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Business news, market updates, and economic developments

UK's third-largest steelworks collapses into government control

UK's third-largest steelworks collapses into government control

August 21, 2025
The UK's third-largest steelworks is now under government control. This affects around 1,500 workers as the authorities try to find a new owner for the facility.

Key Facts:

  • The steelworks is the third largest in the UK.
  • It is located in Rotherham and Sheffield.
  • The company, Speciality Steels UK (SSUK), owed hundreds of millions of pounds.
  • Insolvency courts granted a winding-up order against SSUK.
  • The Official Receiver and Teneo, a consultancy firm, are managing the company.
  • The government will pay workers' wages and other costs for the time being.
  • A buyer is sought to take over the steelworks.

Source Information

BBC Business
Trump backs down from 250% EU pharma tariff in deal

Trump backs down from 250% EU pharma tariff in deal

August 21, 2025
The United States and the European Union have reached a trade agreement involving pharmaceuticals and semiconductors. Initially, there was a threat from President Trump to impose high tariffs of up to 250% on these goods, but that has been reduced to 15%. Other parts of the agreement include maintaining a 27.5% tariff on cars until the EU removes tariffs on U.S. industrial goods.

Key Facts:

  • The U.S. initially threatened to impose very high tariffs on EU pharmaceuticals and semiconductors.
  • Under the new agreement, tariffs on these items will be lowered to 15%.
  • The deal was first mentioned during Trump's meeting with European Commission President Ursula von der Leyen.
  • The EU will lower tariffs to zero on all U.S. industrial goods, including some agricultural products.
  • The 27.5% tariff on European car exports to the U.S. will remain until the EU lifts all tariffs on U.S. goods.
  • This agreement provides stability and clarity for U.S.-EU trade relations.
  • Ireland's Deputy Prime Minister welcomed the tariff reduction for pharmaceuticals, important for Irish exports.
  • The new 15% tariff rate will apply to most European goods starting from 1 September.

Source Information

BBC Business
With Fed under pressure, Jerome Powell prepares for a high-stakes speech

With Fed under pressure, Jerome Powell prepares for a high-stakes speech

August 21, 2025
Jerome Powell, the Federal Reserve Chairman, is preparing to give a significant speech at the Jackson Hole meeting. The speech will discuss the economic outlook and the Fed's approach to managing inflation and unemployment. This comes amid pressure from the White House to lower interest rates.

Key Facts:

  • Jerome Powell will give a speech at the Jackson Hole meeting, which is his last as Fed Chairman.
  • The Federal Reserve is under pressure from the White House to lower interest rates.
  • Powell's speech will address the economic outlook and the balance between inflation and unemployment.
  • Investors are hoping for hints about a possible interest rate cut in September.
  • The Fed cut its benchmark rate by one percentage point last year and has kept rates steady since December.
  • Inflation is above the Fed's 2% target, while job growth is slowing, complicating rate decisions.
  • The Fed recently reviewed its long-term interest-rate policy, balancing inflation control and maximum employment goals.
  • Powell might state that the Fed is keeping options open for future rate decisions.

Source Information

NPR Home
Walmart says tariff costs are rising 'each week' and will continue

Walmart says tariff costs are rising 'each week' and will continue

August 21, 2025
Walmart reports that the costs of tariffs are increasing weekly and will continue to do so for the rest of the year. These costs have forced price adjustments on some items, but overall, Walmart says that customer shopping habits have not dramatically changed. Sales in the U.S. have grown, although customers are cautious about large spending due to economic uncertainty.

Key Facts:

  • Walmart's costs from tariffs are increasing weekly.
  • Some item prices have risen due to tariffs, but many back-to-school items are cheaper this year.
  • The Trump administration's tariffs affect nearly all imports, raising costs for retailers.
  • Walmart has seen a rise in higher-income shoppers looking for deals.
  • Tariffs have not caused major changes in customer shopping habits.
  • Walmart's U.S. sales increased by 4.6% in the last quarter.
  • Other retailers like Home Depot have also raised some prices due to higher tariffs.
  • Companies have avoided major price hikes by stockpiling goods in advance.

Source Information

NPR National
The U.S. and EU release a bare-bones account of their trade deal, but it’s a work in progress

The U.S. and EU release a bare-bones account of their trade deal, but it’s a work in progress

August 21, 2025
The U.S. and the European Union (EU) announced a partial trade deal that includes a 15% tariff on 70% of goods the EU exports to the U.S. The agreement is not legally binding and leaves out many details, with ongoing talks planned to address areas not yet covered, such as wine, spirits, and steel. The arrangement aims to prevent a trade war by setting lower tariffs than those imposed during the previous U.S. administration.

Key Facts:

  • The trade deal between the U.S. and EU includes a 15% import tax on 70% of EU goods sent to the U.S.
  • The initial agreement omits areas such as wine, spirits, and steel, with negotiations to continue on these topics.
  • The document is a political commitment rather than a legally enforceable contract.
  • U.S. automotive exports to the EU will have a zero tariff, a key provision of the deal.
  • The trade relationship between the U.S. and EU is the largest in the world, involving $2 trillion in business annually.
  • The deal seeks to avoid a trade war and maintain lower tariffs than those implemented during President Trump’s tenure.
  • Ongoing discussions may potentially exclude more goods from the 15% tariffs.
  • EU officials hope to reduce tariffs on wine and spirits through future negotiations, aiming for a permanent solution.

Source Information

PBS NewsHour
Average five-year mortgage at lowest level since 2023

Average five-year mortgage at lowest level since 2023

August 21, 2025
Average mortgage rates in the UK have dropped below 5% for both five-year and two-year fixed rate deals. This marks the first decrease to this level since May 2023, offering some relief to borrowers.

Key Facts:

  • The average five-year fixed mortgage rate is now at 4.99%, down from 5%.
  • The average two-year fixed mortgage rate has dropped to 4.97%.
  • This decline is the first time rates have been below 5% since former Prime Minister Liz Truss's mini-budget in September 2022.
  • Moneyfacts reports that lenders are competing more aggressively, offering more options to borrowers.
  • There are now 7,031 residential mortgage products available, up from 6,992.
  • 900,000 fixed rate mortgages are due to expire in the second half of 2025.
  • Mortgage rates increased significantly after a fiscal event in 2022, reaching the highest level since the 2008 financial crisis.

Source Information

BBC Business
Tesco meal deal price rises by 25p

Tesco meal deal price rises by 25p

August 21, 2025
Tesco has increased the price of its meal deal for both Clubcard holders and non-holders. The rise is part of a broader trend of increasing food prices in the UK.

Key Facts:

  • Tesco has raised the meal deal price for Clubcard holders from £3.60 to £3.85.
  • Non-Clubcard holders will pay £4.25, up from £4.
  • The price increase is effective from Thursday.
  • A premium meal deal is now £5.50 for Clubcard users, £6 for others.
  • Food prices in the UK rose 4.9% over the year leading to July.
  • Retail costs have risen due to changes like a new packaging tax and increased employment costs.
  • The British Retail Consortium warns that new taxes could push prices higher.
  • The Bank of England predicts food price inflation to peak at 5.5% later in the year.

Source Information

BBC Business

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WHSmith shares tumble after accounting blunder

WHSmith shares tumble after accounting blunder

August 21, 2025
WHSmith's shares dropped by 38% due to an accounting mistake that overstated profits in North America. The company has adjusted its profit forecasts and is conducting a review to address the error. WHSmith operates mainly as a travel retailer after selling its UK high street division.

Key Facts:

  • WHSmith's shares fell 38% after announcing an accounting error.
  • The error involved early recording of supplier income, causing profit overstatements.
  • The company's predicted North American profits dropped from £55 million to £25 million for the year.
  • WHSmith revised its expected annual pre-tax profits to about £110 million.
  • The company has asked Deloitte to review the situation.
  • WHSmith sold its UK high street operation to focus on travel retailing.
  • Experts say the error is embarrassing and raises concerns about the company's future.
  • WHSmith stores are now found mainly in places like airports and railway stations.

Source Information

BBC Business
With the labor market weak, employees are "job hugging"

With the labor market weak, employees are "job hugging"

August 21, 2025
The current U.S. job market is experiencing slow job growth, leading many employees to stick with their current jobs in a trend known as "job hugging." This situation is partly due to economic uncertainty and fears about the impact of artificial intelligence (AI) on employment. The trend has allowed employers more leverage in setting working conditions.

Key Facts:

  • Job growth in the U.S. has been slow, with the weakest numbers since 2010 aside from the pandemic period.
  • In New York City, only 965 private-sector jobs were created in the first half of the year.
  • Professional and business services employment is declining after previous growth post-pandemic.
  • Employees are worried about AI potentially replacing their jobs.
  • Some industries, like consulting, are contracting, leading to fewer job opportunities.
  • Employers are using the opportunity to regain control over work conditions, such as requiring office attendance.
  • The unemployment rate remains relatively low outside of federal job cuts.

Source Information

Axios
Fast-food giant Jollibee blames fraudsters for raffle row in Philippines

Fast-food giant Jollibee blames fraudsters for raffle row in Philippines

August 21, 2025
Jollibee, a popular fast-food chain in the Philippines, reported that fraudsters altered the results of an online raffle by entering fake names. The company corrected the situation, promised a re-draw, and assured cooperation with a government investigation.

Key Facts:

  • Jollibee is a well-known fast-food chain in the Philippines.
  • Fraudsters tampered with Jollibee's online raffle results.
  • Fake names appeared as winners, leading to disbelief among social media users.
  • Jollibee took action by disqualifying invalid winners and suspending further draws.
  • The company complied with a government investigation led by the Department of Trade and Industry.
  • The Department promises to ensure future raffle fairness and transparency.
  • Jollibee has expanded internationally, with stores in 17 countries.

Source Information

BBC World
Government borrowing lower than expected in July

Government borrowing lower than expected in July

August 21, 2025
In July, the UK government borrowed £1.1 billion, which was less than expected. This was the lowest borrowing amount for the month in three years and is due to higher tax and National Insurance income.

Key Facts:

  • UK government borrowing in July was £1.1 billion.
  • This borrowing amount decreased by £2.3 billion compared to July of the previous year.
  • The current July borrowing is the lowest in three years.
  • The reduction in borrowing was due to strong tax and National Insurance income.
  • Total borrowing for the first four months of the financial year reached £60 billion.
  • This total borrowing amount increased by £6.7 billion compared to the same period last year.
  • The data was reported by the Office for National Statistics (ONS).

Source Information

BBC Business
Delta and United sued over 'window seats' without windows

Delta and United sued over 'window seats' without windows

August 21, 2025
Delta Air Lines and United Airlines are being sued by passengers who say they were charged extra for window seats but ended up next to solid walls with no windows. The lawsuits argue that the airlines do not inform customers about these windowless seats during booking. The legal actions are seeking refunds and damages for many affected passengers.

Key Facts:

  • Passengers are suing Delta and United because they paid for window seats but got seats without windows.
  • The lawsuits request millions in damages for over a million customers from each airline.
  • It's claimed that Delta and United do not inform buyers that some seats labeled as "window seats" do not have windows.
  • The lawsuits were filed by Greenbaum Olbrantz law firm.
  • Some seats on certain Boeing and Airbus planes lack windows due to the location of air conditioning and other equipment.
  • The lawsuits say customers might have chosen different seats if they knew they lacked windows.
  • Other airlines, like American and Alaska Airlines, provide information if a seat does not have a window during booking.
  • United Airlines has not commented on the lawsuit; Delta has yet to respond.

Source Information

BBC Business
Sony raises PlayStation 5 prices in US as tariff fears persist

Sony raises PlayStation 5 prices in US as tariff fears persist

August 21, 2025
Sony is increasing the prices of its PlayStation 5 consoles in the United States by about $50. The decision comes in response to rising costs and concerns over tariffs affecting goods from Japan. Prices for PlayStation 5 accessories will remain the same.

Key Facts:

  • Sony is raising PlayStation 5 prices in the U.S. by about $50.
  • The new price for the base model will be $499.99.
  • Sony cites rising costs and tariffs as reasons for the price increase.
  • Tariffs were introduced by former U.S. President Donald Trump.
  • The price changes will start on August 21.
  • Prices for PlayStation 5 accessories will not change.
  • Similar price hikes were made in the UK and Europe due to inflation and exchange rates.
  • Other gaming companies like Nintendo and Microsoft have also raised prices recently.

Source Information

BBC World
Denmark's state postal service calls time on letter deliveries

Denmark's state postal service calls time on letter deliveries

August 20, 2025
Denmark's state postal service, PostNord, will stop delivering letters at the end of the year due to a significant drop in demand, mostly because of digital communication. The company will lay off about one-third of its workforce but plans to expand its parcel delivery services, which are profitable.

Key Facts:

  • PostNord is ending letter deliveries due to a decline in letter volumes.
  • The decline is mainly due to digitalization, with more communication happening online.
  • PostNord will cut 2,200 jobs but create 700 new positions in parcel delivery.
  • Danish people now receive an average of one letter per month.
  • Denmark ranks among the most digitalized countries, with most services available online.
  • The cost of sending letters in Denmark is high, contributing to the decline in letter usage.
  • Since 2000, the number of letters handled by PostNord decreased by over 90%.
  • 1,500 red post boxes will be removed from Danish streets as part of the changes.

Source Information

BBC Business
US Senator Bernie Sanders backs Trump plan for government stake in Intel

US Senator Bernie Sanders backs Trump plan for government stake in Intel

August 20, 2025
U.S. Senator Bernie Sanders supports a plan by President Donald Trump to convert government grants for chipmakers like Intel into ownership stakes. This comes as part of the CHIPS and Science Act aimed at boosting domestic semiconductor production. Both Sanders and Trump agree that taxpayers should receive returns on investments in profitable companies.

Key Facts:

  • President Trump plans to change U.S. grants to chipmakers, such as Intel, into government stakes in these companies.
  • Senator Bernie Sanders supports this plan, stating taxpayers deserve returns if the companies profit.
  • The grants are part of the 2022 CHIPS and Science Act, which encourages chip production in the U.S.
  • Commerce Secretary Howard Lutnick is considering how the government can take equity stakes in Intel and others.
  • Sanders had previously suggested an amendment to the CHIPS Act for government equity in companies receiving grants.
  • The plan aligns Sanders and Trump, showing a shift towards state intervention in the economy.
  • Earlier, President Trump allowed AI chip sales to China, with the U.S. getting a percentage of the revenue.
  • Intel CEO Lip-Bu Tan faced national security concerns due to past investments in Chinese tech companies.

Source Information

Al Jazeera
Target appoints new boss as it seeks to revive sales

Target appoints new boss as it seeks to revive sales

August 20, 2025
Target has named Michael Fiddelke as its new chief executive to help turn around its declining sales and share price. Fiddelke, who has been with Target for 20 years, will take over from Brian Cornell in February. The change in leadership comes as Target faces challenges like rising prices and tough competition from companies like Amazon and Walmart.

Key Facts:

  • Target appointed Michael Fiddelke as its new chief executive.
  • Fiddelke has been with Target for 20 years and is currently the chief operating officer.
  • He will replace Brian Cornell, who has been CEO for 10 years.
  • Target's sales have been declining due to rising prices and competition.
  • The company's shares dropped 11% after the announcement but later recovered slightly.
  • Fiddelke plans to improve product quality and use more technology in the business.
  • Target's share price has been stagnant since a drop at the start of the year.
  • Target faced backlash and sales declines after ending diversity, equity, and inclusion targets.

Source Information

BBC Business
Big box retailer Target names new CEO as business struggles

Big box retailer Target names new CEO as business struggles

August 20, 2025
Target has appointed Michael Fiddelke as its new CEO starting February 1, 2026, aiming to address the retailer's ongoing struggles. Fiddelke, who has been with Target for 20 years, plans to focus on improving merchandise quality, shopper experience, and technology use. Target's stock fell following the announcement, and the company continues to face challenges like declining sales and competition from other retailers.

Key Facts:

  • Michael Fiddelke, a Target veteran, will become CEO on February 1, 2026.
  • Current CEO Brian Cornell will become executive chairman.
  • Target's stock dropped 10% in premarket trading after the announcement.
  • Target has faced issues with inventory management and retail crime.
  • Target's sales have declined as customers turn to competitors like Walmart and TJ Maxx.
  • Over the last five years, Target's stock fell 23%, while Walmart's rose 125%.
  • Second-quarter store sales decreased by 1.9%, with operating income margin falling to 5.2%.
  • The company is maintaining its annual forecasts despite past earnings challenges.

Source Information

Al Jazeera
UK prepares to take over third largest steelworks

UK prepares to take over third largest steelworks

August 20, 2025
The UK government is planning to take control of the third largest steelworks in the country, Speciality Steels UK (SSUK), to protect 1,500 jobs and keep the steel production running. The company faces financial troubles due to unpaid debts and the collapse of its main lender. A court will decide the company's future while negotiations for new funding are ongoing.

Key Facts:

  • The UK government is preparing to take over Speciality Steels UK (SSUK) to save jobs and continue operations.
  • SSUK, owned by Liberty Steel, operates in South Yorkshire and uses scrap metal to make steel.
  • The company's financial problems include unpaid debts and an inability to purchase necessary materials after its main lender collapsed.
  • SSUK has the UK's only electric arc furnaces, which are more energy-efficient for steel production.
  • Creditors have asked the court to liquidate SSUK to sell its assets and recover debts.
  • Sanjeev Gupta, chairman of GFG Alliance, still seeks to manage administration to sell the company without government intervention.
  • The High Court is reviewing the case to decide on a potential government takeover.
  • Previous government intervention in the steel industry, like the 2019 Scunthorpe case, has been costly.

Source Information

BBC Business
What are Rachel Reeves' options on property tax?

What are Rachel Reeves' options on property tax?

August 20, 2025
The UK government is considering changes to property taxes, such as capital gains tax, stamp duty, and council tax, to address budget challenges. These potential changes aim to raise billions in revenue but may also have various negative effects. The Treasury has not confirmed any specific plans yet.

Key Facts:

  • The UK government may change property taxes to raise funds for the upcoming Budget.
  • Rachel Reeves is the Chancellor facing decisions on government borrowing and spending balance.
  • Capital gains tax might be extended to pricier home sales, possibly raising significant revenue.
  • Stamp duty, a tax on home purchases, could be abolished, which raised £11.6 billion last year.
  • Abolishing stamp duty might be paired with new taxes on homes over £500,000 and council tax reforms.
  • The current council tax system is based on 1991 property values and varies by local authority.
  • Any changes to these taxes could face public criticism and political challenges.
  • The Treasury has not officially commented on these potential tax reforms.

Source Information

BBC Business
Walmart recalls its frozen shrimp in 13 states, citing potential radioactive contamination

Walmart recalls its frozen shrimp in 13 states, citing potential radioactive contamination

August 20, 2025
Walmart has recalled some frozen shrimp in 13 states after the FDA found potential radioactive contamination. The shrimp, part of the Great Value brand, may contain Cesium-137, a radioactive material. This recall is a precaution to prevent potential health risks.

Key Facts:

  • Walmart recalled Great Value brand frozen shrimp in 13 states.
  • The U.S. FDA found Cesium-137, a radioactive substance, in the shrimp.
  • The recall affects three specific lots with certain codes and March 2027 best-by dates.
  • The shrimp was imported from Indonesia and may pose a future health risk with long-term exposure.
  • U.S. Customs and FDA officials detected contamination in certain shipping containers.
  • Consumers should throw away the shrimp or return it for a refund.
  • Affected states include Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Missouri, Mississippi, Ohio, Oklahoma, Pennsylvania, Texas, and West Virginia.

Source Information

PBS NewsHour