Business News

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

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.

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BBC Business

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.

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BBC Business

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.

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PBS NewsHour

Target CEO Brian Cornell to step down as company struggles with poor sales numbers

August 20, 2025

Target's CEO Brian Cornell is stepping down after 11 years, and Michael Fiddelke, the company's Chief Operating Officer, will take over on February 1. Target is experiencing slow sales and struggling with its image as a stylish yet affordable retailer. The company's board chose an insider to lead during this challenging time, hoping to improve sales and customer experience.

Key Facts:

Brian Cornell will step down as Target's CEO on February 1.
Michael Fiddelke, the Chief Operating Officer, will become the new CEO.
Target is facing slow sales partly due to inflation affecting customer spending.
The company has nearly 1,980 stores in the U.S.
There have been consumer boycotts related to changes in Target's diversity initiatives.
Target's stock price fell over 8% after announcing Fiddelke's appointment and recent sales results.
Target has seen flat or declining sales for nine out of the last 11 quarters.
Fiddelke plans to focus on better merchandising, customer experience, and technology investments.

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PBS NewsHour

Dependent on foreign sales, U.S. wheat farmers hoping longtime partners stick with them

August 20, 2025

U.S. wheat farmers are worried about losing foreign buyers due to new trade tariffs. They rely heavily on exports, especially to Southeast Asian countries. There are concerns about potential retaliatory tariffs that could increase costs for American farmers.

Key Facts:

U.S. wheat farmers depend largely on selling their wheat to other countries.
A recent trade delegation from Southeast Asia visited U.S. wheat farms.
The U.S. has placed a 20% tariff on some Southeast Asian imports.
There are fears these countries might respond with their own tariffs.
Washington state is the top U.S. wheat exporting state, shipping 90% of its wheat abroad.
Farmers have worked for decades to build strong trade relationships with foreign buyers.
The U.S. government has promised financial aid to farmers if trade issues escalate.
Visits from foreign buyers are routine but currently carry extra tension due to trade policy.

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NPR Home

Sentencing for man who dodged 113 train tickets delayed

August 20, 2025

Charles Brohiri, a man accused of dodging train fares over 100 times, had his sentencing postponed because of concerns about the legal process. A judge delayed the case until December to examine if a lay prosecutor, someone not legally qualified, was improperly used to start the legal proceedings. Brohiri has been charged with fare evasion by Govia Thameslink, a train company.

Key Facts:

Charles Brohiri has been caught without a train ticket 113 times.
He owes over £30,000 in penalty fares.
Brohiri has committed 30 more offences since his last court appearance in May.
A judge delayed his sentencing to investigate if a lay prosecutor was used.
Using lay prosecutors in fare evasion cases is considered a legal issue.
The Department for Transport warned rail firms against using lay prosecutors.
Brohiri is ordered not to ride Govia Thameslink trains until his next court date.
Brohiri's next court appearance is scheduled for December 16.

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BBC Business

Why are food prices still going up?

August 20, 2025

Food prices have been increasing for several months, reaching a 4.9% rise over the past year, partly due to poor weather and global events like the war in Ukraine. This situation affects both consumers and businesses, with some companies raising prices to cover increased costs. Lower-income families feel the impact more because they spend a larger share of their income on food.

Key Facts:

Food and non-alcoholic drink prices rose 4.9% over the past year.
Climate issues, such as drought in the UK, have reduced crop yields.
Global events, including the war in Ukraine, disrupt supply chains and raise prices.
Some farmers have had to change their business models due to these challenges.
Businesses face higher costs from wages and insurance and often pass these on to consumers.
Many consumers are cutting back on eating out and opting for smaller treats.
Lower-income families are more affected by rising food prices as they spend more of their budget on food.

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BBC Business

Bargains are scarce for investors in this pricey stock market

August 20, 2025

The stock market is getting more expensive, making it hard for investors to find good deals. Investors are trying to move their money from expensive stock options to less costly ones but are finding limited opportunities. Even traditionally cheaper sectors are becoming more expensive now.

Key Facts:

High stock prices are no longer just a problem for Big Tech companies; it's a broader issue.
Investors are looking to switch from costly stocks to cheaper ones but are finding fewer options.
The Dow Jones Industrial Average reached a new high partly because of UnitedHealth's stock growth.
Warren Buffett's investment in UnitedHealth sparked a temporary rise in its stock value.
Investors are putting money into sectors like healthcare and materials, which seemed undervalued before.
Both large-cap and small-cap stocks have become more expensive.
Price-to-earnings ratios, which compare a company's stock price to its earnings, are high.
If the market stays pricey, problems like interest rates, tariffs, or inflation could cause it to drop.

Source Information

Axios

Inflation grows increasingly likely as companies start to buckle under tariffs

August 20, 2025

U.S. companies are starting to raise prices due to the costs from tariffs imposed by the government. This is happening as the labor market slows and could lead to more inflation. Businesses are passing these costs to consumers as they face increased financial pressure.

Key Facts:

Companies are raising prices to cope with costs from tariffs initiated by the Trump administration.
Tariffs include a 15% levy on many countries and a 30% levy on China.
Businesses like Home Depot and Procter & Gamble plan to increase prices on some products.
The auto industry might also raise vehicle prices soon due to high tariff costs.
U.S. businesses have absorbed over half the tariff costs, but more costs may shift to consumers.
Goldman Sachs suggests consumer costs from tariffs could rise to 67%.
The Consumer Price Index shows modest price movement, but other indicators suggest rising wholesale prices.

Source Information

Axios

UK inflation rises to 3.8% driven by higher airfares

August 20, 2025

Inflation in the UK increased to 3.8% in the year to July, mainly because of higher airfares during the school summer holidays. This rate of inflation is the highest in 18 months and is above the Bank of England's target of 2%. The cost of eating out, food, and drinks also contributed to the rise in prices.

Key Facts:

Inflation in the UK reached 3.8% in July.
The increase in prices is mainly due to higher airfares.
The rise in airfares happened during the school summer holidays.
This inflation rate is the highest in the last 18 months.
The Bank of England aims for a 2% inflation rate.
Prices of eating out, food, and drinks also went up.
The Bank of England expects inflation to reach 4% in September.

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BBC Business

Dozens bidding for each available rental property

August 20, 2025

Rental homes in East Yorkshire are in short supply, leading to many people competing for each available rental property. This situation is causing financial strain, as renters spend a large portion of their income on housing, and some individuals are struggling to find a home.

Key Facts:

Many people are competing for each rental property that becomes available in East Yorkshire.
Renters in England typically spend more than a third of their income on housing.
Donna Coupland, who rented a home for 10 years, was traumatised after receiving an eviction notice when her landlord decided to sell.
A local letting agent noted there is a severe imbalance between the high demand for rentals and the limited supply of homes.
Ellii Leeming and her daughter have lived with family for seven years because they can't find an affordable rental.
Ms. Coupland expressed difficulty in securing a new place due to her age and owning three dogs.
Ms. Leeming compared her housing situation to the struggles faced during the Victorian era.

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BBC Business

Trump administration wants government to have an equity stake in chipmaker Intel

August 20, 2025

The Trump administration is considering a proposal for the U.S. government to buy shares in Intel, a major chip-making company, which would make it a significant owner. This move is unusual because the government typically does not own parts of private companies.

Key Facts:

The Trump administration is looking into buying equity (shares) in Intel.
This would make the U.S. government a major stakeholder in the company.
Intel is a major chipmaker, producing important components for electronics.
The arrangement is considered unusual for government practices.
The proposal was discussed on an NPR show with a Bloomberg reporter.

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NPR Business

Bessent says U.S.-China trade truce is "working pretty well"

August 20, 2025

The U.S. Treasury Secretary Scott Bessent stated that the current trade arrangements with China are satisfactory to the Trump administration. The ongoing truce, which prevents any new tariffs, is planned to last until November 10. Talks are expected to continue to maintain smooth relations and trade of crucial materials.

Key Facts:

The U.S. is satisfied with the existing trade deal with China.
Current tariffs between the U.S. and China are in a truce until November 10.
The trade war involved both countries imposing tariffs on each other, creating uncertainties for businesses.
China has resumed sending rare earth magnets to the U.S. as agreed.
The U.S. lowered tariffs on Chinese goods from 145% to 30%.
Further discussions and meetings are expected before November to keep the trade relationship stable.
Secretary of State discussed a possible meeting between U.S. President Trump and Chinese leader Xi Jinping, but no date has been set.

Source Information

Axios

Walmart recalls frozen shrimp over potential radioactive contamination

August 20, 2025

Walmart recalled some frozen shrimp in 13 U.S. states due to possible radioactive contamination. The U.S. Food and Drug Administration found traces of a radioactive substance, Cesium-137, in a sample of the shrimp. Customers are advised to dispose of or return the shrimp for a refund.

Key Facts:

Walmart recalled frozen shrimp due to potential radioactive contamination.
The affected shrimp was sold under the Great Value brand in 13 states.
The radioactive substance found is called Cesium-137.
Cesium-137 is a byproduct of nuclear reactions and can be found in small amounts in the environment.
The U.S. FDA found the substance during inspections of imported shrimp from Indonesia.
The contaminated lot numbers are 8005540-1, 8005538-1, and 8005539-1.
The FDA advises customers to dispose of the shrimp or return it for a refund.
The shrimp was sold with best-by dates of March 15, 2027.

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NPR Home

US in talks over 10% Intel stake, White House confirms

August 20, 2025

The White House has confirmed discussions about the U.S. government acquiring a 10% share in Intel, a large chip-making company. This move aims to boost Intel's competitiveness, especially in the fast-growing AI chip market, by swapping government grants for company shares. The deal is part of a strategy to support U.S. manufacturing and technology sectors.

Key Facts:

The U.S. government is considering a 10% stake in Intel.
The deal could involve exchanging government grants for Intel shares.
Intel faces competition from companies like Nvidia, Samsung, and TSMC.
The U.S. wants to support Intel in the AI chip market.
The potential deal is linked to Intel's plan to build a factory in Ohio.
Intel's stock increased by nearly 7% after the news.
Softbank also announced a $2 billion investment in Intel.
Official confirmations are pending, as previous reports were considered speculative.

Source Information

BBC Tech

Empty homes are on the rise. So why aren't they being used to solve the housing shortage?

August 19, 2025

In England, there are many empty homes, but they are not being used to address the housing shortage effectively. Even though grants are available to fix these homes, not many people are taking advantage of them, and long-term empty homes continue to rise. Despite past efforts by the government that reduced the number of empty homes, recent programs have ended, leaving the issue unresolved.

Key Facts:

England has almost 720,000 empty homes as of October 2024.
Roughly 265,000 homes have been empty for more than six months.
Lewisham Council offers improvement grants for empty homes, but uptake is low.
In the last five years, only 22 grants were awarded in a borough with 2,253 empty homes.
Bringing empty homes back into use could help meet Labour's goal of adding 1.5 million homes.
Past government schemes, like the Empty Homes Programme, reduced the total number of empty homes.
The Empty Homes Programme has ended, and rewards from the New Homes Bonus have decreased.

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BBC Top Stories

Sanex shower gel ad banned over racial stereotype

August 19, 2025

A TV ad for Sanex shower gel was banned for showing a racial stereotype where black skin appeared cracked and dry, and white skin looked smooth. The Advertising Standards Authority (ASA) received complaints that the ad suggested white skin was better and banned it from airing again in that form.

Key Facts:

The Sanex ad showed dark-skinned models with skin issues and a white model without problems.
The ASA upheld complaints that the ad could suggest white skin is superior to black skin.
Colgate-Palmolive, which owns Sanex, claimed the ad intended to show a "before and after" effect for its product.
The ad was aired on TV in June and is now banned by the ASA.
Clearcast, responsible for TV ad approvals, did not find the ad perpetuated negative racial stereotypes.
Sanex stated the ad aimed to show how their product helps different skin types.
The ASA warned Colgate-Palmolive to avoid causing racial offense in the future.

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BBC Business

The climate and market factors driving beef prices to record highs

August 19, 2025

Beef prices have reached the highest levels ever, affecting many households. Economic and climate-related issues are contributing to this rise in prices.

Key Facts:

Beef prices are at record highs.
Many families are experiencing financial strain due to these increased costs.
Economic factors are playing a role in driving up beef prices.
Climate issues are also impacting beef production and prices.
An economics correspondent, Paul Solman, is examining these causes.

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PBS NewsHour

Trump administration vying to own a big stake in Intel after SoftBank’s $2 billion bet on company

August 19, 2025

The Trump administration is seeking to obtain a 10% stake in Intel, a major chip manufacturer, by converting federal grants into Intel stock. This move would make the U.S. government one of Intel's largest shareholders, following SoftBank's recent investment in the company. The administration's interest in Intel is part of a broader effort to increase U.S. chip production.

Key Facts:

The U.S. government wants to acquire a 10% stake in Intel.
This stake would be obtained by converting federal grants into stock.
The deal is part of efforts to enhance U.S. chip manufacturing.
Commerce Secretary Howard Lutnick confirmed the negotiations.
SoftBank plans to invest $2 billion for a 2% stake in Intel.
Intel's stock rose after SoftBank and the U.S. government's interest became public.
The Trump administration seeks to boost U.S. technology self-sufficiency.

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PBS NewsHour

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