Swatch's CEO defended the launch of its new Royal Pop pocket watch, a collaboration with luxury brand Audemars Piguet, after large crowds caused chaos and forced store closures in several cities. The watch is affordable compared to typical luxury watches, and Swatch said production will continue for months, emphasizing that the launch is not limited to one day.
Key Facts
Swatch partnered with Audemars Piguet to release the Royal Pop pocket watch.
The watch costs around £335 ($400), much cheaper than usual Audemars Piguet watches.
Many stores experienced overcrowding and had to close temporarily for safety reasons.
The watch is not sold online and only 20 out of 220 global stores faced issues.
Police were involved in some locations, and a person was arrested in Cardiff.
Swatch CEO Nick Hayek Jr said the event was communicated as a long-term launch, not one day only.
Some people resold the watch at much higher prices, which the CEO did not criticize.
Experts say social media hype and the appeal to younger buyers helped create big crowds.
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The average price of unleaded petrol in the UK has reached 158.52 pence per litre, the highest since the start of the Iran war in February. Rising oil prices caused by disruptions in the Middle East have pushed fuel costs up, and petrol prices are expected to increase further unless oil prices drop significantly.
Key Facts
Petrol prices rose sharply after the Iran conflict began on 28 February.
The current average unleaded petrol price is 158.52p per litre, higher than the previous peak of 158.31p on 15 April.
Diesel prices have also increased, now averaging 185.92p per litre, up from 142.38p at the conflict’s start.
Brent crude oil, a global oil price benchmark, is trading around $111 per barrel, up from about $73 before the conflict.
The UK government may cancel a planned fuel duty increase scheduled for September to help drivers.
The current fuel duty rate is 52.95p per litre, which has been reduced since the Ukraine war.
Diesel prices have recently decreased but remain higher than expected compared to wholesale prices.
The RAC urges fuel retailers to pass on wholesale savings to consumers at petrol stations.
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Spanish brewer Damm, owner of Estrella lager, has agreed to buy the Old Speckled Hen ale brand from British pub chain Greene King. The ale will continue to be brewed in the UK initially, then production will move to Damm’s brewery in Bedford.
Key Facts
Greene King will sell its Old Speckled Hen ale brands to Damm, a Barcelona-based brewer.
The sale includes non-alcoholic and golden ale versions of Old Speckled Hen.
Brewing will stay at Greene King’s site in Bury St Edmunds during transition, then shift to Damm’s Bedford brewery.
Old Speckled Hen beers will remain available in Greene King pubs and supermarkets after the sale.
Greene King plans to focus more on selling beer in its pubs and less in supermarkets.
This sale follows a trend of British beers being bought by foreign companies, including deals involving AB InBev, SABMiller, and Asahi.
Molson Coors plans to close the Cornish brewery that makes Doom Bar ale, saying it is not financially sustainable.
Damm’s UK managing director said Old Speckled Hen fits well with their existing beer range and reconnects them with British beer traditions.
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Home Depot's profit dropped compared to last year but still exceeded Wall Street's predictions in the first quarter. The company benefited from strong buying by professional customers and homeowners stocking up on spring supplies, despite economic challenges like rising gas prices and a slow housing market.
Key Facts
Home Depot earned $3.29 billion in profit, or $3.30 per share, in the latest quarter, down from $3.43 billion and $3.45 per share a year ago.
Adjusted earnings per share were $3.43, slightly above analysts’ expected $3.41.
Revenue rose to $41.77 billion, beating the forecast of $41.59 billion.
Sales at stores open at least a year increased by 0.6%, including a 0.4% rise in U.S. stores.
The number of customer transactions fell by 1.3%, but average spending per customer went up to $92.76 from $90.71.
Home Depot expects total sales growth of 2.5% to 4.5% and comparable sales growth of flat to 2% for fiscal 2026.
Economic factors affecting sales include a slow housing market and a 28% rise in gasoline prices over the past year.
The housing market has been weak since 2022 due to higher mortgage rates and affordability issues.
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Tony Elumelu, chairman of United Bank for Africa, said Africa should solve its own problems because Western aid is decreasing. He stressed the importance of the private sector investing in electricity and transportation to support the continent’s growth.
Key Facts
Western development aid to Africa is shrinking.
Africa cannot depend on outside help alone anymore.
Wealthy Africans have a duty to spread prosperity across the continent.
The private sector needs to act without waiting for governments.
Electricity and mass transportation are the most urgent infrastructure needs.
Lack of infrastructure has slowed down the African Continental Free Trade Area's progress.
The comments were made during the Africa-France summit in Nairobi.
Elumelu called for practical actions rather than just discussions to improve Africa’s development.
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A California court decided that Elon Musk waited too long to start a lawsuit against OpenAI's leaders. Musk had accused them of hiding their plan to turn OpenAI from a charity into a for-profit company. Musk said he will continue to fight despite the court ruling.
Key Facts
The court ruling happened on Monday in California.
Elon Musk sued OpenAI for misleading the public about its business plans.
OpenAI changed from a nonprofit (charity) to a for-profit company.
The court said Musk filed the lawsuit too late.
Musk promised to keep fighting even after losing the case.
The lawsuit involved OpenAI's leadership, including Sam Altman.
Other business news mentioned includes job cuts at Standard Chartered and a CEO firing in South Korea.
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A Jackson Pollock painting called Number 7A, 1948, sold for $181 million at a Christie's auction in New York, setting a new record for his work. The sale makes it the fourth most expensive artwork ever sold at auction.
Key Facts
The painting sold for $181 million (£135 million).
Number 7A, 1948 is described as one of the first truly abstract paintings.
The artwork was part of the private collection of media owner SI Newhouse.
It is now the highest-priced Pollock painting sold at auction, surpassing the previous record of $61.2 million in 2021.
The painting is over three meters wide and features black drips with touches of red.
A bronze sculpture by Constantin Brancusi from the same auction sold for $107.6 million, the second highest price for a sculpture at auction.
Other high-value paintings by Mark Rothko and Joan Miro also sold at the auction, breaking previous records.
Jackson Pollock was a major figure in abstract expressionism and used a drip painting technique.
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The CEO of Starbucks Korea, Son Jung-hyun, was fired after a marketing campaign angered many people by referring to a violent military crackdown on protesters in 1980. The campaign used the terms "Tank Day" and "5/18," which reminded people of a tragic event in South Korea’s history, leading to strong criticism including from the South Korean president.
Key Facts
Starbucks Korea’s CEO Son Jung-hyun was dismissed because of an “inappropriate” promotional campaign.
The campaign referenced the May 18, 1980, Gwangju uprising, a key pro-democracy event in South Korean history.
The promotion used the phrases “Tank Day” and “5/18” to market coffee tumblers.
The campaign reminded many South Koreans of the military’s violent crackdown on protesters, which caused many deaths.
South Korean President Lee Jae-myung publicly condemned the campaign for disrespecting the country’s democracy struggle.
Shinsegae Group, the Starbucks Korea operator, fired Son following an internal investigation and will also dismiss another executive involved.
Son apologized, saying the promotional materials were not properly reviewed before launch.
Starbucks has over 2,000 stores in South Korea, one of its largest markets after the US and China.
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The ongoing war in Iran is causing fuel prices to rise sharply in the U.S. and Europe. This increase is leading more car buyers to consider electric vehicles (EVs), boosting sales and interest in both new and used EVs.
Key Facts
Fuel prices rose 15-28% in the U.K. and about 60% in the U.S. this year.
The average gasoline price in the U.S. is $4.51 per gallon; diesel costs over $5.60 per gallon.
Toyota’s electrified vehicle sales in North America increased by 11.2% year-over-year and now make up 55.8% of their total sales.
Interest in EVs is increasing in Europe, with sales up 39% year-to-date, but this has not yet led to a big jump in new orders.
Europe offers around 400-500 different types of battery-electric vehicles, about five times more than the U.S. market.
Used EV demand is growing, especially for models like Tesla Model Y and Model 3, Nissan Leaf, and Rivian R1S, as lease returns add affordable options to the market.
Challenges for EV adoption include higher vehicle prices, limited charging stations, and concerns about lower resale values.
There are reports of a potential shortage of synthetic lubricants needed for newer vehicles, which could increase maintenance costs.
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A new Swatch watch has become very popular, with some people selling it for over £1,000. This high demand has attracted attention in the luxury retail market.
Key Facts
A new Swatch watch was recently released.
Some people sold the watch for more than £1,000.
The watch’s popularity is driving up its resale price.
This trend highlights interest in luxury retail items.
The story was reported very recently, about 12 minutes ago.
The price sold is much higher than the original retail price.
Swatch is a well-known watch brand that usually sells products at affordable prices.
The article focuses on why people want the new Swatch watch.
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Standard Chartered plans to cut over 7,000 jobs by 2030, mainly in back-office roles, due to increased use of artificial intelligence (AI). The bank aims to become more efficient and profitable by replacing some human jobs with technology and investment.
Key Facts
Standard Chartered will reduce about 15% of its back-office staff, which equals around 7,800 job cuts out of 52,000 back-office roles.
The bank has nearly 82,000 employees worldwide.
Job cuts will mainly affect offices in Chennai, Bengaluru, Kuala Lumpur, and Warsaw.
CEO Bill Winters said cuts are driven by AI and automation, allowing some staff to learn new skills.
The move is part of a strategy to improve profitability and focus on better returns for shareholders.
Standard Chartered has been transforming for the past decade to become a stronger and more stable bank.
The bank set aside $190 million due to risks from the conflict in the Middle East, which could affect its markets.
Standard Chartered focuses on business in the Asia-Pacific and Africa regions.
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Energy bills in Great Britain are expected to rise by about £200 in July, bringing the average yearly cost close to £1,900. The increase is mainly due to higher wholesale gas prices following disruptions to global energy supplies caused by the conflict involving Iran.
Key Facts
The typical gas and electricity bill is forecast to reach £1,850 per year from July.
This is about a 13% increase from the current cap of £1,641 set for April to June.
The rise adds approximately £209 to the average household's annual energy bill.
Wholesale energy prices increased sharply after Iran closed the Strait of Hormuz, affecting global gas supplies.
Although a temporary ceasefire reduced prices slightly, they remain much higher than normal.
Energy bills are expected to rise further in October when household energy use usually increases.
Experts say building more renewable energy sources is the long-term solution to reduce bills and reliance on unstable markets.
Households are advised to consider fixed-rate energy deals to avoid higher costs if prices keep rising.
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Abu Dhabi will build a $1.7 billion entertainment venue called the Sphere, similar to the one in Las Vegas, featuring 360-degree screens and immersive experiences. The venue aims to attract visitors with concerts, sports, and cultural events and is part of Abu Dhabi’s plan to boost tourism and diversify its economy.
Key Facts
The Abu Dhabi Sphere will cost $1.7 billion and open by the end of 2029 on Yas Island.
It will have a capacity of up to 20,000 people and offer immersive shows and events.
The project is a partnership between Sphere Entertainment and Abu Dhabi’s Department of Culture and Tourism.
Abu Dhabi chose the Sphere to support its goal of growing tourism and cultural offerings.
Yas Island currently hosts major attractions like Formula 1 races and theme parks.
Sphere Entertainment uses a franchise model where Abu Dhabi funds construction and pays for technology and branding.
The Las Vegas Sphere, opened in 2023, has generated increasing revenue, with $386.4 million in Q1 2026.
The Las Vegas Sphere cost about $2.3 billion to build and hosts popular shows like the “Wizard of Oz” experience and concerts.
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Australia’s government plans to change capital gains tax (CGT) rules, removing a 50% discount and introducing a minimum 30% tax rate on profits from selling assets. Startup founders and some independent politicians warn this could hurt innovation and push companies overseas. The government says it is still consulting on the changes and may offer special treatment for new businesses.
Key Facts
The government proposes replacing the 50% CGT discount with cost-base indexation and a minimum 30% tax rate.
This change would affect profits from selling properties, shares, and other assets.
Startup founders created AI-generated images of Prime Minister Albanese as a form of protest against the tax changes.
Independent politicians from startup hotspots like the ACT warn the changes could push innovative companies to move overseas.
Startups often pay employees with company shares or stock options instead of high salaries, making CGT rules important for them.
Treasurer Jim Chalmers says the government is still consulting and may create exceptions for startups.
Some politicians support the tax reform overall but want the government to balance fairness with supporting new businesses.
Suggestions include discounted tax rates for founders, employees, and investors in startups to encourage local investment.
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The UK unemployment rate rose to 5% in March, reversing a recent fall, and this change reflects the impact of the war in Iran on the economy. Rising prices and weak wage growth are making life harder for many families, and the Bank of England is watching these trends closely to decide on interest rates.
Key Facts
UK unemployment increased back to 5% between January and March 2026 after briefly dropping to 4.9%.
The war in Iran has caused a new rise in inflation and hurt business confidence in the UK.
Data from HM Revenue & Customs showed a fall of 100,000 payrolled jobs in April, a large monthly drop since 2014.
Annual payrolled job decline is 0.7%, the fastest in five years.
Regular pay rose by 3.4% from January to March, the slowest pace since the Covid pandemic started.
In the private sector, pay growth was only 3%, indicating weak wage increases despite rising prices.
Slow wage growth may help prevent a wage-price spiral, where wages and prices keep pushing each other higher.
The Bank of England’s policy committee is considering whether to raise interest rates, but weak job data may lead them to hold rates steady for now.
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A government-backed Pensions Commission report warns that 15 million people in Britain are not saving enough for retirement, and this number could grow to 19 million without changes. The report highlights risks of many facing financial hardship after retirement and calls for major reforms to the pension system.
Key Facts
15 million Britons currently do not save enough for retirement; this could rise to 19 million.
About 45% of working-age adults do not save into a pension, despite many being employed.
Low and middle earners are most at risk of inadequate pension savings.
Auto-enrolment requires employers to contribute at least 3% to pensions, with employees paying 5%, totaling 8%.
Only 4% of fully self-employed workers save for retirement; younger self-employed save even less.
Around 30% of private pension funds are taken out at the earliest chance, often spent on large expenses.
Women approaching retirement have about half the pension savings of men (£81,000 vs £156,000).
The commission will publish final recommendations next year to improve the pension system.
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The number of job openings in the UK dropped to the lowest point in five years, especially in hospitality and retail sectors. The unemployment rate slightly increased to 5%, and wage growth slowed down after adjusting for inflation.
Key Facts
UK job vacancies are at their lowest level in five years.
Hospitality and retail sectors saw the biggest decreases in job openings.
The unemployment rate rose from 4.9% to 5% between February and March.
Average pay growth slowed to 3.4% in the first quarter of the year.
After accounting for inflation, pay increased by only 0.3%.
The Office for National Statistics (ONS) reported these figures.
The labor market shows signs of weakness with fewer vacancies and higher unemployment.
The data covers the three months leading up to March.
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Unemployment in the UK rose to 5% in early 2024, with slower wage growth as companies deal with higher costs linked to the Iran war. Despite this, the UK economy showed growth in the first quarter, leading some forecasts to predict moderate economic expansion.
Key Facts
UK unemployment increased from 4.9% in February to 5% in the three months to March 2024.
The number of employees paid through payroll fell by 100,000 in April, after a drop of 28,000 in March.
Wage growth slowed to 3.4% year-on-year (excluding bonuses), the slowest since October 2020.
After accounting for inflation, real wage growth was only 0.3%.
Including bonuses, wages grew by 4.1%, up from 3.8% the previous quarter.
The Iran war, starting on 28 February, has driven up energy prices due to the closure of the Strait of Hormuz, affecting UK businesses.
The UK economy grew by 0.3% in March 2024 and 0.6% in the first quarter overall.
The International Monetary Fund raised its UK growth forecast for 2026 from 0.8% to 1%.
The Bank of England expects unemployment could rise to 5.5-5.6% by summer 2027 due to ongoing economic pressures from the Iran war.
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The Australian Charities and Not-for-profits Commission (ACNC) has suspended Dr. Sharmila Chandran from her role as president-elect and board member of the Royal Australasian College of Physicians (RACP) due to alleged breaches of a workplace health and safety order. SafeWork NSW said her actions exposed staff to serious risks to their mental health, leading to ongoing leadership problems in the medical college.
Key Facts
Dr. Sharmila Chandran was suspended by the ACNC until September 20, 2026.
The suspension relates to her alleged failure to obey a SafeWork NSW order not to contact RACP staff.
SafeWork NSW said this failure put staff at immediate and serious psychological risk.
The RACP is a registered charity and one of Australia’s oldest medical colleges with over 32,000 members.
The college has experienced months of conflict and leadership troubles, including police involvement.
Chandran was expected to become president and board chair after the May annual meeting.
The current board and members have accused her of toxic and disrespectful behavior.
Earlier in 2025, Chandran filed an anti-bullying order but later dropped it against the RACP and its outgoing president.
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