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Business news, market updates, and economic developments
The UK government is expected to announce the full nationalisation of British Steel in the King’s speech. This follows the government taking control of the company last year to prevent its closure and protect UK steelmaking jobs.
Key Facts
British Steel employs 3,500 people at its plant in Scunthorpe.
The government took over daily running of British Steel in April 2023 from its Chinese owner, Jingye.
Jingye bought British Steel out of insolvency in early 2020 but planned to shut down blast furnaces by April 2025.
Blast furnaces allow steel to be made from raw materials, and closing them would end UK primary steel production.
Government costs to keep the plant running were £377 million by January 2024, potentially rising to £1.5 billion by 2028.
Investors, including Miami-based Michael Flacks, have shown interest in buying the company.
Another UK steel company suggested merging British Steel with Speciality Steel UK to create a larger steelmaker.
The government is still negotiating with Jingye and has not made a final decision.
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A nationwide recall of chocolate bars has been expanded due to concerns about possible contamination. More chocolate products have been included to protect consumers from any health risks.
Key Facts
The recall affects chocolate bars sold across the country.
Additional chocolate bars have been added to the recall list.
The recall is due to possible contamination in the products.
The goal is to prevent consumers from eating potentially unsafe chocolate.
The recall is organized by food safety authorities.
Consumers are advised to check and avoid the recalled chocolate bars.
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Buc-ee’s, a popular travel center known for its snacks like Beaver Nuggets, is planning to open new locations in additional states. The company is expanding beyond its current areas to serve more travelers.
Key Facts
Buc-ee’s is a well-known travel center with a strong fan base.
The company is known for its snack called Beaver Nuggets.
It currently operates in a limited number of states.
Plans are underway to open new Buc-ee’s locations in other states.
The expansion aims to reach more travelers on the road.
Specific states and opening dates were not detailed in the article excerpt.
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Mike Ashley, founder of Sports Direct, admitted he arranged secret video footage that caused Peter Cowgill, former chair of JD Sports, to be removed. The footage showed Cowgill in a restricted meeting during a company takeover, leading to a regulatory investigation, fines, and Cowgill’s ousting.
Key Facts
Mike Ashley is the founder of Sports Direct and owns 73% of its parent company, Frasers Group.
In 2021, Peter Cowgill, JD Sports chair, was secretly filmed in a car with Barry Bown, Footasylum's boss.
JD Sports and Footasylum were in talks about a takeover and were not allowed to share sensitive information.
The secret video led to a regulatory investigation and fines totaling almost £5 million.
Peter Cowgill lost his position as JD Sports chair after the investigation.
Ashley admitted he arranged the video filming and wanted to remove Cowgill.
Ashley said he believed Cowgill knew the risks of the meeting but attended anyway.
JD Sports and Footasylum chose not to comment on the situation.
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The conflict involving Iran has caused major concerns about fuel shortages and global supply chain problems. While some regions have taken steps like energy rationing, many companies and markets have not yet shown strong reactions, relying on existing stockpiles to avoid crisis. Experts warn that if the situation continues, materials and fuel shortages could soon disrupt manufacturing and trade worldwide.
Key Facts
Iran's actions in the Strait of Hormuz since February have reduced shipping flows and raised fears of a global energy shock.
Some Asian countries are urging energy conservation or using rationing to deal with high fossil fuel prices.
European responses have been less strong, with higher fuel prices affecting consumers but supply chains still stable.
Stockpiles of oil and materials have so far helped prevent immediate major supply problems.
Lucid Motors reported disruptions to critical materials for its electric vehicle production due to the conflict.
Some carmakers see only minor impacts and expect solutions soon, while others warn of complacency and longer-term risks.
Companies are better prepared than during past crises but often lack full visibility of their supply chains at deeper supplier levels.
Analysts say current stockpiles act as a temporary buffer, but eventual shortages remain likely if the conflict continues.
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The federal government is refunding tariffs that President Trump had imposed on imports, and businesses that paid these fees can claim money back. The refund process is working but requires working with the original customs broker who handled the tariff payments, and businesses should be prepared for some waiting time and costs.
Key Facts
About 330,000 importers paid over $166 billion in tariffs set by President Trump under a law called IEEPA.
Tariff refunds started being processed in late April through a government-run electronic system.
To get a refund, businesses must use the original customs broker who filed the tariff paperwork.
Importers cannot easily switch brokers for the refund process, but can work with other brokers for advice.
The refund process focuses on shipments finalized in the last 80 days, with some exceptions.
It usually takes 60 to 90 days to receive the refund after filing.
Some businesses may face fees for refund services and must consider that the refunded amount is taxable income.
Shipping companies like FedEx, UPS, and DHL have vowed to pass the tariff refunds back to their customers.
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CBS News Radio, a major source of news for nearly 100 years, will stop broadcasting later this month. The company says changes in how people get news and financial challenges led to the decision.
Key Facts
CBS News Radio began in 1927 and has been a key news source for almost a century.
The network is ending after 99 years of continuous broadcasting.
CBS leaders cite that more people now get news from social media as a reason for closing the radio network.
Economic difficulties also contributed to CBS News Radio’s shutdown.
The "CBS World News Roundup" is the longest-running news program in America, starting with a live broadcast in 1938.
Edward R. Murrow was an influential CBS reporter known for live coverage from Europe before and during World War II.
The radio network brought important historical events to listeners, like World War II updates and the 9/11 attacks.
The shift away from radio reflects broader changes in how audiences consume news.
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Investors in JP Morgan are being asked to vote to separate the roles of chief executive officer (CEO) and chairperson to reduce the power of Jamie Dimon, who currently holds both positions. Two big proxy advisory firms, ISS and Glass Lewis, recommend this change to improve oversight and accountability at the bank. JP Morgan opposes the proposal, saying the current structure has helped the bank perform well.
Key Facts
Jamie Dimon has been both CEO and chair of JP Morgan since 2005-2006.
ISS and Glass Lewis advise shareholders to support splitting the CEO and chair roles.
Holding both roles is seen as a conflict of interest that can weaken board oversight.
JP Morgan’s board plans to separate the roles after Dimon leaves.
Dimon has criticized ISS and Glass Lewis for their influence and foreign ownership.
President Trump signed an order targeting these proxy firms for pushing political agendas.
JP Morgan uses its own AI system for voting decisions instead of relying on ISS and Glass Lewis.
The shareholder proposal to split the roles is supported by proxy advisers but opposed by JP Morgan’s management.
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A new map from the American Heartworm Society shows that heartworm disease in dogs is spreading to more parts of the United States, including places that did not have many cases before. The disease, spread by mosquitoes, can be serious and even deadly for dogs, and experts say dog owners need to protect their pets all year round.
Key Facts
Heartworm disease is caused by parasitic worms transmitted by mosquito bites.
Texas now has the highest number of heartworm cases, followed by several Southern states.
New hotspots have appeared in states like California, Colorado, Wisconsin, and Maine.
Heartworm infections have increased in some states compared to three years ago.
Mosquito populations, including the Asian tiger mosquito, have spread farther north and west.
Warmer temperatures and urban microclimates help mosquitoes live longer and spread heartworm more.
Dogs traveling or moving to new areas can introduce heartworm where it was less common.
Most heartworm cases happen because owners miss or delay giving prevention medication, not because the medicine fails.
Experts advise year-round heartworm prevention for all dogs, even those kept mostly indoors.
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The U.S. Consumer Product Safety Commission (CPSC) has recalled several products sold on Amazon because they pose serious safety risks such as choking, fire, and injury. These products include lithium coin batteries, bed rails, mattresses, bike helmets, and a children's toy, all of which have safety defects that require consumers to stop using them and seek refunds or remedies.
Key Facts
Over 300,000 EEMB lithium coin battery packs were recalled due to unsafe packaging that risks children swallowing them, which can cause burns or death.
Svnntaa portable bed rails were recalled because they can trap users, cause falls, and have faulty locking mechanisms.
Nearly 700 EVLWZL and Gunugu mattresses failed fire safety standards; owners receive a protective cover kit instead of returning the mattress.
About 2,200 Favoto bike helmets do not meet impact standards and may not protect users in crashes, so they should be destroyed.
A rainbow-themed wall-mounted toy by Justforjoyful was recalled for a detachable part that poses a choking hazard to young children.
All recalled products were sold on Amazon between 2022 and 2026.
No injuries have been reported so far, but the CPSC urges immediate action to prevent harm.
Consumers are advised to check for these items in their homes and follow official instructions for refunds or safety fixes.
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Saudi Aramco, Saudi Arabia’s state oil company, reported a 26% increase in profits in the first quarter, earning $33.6 billion. Despite conflict in the Middle East blocking key shipping routes, Aramco used its east-west pipeline to continue exporting large amounts of oil.
Key Facts
Saudi Aramco’s profit rose 26% to $33.6 billion in the first quarter.
Revenue increased nearly 7% to $115.5 billion compared to last year.
The east-west pipeline ships up to 7 million barrels of oil per day from the east coast to the Red Sea port of Yanbu.
The Strait of Hormuz, a major oil shipping route, has been blocked due to the US-Iran conflict since late February.
The blockade has caused world energy prices to rise about 40%, with oil at around $100 per barrel.
Aramco’s CEO said normal market conditions may not return until 2027 if the blockade continues for several weeks.
Aramco will keep its quarterly dividend steady at $21.9 billion.
The Saudi government owns over 80% of Aramco, with the rest mainly held by its Public Investment Fund.
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Martha Stewart’s new book, "The Martha Way," teaches basic cooking skills and home organization. In one chapter, she explains a simple way to make a fluffy omelet using fresh eggs, butter, and a few cooking tips.
Key Facts
The book is called "The Martha Way: Essential Principles for Mastering Home and Living."
Martha Stewart shares classic cooking methods that help home cooks.
For an omelet, use 3 large eggs taken out of the fridge 30 minutes before cooking.
Whisk eggs with salt and pepper, cook in a buttered pan on medium-high heat.
Cook until edges set, then fold and roll onto a plate.
Omelets can include fillings like cheese, spinach, mushrooms, onions, or tomatoes.
The book is published by Harvest, part of HarperCollins Publishers.
It is available in hardcover, eBook, and audio formats.
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Dog probiotics, which are supplements with live microorganisms, are increasingly popular among pet owners to help support dogs' digestive health and immune systems. Veterinarians say probiotics are most helpful for dogs with specific health issues and recommend choosing products made just for dogs that meet strict quality standards.
Key Facts
In 2024, 13% of dog owners bought functional diets like prebiotics and probiotics.
Probiotics contain live helpful microorganisms that support a dog’s digestion and immune health.
They can improve stool quality, shorten diarrhea, and may reduce skin allergies and anxiety in dogs.
Prebiotics, like pumpkin, are types of fiber that feed the beneficial bacteria from probiotics.
Veterinarians recommend probiotics mainly for dogs with digestive problems or those taking antibiotics.
A dog’s gut has many microorganisms forming a balanced microbiome essential to health.
Good probiotics should have the National Animal Supplement Council Quality Seal.
Products should state which probiotic strains they contain and be made specifically for dogs.
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Lidl has changed its loyalty scheme from giving monthly freebies, like free vegetables and pastries, to a points-based system where shoppers earn one point per pound spent. Some customers say they will miss the old freebies, while others like the new system for offering more flexible rewards.
Key Facts
Lidl’s old loyalty scheme gave shoppers free items after spending a certain amount each month.
The new system lets customers earn points (one point per £1 spent) to redeem later for products or discounts.
Points can be used with fewer time limits than the previous monthly freebies.
Some shoppers feel the new scheme is less generous and requires more spending to get rewards.
Others welcome the chance to collect points gradually, especially if they don’t shop frequently.
Similar loyalty scheme changes have happened at other UK supermarkets like Asda, M&S, and Co-op.
Lidl says the points system allows customers to choose how and when to use their rewards.
Rising food prices and inflation are making customers more focused on saving money in supermarkets.
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A food packager at Gousto was fired for eating stolen peanuts on the factory floor, which caused concerns about food safety for allergy sufferers. She denied eating the nuts and claimed her dismissal was due to discrimination, but the employment tribunal rejected her unfair dismissal appeal.
Key Facts
Barbara Lisowska worked as a food packager at Gousto in Warrington.
She was caught on CCTV eating peanuts that belonged to the company on April 12, 2024.
Eating the peanuts was a serious issue because it could risk contaminating food for people with allergies.
She was fired in May 2024 for gross misconduct related to food safety rules.
Lisowska said she did not eat nuts because she has dentures and denied stealing the peanuts.
She claimed her dismissal involved race discrimination and harassment due to her health and language needs.
The employment tribunal in Manchester rejected her claim that the dismissal was unfair.
Gousto has factories in Warrington and Lincolnshire and employs around 1,200 people.
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Criminals are tricking people with false pension schemes that claim to help avoid new UK inheritance tax rules starting in April 2027. Experts warn that scammers are using confusion and pressure to steal money from pension holders, and people should be cautious and seek advice before making any pension changes.
Key Facts
From April 2027, money left in most private and workplace pensions after death will be subject to inheritance tax in the UK.
Scammers offer fake overseas pension schemes that promise to avoid these new tax rules.
These scams often start with unexpected calls, emails, or messages.
Common scam terms include “pension liberation,” “loophole,” “cashback,” and “high returns.”
Cold calling about pensions is illegal, so unsolicited pension offers should be treated suspiciously.
Scammers coach victims to answer questions from legitimate pension providers to avoid detection.
People should check if companies are authorized using the Financial Conduct Authority’s online tool and consult regulated advisers.
If someone suspects a scam, they should report it to Report Fraud.
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The Tony Awards announced their 2026 nominations, with “The Lost Boys” and “Schmigadoon!” each receiving 12 nominations, leading the list. Other notable nominated productions include the revival of “Ragtime” with 11 nominations and “Death of a Salesman” with nine. Actor June Squibb became the oldest nominee at age 96, and Danny Burstein became the most-nominated male actor in Tony history.
Key Facts
“The Lost Boys” and “Schmigadoon!” received the highest number of Tony nominations in 2026, with 12 each.
The musical “Ragtime” received 11 nominations, and “Death of a Salesman” received nine.
Twenty-four shows received at least one nomination across 26 categories.
June Squibb, at 96 years old, is the oldest actor ever nominated for a Tony Award.
Danny Burstein is now the male actor with the most Tony nominations in history.
“Cats: The Jellicle Ball” reimagines the classic “Cats” musical focusing on queer ballroom culture.
The best new musical nominees include “The Lost Boys,” “Schmigadoon!,” “Titanique,” and “Two Strangers (Carry a Cake Across New York).”
Notable new play nominees include “Giant,” “Liberation” (Pulitzer Prize winner), and “The Balusters.”
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The company behind President Donald Trump’s social media platform, Truth Social, reported a loss of over $400 million in the first quarter of 2026. The loss came mainly from a drop in the value of its cryptocurrency investments, while the company’s revenue grew slightly.
Key Facts
Trump Media and Technology Group (TMTG) lost more than $400 million in early 2026.
The company earned about $870,000 in revenue during the first three months of the year.
Most losses came from investments in cryptocurrencies like Bitcoin, whose price fell from $126,000 in October to around $80,000 in March.
President Donald Trump owns about 41% of TMTG through a trust.
Truth Social was created after Trump was banned from major social media sites following the January 6, 2021 Capitol riot.
TMTG plans to grow its business and platform using its current funds and cash flow.
The company is working on a merger with TAE Technologies, which is developing nuclear fusion energy.
President Trump uses Truth Social regularly to share announcements and opinions.
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A recent report shows that after Spirit Airlines stopped operating, several big U.S. airlines might gain more customers. United Airlines, Delta Air Lines, and American Airlines are the main companies that people who wanted to fly with Spirit now prefer.
Key Facts
Spirit Airlines recently went out of business.
United Airlines, Delta Air Lines, and American Airlines are popular alternatives for former Spirit customers.
The information comes from a YouGov analysis released on a Friday.
People who planned to book with Spirit are now considering these bigger airlines.
The report suggests these airlines could benefit, although the increase may be small.
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