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Business news, market updates, and economic developments

'A loan from nan started my business - it's now made £71m'

'A loan from nan started my business - it's now made £71m'

August 23, 2025
Paige Louise Williams started her beauty business, P. Louise, with a £20,000 loan from her grandmother. Over 10 years, the business grew from a salon to a large beauty brand generating substantial revenue. The brand's success was aided by strategic moves like offering makeup courses and leveraging social media platforms like TikTok.

Key Facts:

  • Paige Williams started her beauty business, P. Louise, with a £20,000 loan from her grandmother.
  • Initially, Paige had no formal business plan and limited qualifications after leaving school.
  • In 2014, she opened her own salon using the loan.
  • Her business gained traction by offering makeup classes and online courses.
  • A key product, Rumour Base, became the top eyeshadow base in the market, boosting sales.
  • TikTok played a significant role in her business growth, with P. Louise setting a UK record on TikTok Shop by earning over £1.5 million in 12 hours.
  • The company moved from a small space to a 36,000 square foot warehouse due to its expansion.

Source Information

BBC Top Stories
Parking firm pays £10,240 after losing case, again

Parking firm pays £10,240 after losing case, again

August 23, 2025
Excel Parking was ordered to pay £10,240 to charity after losing a legal case against Hannah Robinson for the second time. The case was about parking charges imposed by Excel Parking due to a rule requiring users to pay within five minutes, which courts found unfair. Despite an appeal, Excel Parking's claims were dismissed as unreasonable by the judge.

Key Facts:

  • Excel Parking charged Hannah Robinson £11,390 for parking charges, which she disputed in court.
  • The court case involved a rule at an Excel-managed car park that required payment within five minutes.
  • Hannah Robinson initially tried to handle charges on her own but later received legal aid from a law firm.
  • Excel Parking's demand for quick payment was criticized and deemed unfair by a court.
  • The private parking sector has banned this "five-minute payment rule."
  • Excel paid £10,240 to charity after losing the legal case against Robinson twice.
  • Members of Parliament also criticized Excel's payment rule.
  • Hannah Robinson received 67 parking charge notices worth £11,390, which included £70 debt collection fees for each charge.

Source Information

BBC Top Stories
The US teenagers wowed by African prom dresses

The US teenagers wowed by African prom dresses

August 22, 2025
U.S. teenagers are increasingly ordering custom-made African prom dresses, creating a business boom for fashion designers in Africa. These dresses are popular because they offer unique designs and a cultural statement, and they are usually cheaper than custom-made dresses in the U.S.

Key Facts:

  • U.S. teens are buying custom-made prom dresses from African designers, especially from Nigeria and Ghana.
  • A prom dress from Africa typically costs between $600 and $1,500.
  • These dresses are less expensive than those made in the U.S., which start at around $3,500.
  • Brianna LeDoux, a teenager from Florida, went viral on TikTok with her Nigerian-made dress.
  • The demand for African prom dresses is rising, partly due to social media trends.
  • Designer Shakirat Arigbabu in Nigeria made over 1,500 dresses for the U.S. market in one season.
  • The trend has led to increased business for African designers, requiring them to hire more staff to meet demands.

Source Information

BBC World
Trump says US to take 10 percent stake in Intel

Trump says US to take 10 percent stake in Intel

August 22, 2025
The U.S. government will acquire a 10% stake in the chipmaker Intel as part of an agreement announced by President Donald Trump. The deal aims to support Intel's business turnaround efforts and follows a significant investment from SoftBank. The official announcement of this investment is anticipated soon.

Key Facts:

  • President Donald Trump announced a 10% U.S. government stake in Intel.
  • Intel has been facing business challenges, including a $18.8 billion loss reported in 2024.
  • SoftBank recently invested $2 billion into Intel, signaling confidence in the company.
  • Federal backing is expected to help Intel revive its foundry (manufacturing) business.
  • The move is part of a broader U.S. strategy to boost domestic chip production.
  • Senators Bernie Sanders and Elizabeth Warren advocated for the U.S. Treasury to get a stake in companies receiving government grants.
  • The investment is part of efforts to decrease reliance on Asian chip manufacturing.
  • A formal announcement about the investment is coming soon.

Source Information

Al Jazeera
Carney says Canada will match U.S. tariff exemptions under USMCA trade pact

Carney says Canada will match U.S. tariff exemptions under USMCA trade pact

August 22, 2025
Canada announced that it will remove many of its retaliatory tariffs to align with U.S. tariff exemptions under the United States-Mexico-Canada trade pact (USMCA). Prime Minister Mark Carney believes this will improve trade talks with the U.S. even as some Canadian leaders express concerns. The USMCA agreement exempts most goods from tariffs, benefiting the trade relations of the involved countries.

Key Facts:

  • Canada will drop retaliatory tariffs to align with U.S. exemptions under the USMCA.
  • The USMCA shields most goods from tariffs, maintaining free trade for over 85% of Canada-U.S. trade.
  • Canada imposed 25% tariffs on various U.S. goods in response to earlier U.S. tariffs but now plans to ease them.
  • The agreement is set for review in 2026, and further trade negotiations are expected.
  • U.S. President Donald Trump has considered renegotiating USMCA, and sector-specific tariffs such as steel and aluminum still apply.
  • Over 75% of Canada’s exports go to the U.S., showing the importance of the trade relationship.
  • Prime Minister Carney discussed trade issues with President Trump and stressed preparations for future trade agreement reviews.

Source Information

PBS NewsHour
Pastor leading Target boycott on its impact and the retailer’s response

Pastor leading Target boycott on its impact and the retailer’s response

August 22, 2025
Target's sales and stock value have dropped because of a boycott against its decision to reduce its diversity, equity, and inclusion programs. This boycott led to fewer people visiting Target stores and contributed to the CEO, Brian Cornell, stepping down. Pastor Jamal Bryant played a key role in organizing the boycott.

Key Facts:

  • Target's sales and stock prices have fallen.
  • A boycott began after Target cut back on its diversity, equity, and inclusion programs.
  • The boycott has caused fewer people to visit Target stores.
  • Brian Cornell, Target's CEO, resigned amid the controversy.
  • Pastor Jamal Bryant was a leading figure in organizing the boycott.
  • Target is now working to repair its image with customers.

Source Information

PBS NewsHour
Powell hints at long-awaited rate cut but admits Fed in ‘challenging situation’

Powell hints at long-awaited rate cut but admits Fed in ‘challenging situation’

August 22, 2025
Fed Chair Jerome Powell suggested that the central bank might lower interest rates as early as September. He noted that the situation is difficult because inflation is rising while the job market is slowing down.

Key Facts:

  • Jerome Powell is the Chair of the Federal Reserve.
  • Powell indicated a possible interest rate cut by September.
  • Inflation is currently increasing.
  • The job market is cooling down, meaning fewer jobs are being added or available.
  • Powell described the Fed's current situation as "challenging."
  • Amna Nawaz talked with Loretta Mester, the former president of the Federal Reserve Bank of Cleveland, about this topic.

Source Information

PBS NewsHour

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Canada to ease most retaliatory tariffs against United States

Canada to ease most retaliatory tariffs against United States

August 22, 2025
Canada has decided to remove some of its tariffs on U.S. goods in response to the United States removing some of its own tariffs, as both countries work to lessen a trade conflict. Tariffs will remain on certain products like steel and cars, but most goods will now move freely between the two countries under the US-Mexico-Canada Agreement. The move reflects efforts to find the best trade arrangement possible given the current economic environment.

Key Facts:

  • Canada is lifting tariffs on U.S. goods that fall under the US-Mexico-Canada Agreement (USMCA).
  • The United States clarified it will not impose tariffs on Canadian goods complying with USMCA.
  • Some tariffs, specifically on products like steel, aluminum, and cars, will still exist.
  • Changes in tariffs between the two countries will take effect on September 1.
  • Trade integration between the U.S. and Canada is not expected to return to levels seen before the trade conflict.
  • Mark Carney, Canadian Prime Minister, led this decision, which comes amid shifts in global trade policies led by the U.S.
  • The U.S. government has welcomed Canada's decision to ease tariffs.

Source Information

Al Jazeera
Canada to drop many of its retaliatory tariffs on the US

Canada to drop many of its retaliatory tariffs on the US

August 22, 2025
Canada will remove some of its tariffs on goods from the United States, keeping them on items like cars, steel, and aluminum. This decision follows a phone call between Canadian Prime Minister Mark Carney and U.S. President Donald Trump and aligns with the US-Mexico-Canada free trade agreement. The changes are set to start on September 1.

Key Facts:

  • Canada will remove tariffs on many U.S. goods but will keep them on cars, steel, and aluminum.
  • Prime Minister Mark Carney announced this decision after speaking with President Donald Trump.
  • Canada originally imposed a 25% tariff on about C$30 billion worth of U.S. goods in response to U.S. tariffs.
  • The U.S. tariffs were 35% on goods not covered by the existing free trade deal.
  • Canada will align its tariffs with the US-Mexico-Canada free trade agreement starting September 1.
  • The White House welcomed Canada's decision, calling it "long overdue."
  • The majority of Canadians support the retaliatory tariffs against the U.S.
  • Trump has implemented or raised tariffs on global goods, advocating for favorable trade deals for the U.S.

Source Information

BBC US
Trump says Intel has agreed to give U.S. a stake in its company. Here’s what to know

Trump says Intel has agreed to give U.S. a stake in its company. Here’s what to know

August 22, 2025
President Donald Trump announced that Intel has agreed to provide the U.S. government with a 10% share in its company. This decision follows discussions with Intel's CEO and is part of Trump’s strategy to increase U.S. chip production. Intel has not yet confirmed the agreement publicly.

Key Facts:

  • President Trump stated that Intel will give the U.S. government a 10% stake.
  • The agreement was discussed after a meeting with Intel CEO Lip-Bu Tan.
  • Intel has faced financial challenges and is seeking ways to improve.
  • The U.S. government may convert grants into a company stake.
  • This move is part of Trump’s plan to boost domestic chip production.
  • Trump called for Intel's CEO to resign due to ties with China but later retracted after a meeting.
  • Intel is dealing with competition from companies like Nvidia and AMD.
  • The U.S. government investing in a private company is rare but has historic precedents.

Source Information

PBS NewsHour
Intel will give the U.S. government a 10% stake, Trump says

Intel will give the U.S. government a 10% stake, Trump says

August 22, 2025
President Trump announced that Intel agreed to give the U.S. government a 10% stake in the company. This decision aligns with efforts to have more chip manufacturing in the U.S. and relates to government funds from the CHIPS and Science Act. The specifics of the agreement and Intel's internal response are still unclear.

Key Facts:

  • President Trump requested a 10% stake in Intel from its CEO Lip-Bu Tan.
  • Trump's statement said Intel agreed to the deal at a White House meeting.
  • The U.S. government funding from the CHIPS Act could be converted into Intel’s equity.
  • The CHIPS Act provides $53 billion for chip-related activities.
  • The U.S. government's stake in Intel would not include voting rights.
  • Intel has been facing financial challenges and reported losses this year.
  • Commerce Secretary Howard Lutnick confirmed the agreement on social media.
  • Intel plans to build two chip production facilities in Ohio, though there are concerns about demand.

Source Information

NPR Home
Fed chair Powell boosts expectation of US rate cut

Fed chair Powell boosts expectation of US rate cut

August 22, 2025
The head of the U.S. central bank, Jerome Powell, increased expectations for an interest rate cut in September. He spoke about this at a meeting in Jackson Hole, Wyoming, where he also discussed the temporary effects of tariffs on inflation. Powell's comments led to a rise in share prices, indicating a shift towards lowering borrowing costs.

Key Facts:

  • Jerome Powell is the head of the U.S. central bank.
  • Powell hinted at a potential interest rate cut in September.
  • The U.S. central bank is facing political pressure from President Trump.
  • Powell discussed temporary effects of tariffs on inflation.
  • Share prices rose following Powell's comments about lowering borrowing costs.
  • Economists expect interest rates to fall from their current 4.25 to 4.5% range.
  • Powell noted that current interest rates are high enough to slow economic activity.
  • The U.S. central bank usually cuts rates when the economy slows to boost growth.

Source Information

BBC Business
The EV tax credit ends soon — but there's a little bit of wiggle room for car buyers

The EV tax credit ends soon — but there's a little bit of wiggle room for car buyers

August 22, 2025
The federal tax credit for buying electric vehicles, worth up to $7,500, is set to end on September 30. However, if buyers sign a contract to purchase an EV before the deadline, they can still get the credit even if the car is delivered later. A payment, such as a small down payment or trade-in, must also be made before the deadline.

Key Facts:

  • The tax credit for electric vehicles is up to $7,500 and expires on September 30.
  • Buyers need to sign a binding contract before this deadline to qualify for the credit.
  • A payment, like a down payment or vehicle trade-in, must be made before the deadline.
  • The credit is granted only when the buyer receives the car.
  • The IRS's recent update allows using the contract date, not the delivery date, for eligibility.
  • The credit applies to vehicles meeting certain conditions like price cap and manufacturing location.
  • Buyers must earn less than $150,000 ($300,000 for married couples) to use the credit.
  • A separate $4,000 tax credit is available for used electric vehicles.

Source Information

NPR Home
Global postal services halt US deliveries over tariffs

Global postal services halt US deliveries over tariffs

August 22, 2025
Postal services around the world have stopped sending packages to the United States because of confusion over new import taxes. These changes, announced by President Trump, remove tax exemptions for most low-value parcels, taking effect at the end of August. Services like Royal Mail and DHL are pausing deliveries to adapt to these rules.

Key Facts:

  • Global postal services have paused U.S. deliveries due to new import tax rules.
  • President Trump ended the tax exemption on parcels under $800, effective August 29.
  • Gifts under $100 will still be duty-free under the new rules.
  • Royal Mail and DHL are among the services halting deliveries to set up new systems.
  • The exemption change aims to tackle deceptive shipping and illegal imports.
  • De minimis shipments to the U.S. increased significantly recently, prompting changes.
  • DHL continues some express services but has stopped regular parcel delivery temporarily.
  • Recent executive orders sped up the tax rule changes that were set for 2027.

Source Information

BBC Business
Wall Street rallies over hopes that the Federal Reserve will lower interest rates

Wall Street rallies over hopes that the Federal Reserve will lower interest rates

August 22, 2025
Wall Street saw a significant increase as investors anticipated potential interest rate cuts by the Federal Reserve, following remarks by its head, Jerome Powell. The possibility of lower rates, which could stimulate the economy, boosted various stock indexes and particular sectors.

Key Facts:

  • The S&P 500 index increased by 1.6%, nearing its all-time high.
  • The Dow Jones Industrial Average rose by 916 points, a 2.1% increase.
  • The Nasdaq composite index grew by 2%.
  • Federal Reserve Chairman Jerome Powell hinted at possible rate cuts but did not specify timing.
  • Traders anticipate a high chance of a rate cut at the Fed's next meeting.
  • The yield on the 10-year Treasury dropped from 4.33% to 4.26%.
  • Stocks in the Russell 2000 index and homebuilder shares saw significant gains.
  • Nvidia's shares rose after news of potential new computer chip discussions with the U.S. government for China.

Source Information

PBS NewsHour
Canada removes some of its retaliatory tariffs on the U.S.

Canada removes some of its retaliatory tariffs on the U.S.

August 22, 2025
Canada has removed some retaliatory tariffs on U.S. goods to align with exemptions under the U.S.-Mexico-Canada Agreement (USMCA). The decision aims to improve trade relations with the U.S. while maintaining tariffs on specific items like steel and aluminum. The move comes ahead of a review of the USMCA, scheduled for 2026.

Key Facts:

  • Canada announced dropping some retaliatory tariffs against the U.S. to mirror tariff exemptions in the USMCA.
  • Prime Minister Mark Carney emphasized that a significant portion of Canada-U.S. trade remains tariff-free.
  • The decision aims to enhance trade discussions ahead of the USMCA review in 2026.
  • Carney discussed the tariff changes with U.S. President Donald Trump before making the announcement.
  • Canada will keep tariffs on specific goods like steel, aluminum, and autos while working on resolving related trade issues.
  • Canada had previously planned a digital tax, but dropped it after discussions with Trump.
  • Over 75% of Canadian exports go to the U.S., highlighting the importance of smooth trade relations for Canada.

Source Information

NPR Home
Brewdog co-founder leaves craft beer giant

Brewdog co-founder leaves craft beer giant

August 22, 2025
Martin Dickie, one of the co-founders of Brewdog, has left the company for personal reasons. Brewdog is facing economic challenges, leading to the closure of some of its bars. Dickie's departure will not affect the company's leadership structure.

Key Facts:

  • Martin Dickie co-founded Brewdog in 2007 with James Watt.
  • Dickie recently left Brewdog, citing personal reasons for his departure.
  • Last year, James Watt stepped down as CEO but remained with the company in a different role.
  • Brewdog plans to close 10 bars in the UK due to economic challenges like rising costs and increased regulation.
  • Dickie helped Brewdog expand into the spirits and cocktail market.
  • Former workers previously accused the company of having a "culture of fear."
  • Brewdog faced criticism for deciding not to pay new staff the real living wage, opting for the lower legal minimum wage instead.
  • Martin Dickie and James Watt will both keep their shares in the company.

Source Information

BBC Business
Fed Chair Jerome Powell signals possible rate cut, sending stocks sharply higher

Fed Chair Jerome Powell signals possible rate cut, sending stocks sharply higher

August 22, 2025
Federal Reserve Chairman Jerome Powell hinted at the possibility of reducing interest rates soon, causing a rise in stock market prices. While speaking at an economists' gathering in Jackson Hole, Wyoming, Powell noted slow job growth and other economic factors could justify this change, though he didn't promise an immediate rate cut.

Key Facts:

  • Jerome Powell is the Chairman of the Federal Reserve.
  • Powell suggested that interest rates might be cut in the near future.
  • His comments led to a significant increase in stock market prices.
  • Powell spoke at a meeting in Jackson Hole, Wyoming, with economists and central bankers.
  • Current economic factors, like slow job growth, support the idea of a rate cut.
  • President Trump's tariffs may lead to some price increases.
  • Trump's immigration policies are reportedly affecting workforce growth.
  • The Dow Jones Industrial Average rose nearly 900 points after Powell's comments.

Source Information

NPR Home
WATCH LIVE: Trump delivers remarks after Powell speech on interest rates

WATCH LIVE: Trump delivers remarks after Powell speech on interest rates

August 22, 2025
Federal Reserve Chair Jerome Powell suggested the possibility of lowering interest rates due to concerns about the job market and inflation. President Donald Trump, speaking separately, continued to pressure the Federal Reserve for rate cuts. The stock market rose after Powell's remarks.

Key Facts:

  • Jerome Powell, the Federal Reserve Chair, talked about possibly lowering interest rates.
  • Powell cited risks of rising unemployment and high inflation as reasons for potential rate cuts.
  • The Fed will carefully assess jobs and inflation data before deciding on rate changes.
  • The stock market increased, with the S&P 500 index rising by 1.4% following Powell's speech.
  • President Trump has been urging Powell to cut rates and criticized him publicly.
  • Trump mentioned wanting to fire a Federal Reserve Governor over alleged misconduct.
  • The Federal Reserve is traditionally independent from politics.
  • Powell spoke at a major economic event in Jackson Hole, Wyoming.

Source Information

PBS NewsHour
Revolution Beauty to 'reset' after sale falls through

Revolution Beauty to 'reset' after sale falls through

August 22, 2025
Revolution Beauty, a cosmetics company, has decided to bring back its founders to help improve the business after a planned sale did not happen. The company aims to raise funds and cut costs to return to profitability, following a drop in sales and financial losses.

Key Facts:

  • Revolution Beauty did not find a buyer after starting a sale process earlier this year.
  • Founders Adam Minto and Tom Allsworth are returning to the company to help "reset" operations.
  • The company plans to raise about £15m by issuing new shares.
  • The founders aim to develop a strategy to make the company profitable in the long term.
  • Revolution Beauty experienced a 25.5% drop in sales over the last financial year.
  • The company reported a pre-tax loss of £16.8m, compared to a profit of £11.4m the previous year.
  • Cost-cutting measures, including staff reductions, are expected to save £7.5m by 2027.
  • Allegations were made about undisclosed personal loans by the founders, leading to financial settlements.

Source Information

BBC Business