HSBC will close all its retail bank branches in Australia over the next 18 months after selling its mortgage and personal loan business to Blackstone. The bank will keep private and institutional banking services but will gradually stop other retail products like savings accounts and credit cards.
Key Facts
HSBC is closing 19 retail branches in Australia in stages over 18 months.
The bank sold its local mortgage and personal loan portfolio to Blackstone.
Blackstone will have Pepper Money manage the loans after the sale finishes, expected in early 2027.
HSBC will stop offering non-mortgage retail products, including transaction accounts and credit cards.
The sale follows a strategic review to simplify HSBC’s business in Australia.
HSBC has about 2,000 employees in Australia and has been in the retail market since 1986.
Australia’s mortgage market is about $2.5 trillion, dominated by five big lenders holding 80% of the market.
Other foreign banks, like Citi, have previously left the Australian mortgage market due to tough competition.
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Geoffrey Watson, an expert who wrote a report claiming corruption in the construction union cost taxpayers $15 billion, said no one from the Victorian Labor government has contacted him about his findings. The report alleges criminal activity linked to the CFMEU union and claims underworld figure Mick Gatto controls certain companies benefiting from government projects.
Key Facts
Geoffrey Watson authored a report on corruption within the CFMEU construction union, estimating costs to taxpayers at $15 billion.
No representatives from the Victorian Labor party have reached out to Watson to discuss his report.
Victorian officials, including the attorney general and police minister, publicly criticized Watson’s report.
Watson regularly informed the police about his investigation and denies ignoring authorities.
Former Victorian Premier Jacinta Allan resigned partly due to handling of this corruption issue; her successor pledged a royal commission into the construction industry.
Watson’s report claims Melbourne criminal Mick Gatto controls M Group companies involved in government projects, though Watson later softened his wording on ownership but maintained Gatto’s control.
The new CFMEU administrator said corruption is still present in the construction sector, involving people influencing who wins contracts.
The administrator expressed doubt about royal commissions but welcomed the new inquiry promised by the Premier.
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The conflict between the U.S. and Iran has disrupted oil shipments and pushed global oil prices higher, leading to large profits for major oil companies in the spring of 2026. These companies sold oil at higher prices while consumers worldwide faced higher fuel costs and some countries experienced fuel shortages.
Key Facts
The U.S.-Iran conflict blocked most shipping through the Strait of Hormuz, a key route for about 20% of the world’s oil and natural gas.
Oil prices rose from about $70 to over $100 per barrel during March to May 2026, reaching as high as $126.
Large oil companies like Exxon Mobil and Chevron are expected to report high second-quarter profits.
Six major European oil companies posted $22 billion in profits for the first quarter of 2026, which is 43% higher than the previous year.
Higher fuel prices led to increased costs for drivers and airline passengers, as well as fuel shortages in countries like Australia, Nepal, and Sri Lanka.
Some U.S. lawmakers have proposed a tax on extra profits made by oil companies due to the conflict, aiming to help consumers.
Oil companies do not control oil prices; these are set by supply, demand, and market buyers.
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South Korea’s Kospi stock index rose sharply by more than 16% after a recent drop, helped by strong gains in chipmaking companies like Samsung Electronics and SK Hynix. This rise followed global trends, including gains on Wall Street and in Tokyo’s stock market.
Key Facts
The Kospi index increased 16.8% to 6,531.71 after falling sharply earlier in the week.
Samsung Electronics shares went up 22.5%, and SK Hynix shares jumped 27.7%.
The recent stock volatility was partly due to concerns about an artificial intelligence (AI) bubble and competition from Chinese chipmakers.
Tokyo’s Nikkei 225 index rose 5.2% to 65,072.42.
SoftBank Group, an investor in the AI company OpenAI, gained 15.1%.
Tokyo Electron, a chip equipment maker, increased 10.1%.
Oil prices fell, with Brent crude down 1.1% to $85.92 per barrel.
On Thursday, U.S. stock indexes also rose: S&P 500 by 1.7%, Dow Jones by 1.2%, and Nasdaq by 2.8%.
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The new Spider-Man movie, "Spider-Man: Brand New Day," is set to open soon and is expected to earn up to $465 million worldwide. This release comes shortly after the movie "Supergirl" did not do well at the box office.
Key Facts
"Spider-Man: Brand New Day" is the ninth live-action Spider-Man film since 2002.
The movie is projected to earn as much as $465 million globally during its opening.
"Supergirl" recently had a disappointing performance in theaters.
The Spider-Man movie is launching while other superhero films are facing difficulties.
Variety’s chief correspondent Marlow Stern discussed the film on CBS News.
The article focuses on the movie’s expected commercial success compared to other superhero movies.
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Eddie Smith, owner of Grady-White Boats, chose not to sell his luxury boat company for millions of dollars. Instead, he gave the company to a charitable trust to benefit his employees.
Key Facts
Eddie Smith owns Grady-White Boats, a luxury boat company.
He had the option to sell the company for hundreds of millions of dollars.
Rather than selling, he transferred ownership to a charitable trust.
The trust is designed to benefit the employees of the company.
This decision keeps the company focused on its workers rather than outside owners.
The move shows an unusual approach to business ownership and employee investment.
Grady-White Boats continues to operate under this new arrangement.
The charitable trust model can help protect the company’s future for its employees.
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The U.S. government signed Executive Order 14415 in July 2026 to reduce dependence on foreign sources for critical minerals used in defense and technology. The order aims to secure supply chains by restricting materials from rival countries and encouraging tracing of materials back to their origins. America has many critical materials stored in old electronics, which could help support industrial and military needs.
Key Facts
Executive Order 14415 was signed on July 20, 2026, to protect U.S. supply chains for critical minerals.
The Department of War will restrict waivers for materials sourced from adversary countries starting January 1, 2027.
Defense and aerospace contractors must trace materials and components to their raw sources.
Old electronics in homes and offices contain valuable minerals like copper, gold, and rare earth elements.
China controls about 90 percent of global rare earth refining and most strategic mineral processing.
Beijing’s 2025 export restrictions caused immediate impacts on industries like auto and electronics.
Mining alone cannot meet the demand for critical minerals quickly enough for U.S. needs.
JPMorgan pledged $24 million to support maritime businesses and workforce development related to industrial growth.
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Noma, a famous restaurant in Copenhagen, will reopen on August 5 without its founder and lead chef René Redzepi. Redzepi stepped down after abuse allegations, and the restaurant will now be led by new chefs with a changing menu focused on seasonal ingredients.
Key Facts
Noma is a well-known restaurant that opened in 2003 and has won many international awards.
René Redzepi, the founder and chef, stepped away in March after allegations of abuse and unpaid internships surfaced.
Redzepi is now in a creative director role but not leading the kitchen.
The restaurant lost its three Michelin stars this year because it was closed for much of the year and did not meet guide requirements.
New executive head chef Pablo Soto said the restaurant is almost fully booked until October.
The reopening menu will change every month to focus more on local and seasonal ingredients, following a new "12 seasons" concept.
Noma conducted an internal review to improve workplace conditions and support staff well-being.
Guests will pay about $686 USD for the meal, with an extra $305 for wine pairing.
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The head of Thames Water said the company’s targets to reduce leaks and pollution are not realistic to meet. Thames Water faces criticism and fines for pollution and is debating whether it should be put under temporary government control or accept a rescue plan from its lenders.
Key Facts
Thames Water is the UK’s largest water company, serving 16 million customers.
The company was fined a record £122.7 million last year for breaking sewage pollution rules.
Thames Water processes 4.3 billion litres of wastewater daily and treats it successfully 99.5% of the time.
The company struggles to meet tight targets on water leakage and pollution set by regulators.
Thames Water is deep in debt and could be placed under a special administration regime, a form of temporary government control.
The company’s boss warns that special administration might cost taxpayers more and disrupt investment.
Thames Water’s creditors have proposed a plan to write off about £9 billion of debt to help the company.
Environmental groups and the regulator expect Thames Water to meet legal pollution standards and reduce leaks.
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A growing number of people in the UK are living as property guardians in empty buildings like former care homes to pay lower rent. These guardians help protect the properties from damage but have fewer legal rights and can be asked to leave with little notice.
Key Facts
Property guardians pay 30-50% less rent than typical tenants in exchange for looking after empty buildings.
Guardians often live in unusual spaces such as disused care homes, schools, pubs, or banks.
They hold a "license to occupy," which gives them fewer rights than normal renters, including less protection against eviction.
One guardian, Katrina, pays £580 a month in London, which is about £400 less than average rent in the city.
Buildings can be run down with problems like leaks and damaged walls, but often have unique features like large windows and high ceilings.
The number of property guardians in the UK is estimated to be between 10,000 and 15,000, mostly in big cities and aged 20-35.
Guardians live communally and share facilities, leading to both social benefits and occasional conflicts.
Property guardian companies claim to carefully check applicants and quickly remove people who cause problems.
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The U.S. economy grew more slowly in the second quarter of the year. A report from the Commerce Department suggests that the conflict in Iran might be affecting this slowdown. The Federal Reserve chose to keep interest rates the same, even though some officials wanted to raise them.
Key Facts
The U.S. economy slowed down during the second quarter.
The Commerce Department released a report confirming this slowdown.
The ongoing war in Iran may be contributing to weaker economic growth.
The Federal Reserve decided not to change interest rates recently.
Three members of the Federal Reserve preferred to increase interest rates but were outvoted.
Interest rates affect how much it costs to borrow money and influence economic activity.
The news was discussed by Amna Nawaz and Greg Ip from The Wall Street Journal.
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The trade publication Pollstar released a ranking of the top 20 global concert tours. The list shows the average money made per city and the average ticket price for each tour based on data from concert promoters and venue managers.
Key Facts
Chris Brown and Usher topped the list with an average gross of about $7.8 million per city and an average ticket price of $182.88.
Bad Bunny came in second, earning around $7.57 million per city with a ticket price of $131.38.
Bruce Springsteen & The E Street Band had the highest average ticket price at $262.56.
The list includes various artists from different music genres and regions.
Average audience sizes per city vary, with Bad Bunny attracting nearly 58,000 people per show.
Other artists in the top 20 include Iron Maiden, Kenny Chesney, No Doubt, Guns N’ Roses, and Pitbull.
The rankings are based on data provided by concert promoters and venue managers worldwide.
Pollstar offers free upcoming tour information on their website.
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American Airlines changed its refund policy to be stricter. Now, passengers can only get a full refund within 24 hours of booking if their flight is at least one week away.
Key Facts
The 24-hour refund rule now only applies to flights departing at least seven days after booking.
Previously, American Airlines allowed refunds within 24 hours for flights departing at least two days later.
The new policy started on Wednesday.
The U.S. Department of Transportation requires airlines to offer refunds within 24 hours only for flights departing at least one week later.
Airlines can offer better policies if they want but are not required to.
American Airlines lets customers hold a ticket for 24 hours without paying.
Other major airlines like JetBlue, Southwest, and United have similar refund policies.
Delta Air Lines has a more flexible policy, allowing refunds within 24 hours regardless of when the flight departs.
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India’s main strawberry farms are in Mahabaleshwar, where 85% of its strawberries grow in cool highlands with good soil. Currently, India imports young strawberry plants from the US and Europe, but local scientists are working to create new types of strawberries that can handle India’s climate.
Key Facts
Most Indian strawberries come from Mahabaleshwar, a mountain region over 1,000 meters high.
Strawberry farming there is difficult because heavy rains can destroy crops.
Farmers buy young plants from overseas because India lacks its own developed strawberry varieties.
Imported plants come from countries like the US, Italy, Spain, and go through government checks before farming.
Strawberry plants in India are grown using modern methods like coco-peat (from coconut husks) and special drip irrigation.
Indian researchers use gamma irradiation to create new strawberry varieties suited to local heat and conditions.
Developing new strawberry plants could take 10 to 15 years.
In the meantime, scientists are helping farmers with improved growing techniques for the Mahabaleshwar area.
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US economic growth slowed to 1.5% in the second quarter of 2026, down from 2.1% in the first quarter. The slowdown is linked to a growing trade deficit, rising petrol prices, and inflation, despite higher business investment and consumer spending.
Key Facts
US GDP grew by 1.5% between April and June 2026, a decline from 2.1% in the first quarter.
The trade deficit widened, reaching $77.6 billion in May, a 42% increase from April.
Exports fell by 3.2% to $317.7 billion, while imports rose by 3.3% to $395.3 billion.
Rising petrol prices increased inflation, hitting $4.48 per gallon in May before falling and then rising again in July.
Business investment in equipment, including semiconductors and telecommunications gear, rose by over 15% in the second quarter.
Increased imports helped fuel investment and consumption, but US production did not keep pace, reducing net exports' contribution to growth.
US trade tensions with countries like Canada, driven by President Trump’s tariff policies, have affected export levels.
Consumers increased spending on items like prescription drugs, vehicles, furniture, restaurants, and hotels, showing some resilience despite economic pressures.
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A U.K. production company and filmmaker are suing Netflix for $105 million because Netflix lost a drive containing an unreleased spy movie starring Nicolas Cage. The filmmakers say the loss harms the movie’s value and chances of being sold, while Netflix says it is not responsible for the loss.
Key Facts
The lawsuit was filed in California court and seeks $105 million in damages.
The lost movie is called "Fortitude" and took over seven years and $45 million to make.
Nicolas Cage stars as a World War II spy, with actors Ben Kingsley and Ron Perlman also featured.
The movie’s master copy was hand-delivered to Netflix on a drive to be screened for potential purchase.
Netflix was told to delete the files after screening, but later reported the drive was stolen from their office.
The filmmakers say losing the movie hurts its value because it is no longer exclusive or "first to market."
Netflix disputes responsibility, saying the movie was delivered without proper security, but offers to monitor for piracy.
Netflix does not own the rights to the movie.
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The stock market rose sharply on Thursday, with major indexes like the Dow and Nasdaq increasing by over 600 points. Some technology companies led the rise, helping to boost investor confidence.
Key Facts
The Dow Jones Industrial Average increased by more than 600 points.
The Nasdaq stock index also gained over 600 points.
Several technology companies showed strong gains, contributing to the market recovery.
The rally occurred on a Thursday trading session.
The rise helped improve the overall mood among investors on Wall Street.
Yahoo Finance reporter Brooke DiPalma provided analysis on the market movement.
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Many people in American cities are buying small tote bags and branded water bottles as status symbols. These items, often sold at food stores like Trader Joe’s and Whole Foods, have become popular despite being small or impractical, because they signal taste or support for certain brands and values.
Key Facts
Small canvas tote bags have become very popular and are seen as status items.
Trader Joe’s launched a mini tote bag priced at $2.99 that quickly sold out.
Some resale prices for these mini totes have reached hundreds or even nearly a thousand dollars.
Trader Joe’s used a marketing strategy called “manufactured scarcity” to increase demand by limiting supply.
Whole Foods partnered with a brand called Fishwife to produce its own small tote bags linked to its image.
The trend of showing support through branded grocery items is being called “Kitchen Couture.”
Branded reusable water bottles like Nalgene have been popular for decades.
These products appeal to consumers as a way to express lifestyle, taste, and ethical values.
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Travel expert Emily Kaufman says it is still possible to book affordable summer trips in August. Many people can find good deals on vacations even later in the summer season.
Key Facts
Emily Kaufman is a travel expert who advises on affordable vacations.
She spoke to ABC News about summer travel options in August.
Booking trips in August can still be affordable for many travelers.
Summer vacation bookings are not only done in advance but can happen late in the season.
Travelers should consider looking for deals on flights and hotels in August.
The article encourages people not to give up on summer travel plans yet.
This advice comes amid a busy travel season for summer vacations.
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Amazon reported strong profits and sales in its second quarter, mainly due to fast growth in its cloud computing unit called AWS. The company plans to spend a lot on artificial intelligence and technology this year but gave a careful forecast for the next quarter.
Key Facts
Amazon’s cloud unit AWS grew sales by 37% in April-June, its fastest growth in 18 quarters.
Amazon’s CEO said AWS, AI, and chip businesses each have run rates over $25 billion.
The company improved delivery speeds, with 40% more items arriving same-day or overnight for Prime members.
Investors watch Amazon’s $200 billion planned spending on AI, robots, chips, and satellites, which is 60% higher than last year.
Other tech companies like Google and Microsoft also showed strong cloud growth but have different spending plans on AI.
Rising shipping and tariff costs due to trade policies and global events may reduce Amazon’s e-commerce profits.
Amazon expanded partnerships with AI companies OpenAI, Anthropic, and Meta in April.
Despite cautious sales outlook, Amazon’s stock rose more than 7% after the earnings report.
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