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Business news, market updates, and economic developments

Bank of England 'very concerned' at threats to US Fed

Bank of England 'very concerned' at threats to US Fed

September 03, 2025
The Bank of England governor, Andrew Bailey, is worried about threats to the independence of the US Federal Reserve. This concern comes as President Donald Trump continues to pressure the Fed to cut interest rates. European Central Bank president Christine Lagarde shares these concerns, suggesting that losing independence could harm global economic stability.

Key Facts:

  • Andrew Bailey is the governor of the Bank of England.
  • Bailey expressed concerns over threats to the US Federal Reserve's independence.
  • President Donald Trump has criticized Fed chair Jerome Powell for not lowering interest rates.
  • Trump reportedly tried to fire Fed governor Lisa Cook, who is now suing him.
  • Christine Lagarde, president of the European Central Bank, also warned against loss of Fed independence.
  • Lagarde believes that following presidential orders could hurt global economic stability.
  • Trump has aimed for large interest rate cuts since returning to the White House.
  • The Bank of England recently cut UK interest rates but faced difficulty in reaching this decision.

Source Information

BBC Business
In a brawl over right-wing TV, Newsmax sues Fox News

In a brawl over right-wing TV, Newsmax sues Fox News

September 03, 2025
Newsmax filed a lawsuit against Fox News, claiming the network used unfair tactics to limit competition from smaller right-wing TV channels like Newsmax. The lawsuit was filed in Miami and accuses Fox of trying to keep its top position in U.S. conservative news. Fox denies the allegations, saying the claims are an attempt to improve Newsmax's own market position.

Key Facts:

  • Newsmax claims Fox News used its influence to limit competition among right-wing TV networks.
  • The lawsuit was filed in federal court in Miami.
  • Fox News rejected Newsmax's allegations, calling them an attempt to gain attention.
  • Newsmax and Fox's rivalry intensified after 2020, particularly due to changes in audience following the presidential election.
  • Fox has faced other legal issues recently, including a significant settlement with Dominion Voting Systems.
  • The lawsuit alleges that Fox discouraged cable providers from offering right-leaning competitors like Newsmax.
  • Fox News is a major player in U.S. cable news, often having more viewers than other networks during prime time.

Source Information

NPR Home
Lush shuts stores for a day to protest Gaza starvation

Lush shuts stores for a day to protest Gaza starvation

September 03, 2025
Lush, a cosmetics retailer, closed all its stores and online shop for one day to protest the reported starvation in Gaza. The company took this action to show solidarity and urge the UK government to address the situation. Lush has faced criticism from Israel, which disputes claims of starvation in Gaza.

Key Facts:

  • Lush shut all its stores and online operations for a day to protest the reported starvation in Gaza.
  • The company aims to show solidarity and encourage the UK government to act on the Gaza situation.
  • Lush's website displayed messages supporting its cause and explained its closure.
  • Israel's Prime Minister has denied the starvation claims, attributing any hunger to aid agencies and Hamas.
  • The UN stated that Israel must ensure food and medical supplies reach Gaza under international law.
  • Lush stated the closure resulted in a financial loss, including a day's worth of tax contributions.
  • The decision to close was also meant to align with what Lush believes are its customers' concerns.
  • Lush operates in more than 50 countries, with 104 shops in the UK and Ireland.

Source Information

BBC Business
Ministers favour merging all UK steel companies into one

Ministers favour merging all UK steel companies into one

September 03, 2025
The UK government supports the idea of merging all UK steel companies into a single entity to make the industry more financially stable. Currently, six steel companies operate in the UK, and four receive government financial aid. The government prefers to find a joint buyer rather than nationalize these companies.

Key Facts:

  • There are six steel companies in the UK, four of which receive government financial support.
  • The UK government prefers merging these companies into one to improve financial stability in the sector.
  • Ministers prefer finding a joint buyer over nationalizing the companies.
  • The steel industry in the UK faces financial issues from high energy costs, tariffs, and oversupply in the global market.
  • Liberty Steel's UK arm entered government control after financial difficulties.
  • The UK government is negotiating with various buyers for different steel companies.
  • British Steel in Scunthorpe has stalled in finding a new buyer due to unexpected financial demands from its Chinese owners.
  • Tata Steel received a £500m rescue package from the government to transition to greener steelmaking methods.

Source Information

BBC Business
Benefits ‘on the plate’: Big and small businesses eye growth in Mozambique

Benefits ‘on the plate’: Big and small businesses eye growth in Mozambique

September 03, 2025
The Maputo International Trade Fair in Mozambique provides opportunities for both established and small businesses. Entrepreneurs like Vania Pessane sell products like baobab juice to benefit from the influx of visitors at such events. The fair reflects the entrepreneurial spirit in Mozambique despite economic challenges.

Key Facts:

  • The Maputo International Trade Fair is Mozambique’s biggest annual trade event.
  • Vania Pessane runs a small business selling baobab juice and other products.
  • Many vendors operate informally, selling goods outside the fair to leverage foot traffic.
  • Formal vendors pay significant fees for booths within the fair.
  • Over 70% of Mozambique's population lives on less than $2.15 a day, according to the World Bank.
  • Around 80% of the population works in the informal sector.
  • Entrepreneurship is seen as a way to tackle unemployment in Mozambique.

Source Information

Al Jazeera
What does the falling birthrate mean for the British economy?

What does the falling birthrate mean for the British economy?

September 03, 2025
The birthrate in England and Wales has dropped to a record low, raising concerns about future economic and political challenges for the UK. The reduction in births may lead to fewer working-age individuals in the future, affecting economic growth and increasing financial pressure due to an aging population.

Key Facts:

  • The birthrate in England and Wales fell to 1.41 children per woman in 2024.
  • A birthrate of 2.1 is typically needed to keep a population steady without increasing or decreasing.
  • The UK population is expected to decline, which may cause economic and political issues.
  • Higher average ages for first-time parents have been noted, with new mothers at 31 and fathers at 33.9.
  • Factors like rising housing and childcare costs and uncertain jobs influence decisions about having children.
  • Lower birthrates can initially reduce pressure on healthcare and education but lead to slower economic growth in the long run.
  • The number of pensioners compared to working-age people is growing, with 280 pensioners per 1,000 workers in 2020, projected to rise to 393 per 1,000 by 2070.
  • The UK state pension system relies on current workers' contributions, adding pressure as the working-age population shrinks.

Source Information

Al Jazeera
Topshop will return to High Street in 2026

Topshop will return to High Street in 2026

September 03, 2025
Topshop, a well-known fashion brand, will return to physical stores in the UK in 2026. It will be available in 32 John Lewis locations and plans to open standalone stores in the future. This move follows Topshop's struggles after its parent company collapsed, and its subsequent acquisition by online retailer Asos.

Key Facts:

  • Topshop will come back to the High Street in 32 John Lewis stores starting February 2026.
  • Topman's menswear will be available in six John Lewis locations.
  • Sir Philip Green's retail empire, including Topshop, collapsed, leading to the brand closing its UK stores.
  • Online retailer Asos bought the Topshop brand and sold a majority stake to Danish businessman Anders Holch Povlsen.
  • Topshop has already relaunched its own website and continues to sell through Asos.
  • John Lewis hopes the partnership will attract new customers to its stores.
  • Topshop plans to introduce 120 new pieces in its spring collection at John Lewis.
  • The brand struggled in the past due to changes in shopping habits and competition with online shopping.

Source Information

BBC Business

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My clothes wouldn't fit in my new flat - so I invented Vinted

My clothes wouldn't fit in my new flat - so I invented Vinted

September 03, 2025
Milda Mitkutė started Vinted after realizing she had too many clothes for her new, smaller apartment. By creating a website to sell her clothing, Mitkutė and her friend Justas Janauskas launched what became a successful online marketplace for second-hand clothes. Vinted now boasts millions of users and is valued over a billion dollars.

Key Facts:

  • Milda Mitkutė had too many clothes to fit in her new flat, prompting her to sell them online.
  • She discussed her idea with Justas Janauskas at a party in 2008.
  • They conducted informal research among party guests, which supported the idea.
  • Within two weeks, they developed a website called 'manodrabužiai'.
  • An initial oversight left out a "buy" button, but it was quickly fixed.
  • Milda sold 40 items in the first week of the website’s launch.
  • The website's success led to media interviews and expansion to Germany under the name 'kleiderkreisel'.
  • Vinted is now a billion-dollar company with millions of users in the UK and worldwide.

Source Information

BBC Top Stories
Companies could be owed billions of dollars if tariff ruling sticks

Companies could be owed billions of dollars if tariff ruling sticks

September 03, 2025
A federal appeals court ruled that global tariffs set by President Trump are illegal. If the ruling is upheld, U.S. companies might get billions back in tariff refunds. This situation could lead to further court actions, possibly reaching the Supreme Court.

Key Facts:

  • A federal appeals court found Trump's global tariffs illegal.
  • The ruling might lead to a Supreme Court case if challenged.
  • Companies could receive billions in tariff refunds if they ask for them.
  • Legal experts advise companies to keep track of their tariff payments.
  • There is a concern companies may not pursue refunds due to perceived risks.
  • The tariff program brings about $30 billion a month to the government.
  • Companies could use class-action lawsuits to seek refunds collectively.

Source Information

Axios
Budget to be held on 26 November, Reeves confirms

Budget to be held on 26 November, Reeves confirms

September 03, 2025
The UK Chancellor, Rachel Reeves, announced that the country's Budget will be revealed on November 26. This Budget will outline the government's plans for taxation and spending. Reeves faces challenges in balancing finances and maintaining financial confidence amid rising borrowing costs and sluggish economic growth.

Key Facts:

  • Rachel Reeves, the UK Chancellor, confirmed the Budget date as November 26.
  • The Budget will include taxation and spending plans for services like hospitals, schools, and the military.
  • There is pressure to balance the public finances, aiming to boost economic growth.
  • Economic forecasts indicate possible tax rises or spending cuts are necessary.
  • The Labour Party promised not to increase certain taxes, including VAT and National Insurance.
  • Rising government borrowing costs are making debt more expensive.
  • The Office for Budget Responsibility (OBR) is tasked with providing a new economic forecast.
  • Reeves has pledged to ensure day-to-day costs are paid by taxes by 2029-30 and to reduce national debt as a share of income by then.

Source Information

BBC Business
US revokes TSMC's licence on China-bound tech

US revokes TSMC's licence on China-bound tech

September 03, 2025
The U.S. has revoked TSMC's permission to export advanced technology to China, which could affect the company's operations there. This move is part of a broader effort by the U.S. to control the flow of advanced technology to China.

Key Facts:

  • The U.S. revoked TSMC's license to ship advanced technology to China.
  • TSMC's manufacturing in China involves older-generation devices.
  • The U.S. made similar restrictions for Samsung and SK Hynix.
  • TSMC plans to discuss the situation with the U.S. government.
  • The U.S. aims to protect its economy by restricting technology exports to China.
  • These restrictions could delay and complicate technology shipments.
  • TSMC's Chinese facility in Nanjing produces a small portion of its total revenue.
  • Chinese customers might need to use local technology alternatives.

Source Information

BBC Business
UK cement production drops to lowest levels since 1950s

UK cement production drops to lowest levels since 1950s

September 03, 2025
Cement production in the UK has dropped to its lowest level since the 1950s, raising concerns about meeting government construction targets. The decline in production is due to high costs and increased imports. The UK government and the construction industry are trying to address these challenges to support housing and infrastructure projects.

Key Facts:

  • UK cement production is at its lowest since 1950.
  • The decline is due to high energy costs, regulatory expenses, and labor costs.
  • The UK government plans to build 1.5 million new homes by 2029.
  • Cement imports to the UK have increased significantly, making local production less competitive.
  • Production of cement in the UK was 7.3 million tonnes in 2024, half of what it was in 1990.
  • The UK government is working on strategies to reduce energy costs for energy-intensive industries like cement manufacturing.
  • About 40% of UK's cement is produced in the Peak District, with the rest spread across the country.
  • Rising import sales and production costs are concerns for the future of local cement manufacturing jobs and industries.

Source Information

BBC Business

Food giant Kraft Heinz to split into two companies

September 03, 2025
Kraft Heinz is dividing into two separate companies ten years after merging under the guidance of investor Warren Buffett. The decision marks a significant change in the company's structure.

Key Facts:

  • Kraft Heinz is a large food company.
  • The company is separating into two parts.
  • A decade ago, Kraft Heinz was formed through a merger.
  • Investor Warren Buffett played a key role in that merger.
  • The change will split Kraft Heinz into distinct companies.

Source Information

NPR Business

Vogue promotes Chloe Malle to top editor spot

September 03, 2025
Chloe Malle is the new head of editorial content at American Vogue, replacing Anna Wintour. The change was announced, and NPR discussed the future of the magazine with fashion journalist Amy Odell.

Key Facts:

  • Chloe Malle is now leading the editorial content at American Vogue.
  • She is replacing Anna Wintour in this role.
  • The announcement came from Vogue.
  • NPR featured an interview with fashion journalist Amy Odell about this change.
  • The discussion involved what this new leadership might mean for Vogue's future direction.

Source Information

NPR National
Holiday shoppers plan first spending pullback since 2020, report says

Holiday shoppers plan first spending pullback since 2020, report says

September 03, 2025
Americans plan to spend 5% less on holiday shopping this year compared to last year, marking the first decrease since 2020. Rising costs and concerns about tariffs are leading people to tighten their spending, affecting the retail sector.

Key Facts:

  • Americans expect to reduce holiday spending by 5% this year compared to last.
  • Gift budgets will be hit hardest, with an 11% drop expected.
  • Consumers plan to spend $1,552 on average, down from $1,638 last year.
  • 84% of surveyed people plan to cut back on spending in the next six months.
  • Households with children plan to spend more ($2,349) than those without ($1,089).
  • Nearly 40% of gift spending will happen between Thanksgiving and Cyber Monday.
  • Gen Z plans to cut spending by 23%, while Boomers expect to increase spending by 5%.
  • Tariff concerns are causing changes in product prices and holiday promotions.

Source Information

Axios
Thames Water bidders ready to clear-out top managers

Thames Water bidders ready to clear-out top managers

September 02, 2025
Bidders aiming to take over Thames Water are ready to replace senior managers to restructure the troubled utility company. The company faces pressure from the government to improve its operations after being fined for not meeting standards. Lenders have proposed a financial rescue plan involving investment in infrastructure and potential management changes.

Key Facts:

  • Bidders for Thames Water may fire senior managers as part of a restructuring plan.
  • Thames Water faced government fines for not meeting operational and environmental standards.
  • A new board, led by Mike McTighe, is in discussion with the regulator and government.
  • Thames Water's CEO, Chris Weston, was criticized for a large bonus after three months.
  • Investors owed £13 billion plan to offer £1 billion in extra funding for Thames Water.
  • Lenders proposed investing over £9 billion in facility upgrades over five years.
  • A review suggested a new regulatory framework for underperforming companies.
  • Consultants estimate a government-supervised administration could cost £4.1 billion.

Source Information

BBC Business
Suntory CEO resigns after purchase of potentially illegal supplements

Suntory CEO resigns after purchase of potentially illegal supplements

September 02, 2025
Suntory Holdings CEO Takeshi Niinami resigned after a police investigation into his purchase of a supplement that may be illegal in Japan. The supplement is believed to contain THC, a psychoactive component of cannabis, which is against Japanese law. Niinami claimed he thought the supplement was legal at the time of purchase.

Key Facts:

  • Takeshi Niinami resigned as CEO of Suntory Holdings after a police probe.
  • The investigation concerns his purchase of a potentially illegal supplement with THC.
  • Niinami asserted he believed the supplement was legal.
  • THC, a component of cannabis, is illegal in Japan but CBD is not.
  • Nobuhiro Torii, related to Suntory's founder, will now lead the company.
  • Niinami was questioned, and his home was searched, but no illegal drug use was confirmed.
  • Niinami expanded Suntory's business significantly since joining in 2014.
  • He remains chairman of the Keizai Doyukai business lobby.

Source Information

Al Jazeera
Trump and sons' stake in crypto firm worth $5bn

Trump and sons' stake in crypto firm worth $5bn

September 02, 2025
Donald Trump and his sons have a major stake in a cryptocurrency firm called World Liberty Financial, valued at $5 billion. The company raised funds by selling digital tokens and recently started trading publicly. There are ongoing discussions about potential conflicts of interest given Trump's regulatory role.

Key Facts:

  • The cryptocurrency firm founded by Trump and his sons is called World Liberty Financial.
  • The Trumps own nearly a quarter of the firm's 100 billion WLFI coins, valued at about $5 billion.
  • Trump himself owns around 15.75 billion WLFI tokens worth about $3.4 billion.
  • The company initially restricted investors from selling their tokens but allowed partial sales starting in July.
  • The WLFI token began public trading, dropping 50% in value but still offering early buyers profits.
  • The firm partnered with another company that invested $750 million, functioning as both buyer and seller of WLFI tokens.
  • There are concerns from Democrats about potential conflicts of interest and corruption related to Trump's involvement in the cryptocurrency market.
  • The Trump administration claims its policies foster innovation and dismisses allegations of conflicts of interest.

Source Information

BBC US
Vogue’s Wintour taps successor to lead editorial at the iconic magazine

Vogue’s Wintour taps successor to lead editorial at the iconic magazine

September 02, 2025
Vogue has appointed Chloe Malle as the new head of editorial content, succeeding Anna Wintour, who held the position for nearly 40 years. Malle, who has worked at Vogue since 2011, will manage the day-to-day operations of the U.S. edition while still reporting to Wintour. Anna Wintour will remain with Conde Nast as the chief content officer and global editorial director of American Vogue.

Key Facts:

  • Chloe Malle is named the new head of editorial content at Vogue.
  • Anna Wintour steps down after nearly 40 years but stays with Conde Nast in high-level roles.
  • Malle has over a decade of experience at Vogue, including roles as social editor and editor of Vogue.com.
  • Malle's leadership at Vogue.com doubled direct traffic and increased site growth metrics.
  • The appointment comes before New York Fashion Week and the Venice Film Festival.
  • Malle is the daughter of actress Candice Bergen and filmmaker Louis Malle.
  • Under Wintour, Vogue expanded its international editions and mixed high fashion with pop culture.
  • Vogue was originally a society journal, acquired by Conde Nast in 1909.

Source Information

Al Jazeera
Exclusive: Disney will pay $10M to settle children's privacy lawsuit with FTC

Exclusive: Disney will pay $10M to settle children's privacy lawsuit with FTC

September 02, 2025
Disney has agreed to pay $10 million to settle a lawsuit with the Federal Trade Commission (FTC) over improperly designated children's content on YouTube. The FTC claimed Disney violated the Children's Online Privacy Protection Act (COPPA) by not labeling some videos for children, which led to data being collected from viewers without parental consent. Disney will implement measures to ensure proper labeling of children's content moving forward.

Key Facts:

  • Disney agreed to a $10 million settlement with the FTC over a children's privacy lawsuit.
  • The issue involved videos on YouTube not marked as children-targeted, which led to improper data collection.
  • The FTC alleges this violated the 1998 Children's Online Privacy Protection Act (COPPA).
  • The content mostly consisted of storytime videos featuring celebrities reading to children during the COVID-19 pandemic.
  • The FTC began its investigation during the Biden administration.
  • Disney will create an "Audience Designation" program to better review and categorize videos.
  • The settlement does not involve Disney-owned platforms, only content distributed on YouTube.
  • The settlement is part of broader FTC efforts to enforce children's privacy rules online.

Source Information

Axios