Sainsbury’s is selling the Argos retail chain for £120 million to a group of experienced retail leaders called Swift Partners. This move will let Sainsbury’s focus on its main food business while Argos continues operating as usual.
Key Facts
Sainsbury’s bought Argos in 2016 for over £1 billion.
Argos is being sold to Swift Partners, led by Richard Pennycook and other former supermarket executives.
The sale price is £120 million.
Argos has more than 660 stores, two-thirds of which are inside Sainsbury’s supermarkets.
The sale is expected to finish by early 2027, with full separation by early 2029.
Argos will keep trading normally, with agreements to stay in Sainsbury’s stores and continued use of the Nectar loyalty program.
Sainsbury’s shares went up by over 3% after the announcement.
The workers’ union Usdaw supports keeping Argos’s store model and wants fair talks about any changes.
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A recent poll shows many Americans worry about the high cost of living and fairness in the economy. CEOs are advised to build trust by staying consistent and neutral, especially with important elections coming soon.
Key Facts
41% of Americans say affordability issues like cost of living, economy, and jobs are the biggest problems today.
About 25% of people told pollsters that high costs are a major concern for CEOs to hear.
Another 23% mentioned greed or economic inequality as key problems in America.
87% of Americans believe the economic system favors large companies.
Only about half think the system works well for everyday people like themselves.
Some CEOs in AI tech are becoming very rich, even as they've softened claims that AI will cause many job losses.
The poll results suggest economic issues will remain the main focus for businesses and voters, despite political changes.
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Great Britain installed more new solar panels in the first half of this year than at any time since 2011, as rising fossil fuel costs have pushed people to generate their own electricity. Many households are adding rooftop solar panels and upgrading to low-carbon heating like heat pumps to save money on energy bills.
Key Facts
142,536 new solar installations were added in the first six months of this year in Great Britain.
This number is the highest for any six-month period since 2011.
Most new installations are rooftop solar panels on homes, which represent less than a third of total solar power capacity.
More households are also applying for government grants to switch from gas boilers to low-carbon heating systems like heat pumps.
The government recently raised the grant amount for heat pumps from £7,500 to £9,000.
Energy companies like E.ON Next and Octopus Energy report large increases in home solar panel installations and sales.
Great Britain has over 2 million solar installations in total.
New legislation will let people living in flats or rented homes use “balcony solar panels” to lower their energy bills starting at the end of August.
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UK house prices rose slightly by 0.1% in July, showing very slow growth as buyers stayed cautious about interest rate changes during ongoing global tensions. The average home price increased to about £277,542, but annual price growth slowed to 1.8%, and demand for new homes weakened due to rising costs and economic uncertainty.
Key Facts
UK house prices rose by 0.1% in July compared to June.
Annual house price growth slowed to 1.8% in July, down from 2.2% in June.
The average UK home price in July was £277,542, slightly higher than June but lower than May.
The Bank of England kept interest rates at 3.75% but warned inflation could rise if the Iran conflict worsens.
Housebuilder Taylor Wimpey reported weaker buyer demand and higher building costs, lowering its home completion forecast for 2024.
Taylor Wimpey’s shares dropped nearly 6% following the results.
More sellers than buyers are in the market, with prices generally flat and some price reductions after initial overpricing.
Homeowners who own outright tend to live longer in their homes (about 24 years on average) compared to mortgage owners (9 years) and renters (4.5 years).
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BP is selling its North Sea oil business, ending 60 years of oil production in that region. The company wants to focus its operations and believes the North Sea business will do better under a new owner.
Key Facts
BP plans to sell its North Sea oil business.
This move would stop BP’s 60-year oil production history in the North Sea.
The North Sea operations include five production centers.
About 1,100 people work in BP’s North Sea business.
BP's CEO, Meg O’Neill, said the business will be stronger with another company.
BP has been operating in the UK for over 100 years.
The UK government and some groups support more North Sea oil drilling.
BP wants to focus on slimming down its overall operations.
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Two major African off-grid solar companies, d.light and Sun King, have secured large financing deals using innovative methods to raise money from private investors. These deals aim to fund solar power systems for homes without reliable electricity by allowing customers to pay in small amounts over time, with future payments used to attract investment.
Key Facts
D.light issued a $50 million green bond in June 2026 to support affordable solar energy.
Sun King raised $286 million in securitized debt in mid-2025, bundling future customer payments to attract investors.
Both companies use a pay-as-you-go model where customers pay for solar systems in small, regular payments, often via mobile phones.
These financing deals could attract mainstream investors beyond traditional donor or development agencies.
Securitization means selling future payments as financial products to get cash upfront, but it is complex and costly.
Larger solar firms benefit from securitization, while smaller firms find it less economical due to high fixed costs.
Investors want 5-7 years of repayment data to feel confident in such financing deals.
The sector faces risks like customers not paying as expected, which investors call portfolio quality risk.
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BP has started the process to sell its oil and gas business in the North Sea. The company’s new CEO, Meg O’Neill, wants to focus on stronger parts of BP and reduce debt, while the UK government says it will take a practical approach to North Sea energy.
Key Facts
BP officially launched the sale of its North Sea oil and gas business.
Meg O’Neill became BP’s CEO on April 1 and is leading the sale effort.
BP aims to simplify its company and lower its debt.
O’Neill said the North Sea is still important for UK energy and BP’s future.
The UK government, including Energy Secretary Miatta Fahnbulleh, is closely involved and wants to protect workers and communities during the sale.
Energy Secretary Fahnbulleh stated oil and gas will remain part of the UK’s energy mix for years.
BP recently removed its chair, Albert Manifold, over concerns about governance and conduct.
The UK’s regional leader, Andy Burnham, supports a practical view on North Sea oil and gas drilling.
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Melrose Industries paused its £175 million share buyback after a chemical leak incident at its aerospace plant in California caused production loss and legal concerns. The company expects more costs related to the incident and is working with authorities to resume full production. Meanwhile, UK house price growth slowed in July due to economic uncertainty and geopolitical tensions, and British Airways’ owner reported a sharp profit drop due to rising fuel costs linked to the Iran conflict.
Key Facts
Melrose Industries stopped its share buyback program after a chemical tank leaked methyl methacrylate at its Garden Grove facility.
The leak caused evacuation but no explosion; partial production resumed by late May.
The incident cost Melrose £16 million in lost revenues and £13 million in special costs so far, with £25-30 million more expected in the second half of the year.
UK house prices rose only 0.1% in July, with annual growth slowing to 1.8%, influenced by cautious buyers and higher interest rates amid US-Iran tensions.
The average UK home price was £277,542 in July, slightly up from June but lower than in May.
British Airways’ parent company, International Airlines Group (IAG), saw a 21% fall in profit after tax to €1 billion in the first half of 2026.
IAG cited significant fuel price increases caused by conflict in Iran and closure of the Strait of Hormuz as major factors for profit decline.
Despite challenges, IAG’s revenue rose 1% to €16 billion and demand is expected to stay strong, though passenger capacity will not grow this year.
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Latin America is becoming a testing ground for new technology-driven political and economic ideas. Key figures like Silicon Valley billionaire Peter Thiel have moved to the region, while far-right political movements promote deregulatory policies, advanced surveillance, and stronger ties with the U.S. These changes combine new tech investments with political shifts favoring tough law enforcement.
Key Facts
Peter Thiel, a Silicon Valley billionaire and co-founder of PayPal and Palantir, has moved to Argentina.
Argentina’s government introduced a policy called Super RIGI, which offers tax breaks and deregulation to attract artificial intelligence investments.
Some Latin American countries have recent elections with far-right winners promoting strong law and order policies and alignment with the United States.
Colombia’s president accused cyber interference in a recent presidential election, and Peru’s candidate alleged fraud after the election result.
The U.S. National Security Strategy aims to strengthen alliances in Latin America by promoting economic and security partnerships.
Tech companies like Palantir are closely involved with government and military functions, showing deep integration with state systems.
Argentina is becoming a central hub for testing these combined political and technological ideas, including corporate benefits and resource use.
The Super RIGI law is inspired by historical companies with strong corporate and political power, echoing colonial-era models.
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Sainsbury's has agreed to sell Argos for £120 million to a group called Swift Partners. Despite the sale, Argos will keep operating inside Sainsbury's stores and continue offering the same products and loyalty points to customers.
Key Facts
Sainsbury's is selling Argos for £120 million.
The buyer is Swift Partners, a new company formed for this purchase.
Richard Pennycook, former boss of the Co-operative Group, is involved with Swift Partners.
Argos will still operate inside Sainsbury's supermarket stores.
Argos will continue to sell Habitat products.
Customers will still earn and use Nectar loyalty points with Argos.
Sainsbury's says there will be no change for customers, staff, or suppliers.
The sale is expected to finish by February next year.
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Sony Group reported a 32% increase in profit for the first quarter of the fiscal year, driven by demand for its video games and music. The company acknowledged damage from a recent earthquake in southwestern Japan but said the full impact on profits is still being evaluated.
Key Facts
Sony’s net profit for April-June rose to 342.2 billion yen (about $2 billion), up from 259 billion yen a year earlier.
Sales increased 8% to 2.84 trillion yen ($17.7 billion) during the same period.
The earthquake in Kumamoto caused some disruption to Sony’s semiconductor factories, with one facility still not operating.
Sony’s PlayStation 5 consoles sales grew to 1.6 million units in the quarter, with total PS5 sales surpassing 93 million.
Sony’s music business performed well, helped by popular catalogs like Michael Jackson’s albums and newer artists.
The company’s film business had fewer releases, but Crunchyroll streaming subscribers increased.
Sony expects a 1.2 trillion yen ($7.5 billion) net profit for the full fiscal year, a 17% rise from last year.
Annual sales are projected to be about 12.5 trillion yen ($77.8 billion), nearly flat compared to the previous year.
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South Korean stock prices rose sharply on Friday, recovering some losses from earlier this week. The gain was led by major chip makers SK Hynix and Samsung Electronics, helped by positive reports from US tech companies about investments in artificial intelligence (AI) and new rules from South Korean regulators to slow the recent sell-off.
Key Facts
South Korea’s main stock index, Kospi, rose nearly 17% in afternoon trading on Friday.
Chip companies SK Hynix and Samsung Electronics saw big share price increases of over 17% and 23%, respectively.
The rise followed earnings reports from Amazon and Microsoft that boosted confidence in AI investments.
Earlier in the week, both SK Hynix and Samsung shares had dropped amid a sell-off in AI-related stocks.
South Korean regulators introduced measures to limit the recent sharp declines in the market.
The Kospi market has experienced several trading halts this year due to a circuit breaker system that pauses trading to stop panic selling.
Despite recent drops, the Kospi index is still 50% higher than at the end of 2025.
Chip stock gains in South Korea also helped lift markets in Japan and Taiwan on Friday.
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Food in Community is a group in Devon that collects extra or unwanted crops from local farmers to reduce food waste. They pack the food into boxes and deliver them for free to people in need, with leftovers given to food banks and community projects. The group wants to expand by working with more farmers, volunteers, and partners.
Key Facts
Food in Community has been rescuing surplus food from local farmers for 14 years.
The group mainly operates in Devon but also supports Cornwall.
Boxes of food are delivered free to people who have been referred because they are in need.
Leftover produce goes to food banks, community fridges, lunch clubs, and youth groups.
Research shows about 2.9 million tonnes of edible food is wasted on UK farms each year.
The group values the resources used to grow food, such as farmers’ effort and water.
Farmer Lloyd Stone donates surplus courgettes that are too large for sale but still edible.
Youth groups use the donated food to help young people cook and eat together.
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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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