pub and hired eight new staff members.
The pub’s walls are painted in bright primary colors and shelves stock Lidl products.
Local residents and officials generally welcomed the new pub, seeing it as a positive addition to the area.
Lidl currently has no plans to open more pubs despite the unique setup.
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Taxi fares in Worcester will increase following a request from the Worcester Taxi Association, which represents over 200 drivers. The city council approved higher maximum fares for street-hailed taxis, citing rising fuel and vehicle costs, but some officials worry the price rise may reduce the number of passengers.
Key Facts
Taxi fares for Hackney carriages in Worcester will go up.
The initial hire charge will rise from £4.30 to £5 for standard journeys.
Night-time, Sunday, bank holiday, and certain date fares (Tariff 2) will increase from £5.50 to £6.40.
Only Hackney carriages (taxis hailed on the street or at ranks) are affected; private hire taxis are not.
Rising fuel prices and other vehicle costs have increased drivers’ expenses.
The fare increase must go through a statutory consultation process.
Some councillors are concerned the higher fares could lead customers to choose cheaper travel options.
The last fare increase in Worcester was in 2022.
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John Lewis is spending £20 million to renovate its Glasgow store as part of a larger £50 million plan to update several stores this year. The refurbishment will add new features like an expanded beauty hall, a cafe-restaurant, and upgraded fashion sections, with work expected to finish early next year while the store stays open.
Key Facts
John Lewis is investing £20 million to upgrade its Glasgow store in Buchanan Galleries.
The total investment for store upgrades this year is £50 million, including stores in Reading, Cambridge, Leicester, and Liverpool.
Renovations include a bigger beauty and fragrance hall, a gift shop, a new in-house cafe, and more fashion brands.
The Glasgow store covers 28,000 square meters and the lower ground floor will be finished first.
The store will remain open during the renovation, which is planned to be done early next year.
Glasgow city council leader sees this as a positive sign for the city’s retail future.
The Buchanan Galleries shopping center is also being renovated after plans to demolish it were dropped.
John Lewis plans to spend £800 million by 2029 to update 36 branches and revive the department store experience.
John Lewis sales rose by 3% to £4.9 billion in the year ending January, and profits increased by 29%.
The parent group recently paid staff bonuses for the first time in four years.
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Australian radio host Kyle Sandilands won a A$12 million cash settlement after his former employer, ARN Media, ended his ten-year contract early. The payout resolves Sandilands' lawsuit claiming wrongful termination following an on-air argument with his co-host Jackie Henderson.
Key Facts
Kyle Sandilands’ A$100 million contract with ARN Media was cancelled early in March.
Sandilands sued ARN Media for wrongful termination, seeking A$85 million.
ARN Media settled the lawsuit by paying Sandilands A$12.09 million in cash and A$1.5 million in advertising over three years.
Sandilands was fired after a seven-minute on-air argument where he accused co-host Jackie Henderson of bullying and poor work performance.
Henderson also sued ARN Media after her contract was cancelled; her legal case is still ongoing.
ARN Media said Sandilands cannot work for any competitors until March next year.
ARN will receive 19.9% of Sandilands’ earnings from his future independent media projects for three years.
The radio show was taken off air after Henderson said she could not continue to work with Sandilands.
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The British Council is planning more staff cuts and closures in some countries to repay a large £197 million government loan taken during the Covid-19 pandemic. The agency has been losing money since the pandemic and is not expected to break even until 2029-30, while working with the government to agree on how to repay the loan.
Key Facts
The British Council owes a £197 million loan from 2020, originally £60 million plus interest, due in 2027.
Since the pandemic, the British Council has lost £184 million and has paid £42 million in interest so far.
The agency expects to make no profits until 2029-30.
Plans include cutting about 15% of staff, around 1,180 jobs, on top of 2,110 layoffs since 2021.
Operations will shut down in 11 countries and be reduced in 15 others.
The British Council offered to repay the loan partly by trading artworks, but this was rejected.
The government has refused to write off the debt due to legal rules (UK Subsidy Control Act 2022).
The National Audit Office and public accounts committee say a clear, lasting repayment plan is needed soon.
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