Mitie, a British facilities management company, has agreed to be bought for £3.1 billion by OCS Group, a private-equity-owned rival. This deal will take Mitie off the London stock market after nearly 40 years and is expected to finish in early 2027.
Key Facts
Mitie was founded in 1987 and employs 84,000 people.
OCS Group is owned by private equity firm Clayton, Dubilier & Rice and operates internationally with 135,000 employees.
The offer to buy Mitie includes a cash payment of 221.6 pence per share, which is 44.7% higher than the previous closing price.
Mitie provides services like engineering maintenance, hygiene, security, and cleaning, including contracts with government and industries such as defence and health.
Mitie’s CEO Phil Bentley plans to leave in March 2027, after over 10 years in the role.
The takeover follows a trend of many London-listed companies being acquired this year.
Recently, Mitie faced allegations of racism and hate speech at some of its sites and is investigating the claims.
The deal is expected to help both companies support customers better and grow their workforce.
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A government minister was questioned about the figures the government gave for savings on electricity bills. The discussion focused on how much money people might save under new government plans.
Key Facts
A government minister faced questions about electricity bill savings numbers.
The savings figures were linked to new plans from the government.
The discussion took place shortly after the new government began its term.
The topic involves the cost of living and electricity pricing.
The government provided specific savings amounts for electricity consumers.
Questions aimed to clarify how accurate or realistic these savings claims are.
The issue is part of broader concerns about bills and household expenses.
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A group of investors who hold most of Thames Water’s debt have offered the UK government a "golden share" that would give it more control over the water company. This offer aims to prevent the company from being nationalised by giving the government veto power over major decisions while the investors work on a revised rescue plan.
Key Facts
Thames Water is the largest water company in Britain, serving 16 million customers.
London & Valley Water (L&VW) is a consortium of about 100 investors holding £17 billion of Thames Water’s £21 billion debt.
L&VW offered the government a "golden share," allowing veto power on important decisions and hostile takeovers.
Their £10 billion rescue plan includes no investor dividends for 10 years or until Thames Water is publicly listed again.
The plan also promises to expand social tariffs, helping reduce bills for struggling households.
The government, led by Prime Minister Andy Burnham, has expressed interest in greater public control and possibly nationalising Thames Water.
Burnham may place Thames Water under a special administration regime, a type of temporary public ownership.
The rescue offer came after concerns from the former environment secretary about the deal’s terms delayed prior rescue attempts.
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Jamie Dimon, the CEO of JP Morgan, warned against increasing taxes on banks in the UK. He said higher taxes could stop the bank from building its new £3 billion headquarters in London and could push investment out of the country.
Key Facts
JP Morgan plans to build a new £3 billion headquarters in London's Canary Wharf.
The bank pays a higher corporation tax rate of 28% in the UK, compared to the standard 25%.
Dimon said extra taxes on banks could hurt investment and cause companies to leave the UK.
He praised the former chancellor Rachel Reeves for not increasing bank taxes in her budget.
The Trades Union Congress wants higher taxes on banks to raise £9 billion over four years.
Dimon said JP Morgan hires many people in the UK and wants to grow there.
If the government raises bank taxes, Dimon said he might reconsider building the new headquarters.
He believes the UK should keep a competitive and consistent tax system to support growth.
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UK employers reduced the number of job vacancies in May, reaching 712,000, which is about half the number from 2022. Unemployment stayed at 4.9%, and private sector pay growth slowed, showing challenges in the UK job market as the government works to improve living standards.
Key Facts
Job vacancies dropped to 712,000 in May, nearly half of the amount in 2022.
Unemployment remained steady at 4.9% between April and May.
Private sector earnings growth fell to 2.9%, with total pay rises including bonuses at 4.3%.
Economists had expected average pay rises of 4.5% and unemployment to increase to 5%.
Unemployment has increased from a low of 3.6% in summer 2022 to a peak of 5.2% last year.
High employment taxes, the conflict in Iran, and economic uncertainty are causing firms to hire less and limit pay increases.
Falling pay growth may reduce pressure on the Bank of England to raise interest rates to control inflation.
The UK government plans a 10-year economic strategy to raise living standards across regions.
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The UK government borrowed £16 billion in June, which was less than expected and lower than the same month last year. This good news supports Prime Minister Andy Burnham’s plans to cut VAT on household electricity bills and signals some strength in the British economy despite global concerns.
Key Facts
Public sector net borrowing in June was £16 billion, £7.9 billion less than June 2025.
Borrowing was £300 million below the Office for Budget Responsibility’s forecast.
Andy Burnham, the new UK prime minister, has cut the VAT on household electricity bills to help with the cost of living. However, unemployment remains steady at 4.9%, and wages are growing slowly, meaning many people will still struggle with high energy costs.
Key Facts
The UK has cut VAT (a type of sales tax) on household electricity to reduce bills.
Unemployment stayed at 4.9% in May, the same as in April.
Job vacancies have dropped to 712,000, about half the number from 2022.
Private sector earnings growth slowed to 2.9%, below economists’ expectations.
Real wages (wages adjusted for inflation) are stagnant or could decline in the coming months.
The VAT cut will reduce inflation by about 0.1 percentage points but is not enough to solve energy cost problems.
Campaigners say many people still face very high energy bills and debt despite the VAT cut.
The government may need to find more ways to help households without breaking fiscal rules or its promises.
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The UK government borrowed £16 billion in June, which is less than expected and £7.9 billion less than the same month last year. The unemployment rate stayed the same between March and May, and the labor market was described as steady.
Key Facts
UK government borrowing was £16 billion in June.
This borrowing figure is £7.9 billion lower than June last year.
The borrowing was less than what experts had predicted.
The unemployment rate did not change between March and May.
The Office for National Statistics said the labor market was relatively steady.
The UK still has a large amount of public debt.
New Prime Minister Andy Burnham is planning to introduce measures to reduce living costs for households.
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Nine Entertainment, a large Australian media company, plans to cut about 30 newsroom jobs at the Sydney Morning Herald and the Age due to major changes caused by artificial intelligence (AI). The company sees this as an important change to adjust to how AI is affecting news publishing and plans to retrain staff for new digital roles.
Key Facts
Nine Entertainment will cut around 30 jobs at the Sydney Morning Herald and the Age.
The job cuts are due to "extreme disruption" from AI technology in news media.
Some jobs will be voluntary redundancies; others will be targeted cuts.
The company aims to focus on digital-first, data-informed roles for the future.
The Australian Financial Review, owned by Nine, is less affected because it has used a paywall since 2007.
Nine’s digital subscription revenue dropped by 6% last year, partly because AI search results reduce news clicks.
In 2024, previous job cuts led to industrial action and many senior journalists leaving Nine.
Nine merged with Fairfax Media in 2018, which resulted in 144 jobs lost at that time.
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The UK government will reduce the VAT (value-added tax) on household electricity bills from 5% starting October 1. This change will save the average household about £45 a year and will be paid for by canceling a planned digital ID program.
Key Facts
VAT on household electricity bills will drop from 5% to 0% on October 1.
A typical household will save around £45 per year due to this change.
The cost of this tax cut is estimated at £850 million for the current financial year.
The government will fund this by canceling the digital ID program, which would have cost £1.8 billion over three years.
Andy Burnham recently became the UK prime minister, the seventh since 2016.
John Healey was appointed chancellor and said the VAT cut would help reassure people during the winter.
Healey replaced Rachel Reeves following Labour’s win in the 2024 election.
Burnham’s new cabinet was set to meet for the first time shortly after these announcements.
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A new study suggests that a 2% wealth tax on UK households worth over £100 million could raise £10 billion a year. The tax would target fewer than 1,000 very wealthy families and aims to reduce inequality while funding public services.
Key Facts
The proposed tax is a 2% minimum charge on households with more than £100 million in wealth.
Fewer than 1,000 of the richest UK households would be affected.
Wealth would be calculated by HM Revenue & Customs (HMRC), including property, businesses, pensions, art, and land.
The tax would make billionaires pay a similar rate as other taxpayers, helping to reduce extreme wealth inequality.
Wealthy families who leave the UK would still have to pay the tax for 10 years to prevent tax avoidance.
Andy Burnham, a UK political figure, is considering including a wealth tax in his 10-year economic plan.
This tax idea comes amid growing global discussions about taxing the super-rich to fight poverty and raise government revenue.
Experts say the tax would be focused on very rich households, minimizing problems like complex administration and asset valuation.
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The UK faces a shortage of water to support its planned growth of datacentres, which need large amounts of water to cool their servers. The water industry warns that government plans do not consider these water needs, and current water supplies are already under pressure due to droughts and hosepipe bans.
Key Facts
Datacentres use a lot of water for cooling, humidifying, and electricity needs.
Water UK, representing water companies, says government water forecasts ignore datacentre demand.
The Environment Agency’s water resource plans also do not include datacentre water use estimates.
Most datacentres are being built in water-stressed areas in the south and east of England.
Water shortages may make new datacentre construction impossible without new policies or increased water supply.
Building new reservoirs can take up to 15 years.
Datacentres currently use about 6.6 million litres of drinking water daily, which could triple by 2030.
Water companies have reduced leaks by 40% but critics say water waste through leaks still greatly exceeds savings from water use restrictions.
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The average price of a gallon of regular gasoline in the U.S. has risen to about $4, increasing by 13 cents in one week. This price change comes as tensions with Iran intensify.
Key Facts
The average U.S. gas price is now around $4 per gallon.
Gas prices went up by 13 cents in just one week.
The price increase is linked to rising tensions between the U.S. and Iran.
Severin Borenstein, a professor at UC Berkeley, provided expert analysis on the price trend.
The information comes from AAA, a group that tracks gas prices.
The news was reported by CBS News.
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Sylvia Bugg, a senior programming executive at PBS, has passed away unexpectedly at age 55. She held key leadership roles managing general audience programming and supported the News Hour team.
Key Facts
Sylvia Bugg worked at PBS as chief programming executive.
She was also general manager for general audience programming.
She supported the PBS News Hour team.
Bugg died unexpectedly during the recent weekend.
She was 55 years old at the time of her death.
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Live shopping on TikTok Shop UK is helping small businesses sell large amounts of products directly to customers through video streams. Entrepreneurs like Daisy Kelly and Manny Malik use live streams to boost sales and grow their businesses quickly by connecting directly with viewers.
Key Facts
Daisy Kelly started Glow For It in 2020, creating an eyelash serum, and now makes £6 million in sales yearly.
Over 40% of Glow For It's sales come from TikTok Shop UK, especially through live streams.
Daisy says one 12-hour TikTok live generated more than £100,000 in revenue.
TikTok Shop UK reports over 6,000 livestreams daily, with sales growing more than 30% year-on-year as of June.
Manny Malik, a halal butcher, sold £8,000 worth of meat in a 3-hour TikTok live, which usually takes days in his store.
TikTok Shop charges sellers a 9p fee per £1 sold; this is similar to eBay's fees for marketplaces and live selling.
Buket Sevic’s jewellery brand increased orders from 50 per month to 500 per week after starting live selling on TikTok UK.
Live shopping platforms include TikTok, Instagram Live, YouTube Shopping, eBay Live, and Amazon Live.
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United Airlines is investigating a video showing one of its employees threatening to call Immigration and Customs Enforcement (ICE) on a customer at San Francisco Airport. The incident happened after a long wait and argument about a ticket name error, and the customer, a U.S. citizen, was not detained after his return from Canada.
Key Facts
The video shows a United Airlines employee threatening to call ICE on Julio Varela, a Mexican American man and U.S. citizen.
The incident took place at San Francisco International Airport.
The argument started because of a long delay fixing a mistake in Varela’s daughter’s ticket name for a flight to Canada.
Varela asked the employee for her name to report her, and she responded by threatening to call ICE.
Varela said he is a naturalized U.S. citizen and worried about being detained by ICE.
United Airlines said it is looking into the situation but gave no other details.
Varela returned from Montreal without any problems related to ICE.
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President Donald Trump put a 50% tax on most goods coming from Canada. He said this is because Canada treats American cars, alcohol, and dairy unfairly. This action may cause economic problems and hurt relations between the two countries.
Key Facts
The tariffs are set at 50% on most Canadian goods.
President Trump claims Canada unfairly limits American autos, alcohol, and cheese.
This is in response to Canada's previous retaliation against U.S. tariffs.
An official said only Canada and China have retaliated against U.S. tariffs so far.
The tariffs could increase prices and cause economic difficulties.
The U.S. and Canada have had close economic ties before this move.
The decision was announced on a Monday in Washington.
The tariffs may worsen relations between the U.S. and Canada.
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Many young people in their 20s are investing a lot of their savings in technology stocks, hoping to grow their money. This interest is driven by the excitement around artificial intelligence (AI) and tech company growth, but the market for these stocks is very unpredictable with large price swings.
Key Facts
Michelle Huynh, 26, invested heavily in tech stocks and saw gains of about A$22,000 this year after an initial rise of A$31,000.
Younger investors are motivated by shrinking purchasing power and see investing as necessary.
The US Nasdaq tech index rose about 10% this year, Japan's Nikkei 225 increased over 20%, and South Korea’s Kospi index surged more than 50% before falling sharply.
The Kospi index in South Korea has experienced wild ups and downs, causing trading to be stopped seven times this year to prevent panic selling.
Many retail investors, including those new to investing like stay-at-home parents, have joined the stock market excitement in places like South Korea.
Concerns have been raised about people borrowing money to invest in stocks, leading to government actions to limit this practice.
Experts warn that some investments are based on hopeful future profits rather than current earnings, which can be risky.
Retail investors often see price drops as buying chances but may not fully understand the risks of big losses if the market value drops suddenly.
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President Donald Trump announced new 50 percent tariffs on many Canadian products, including cars, alcohol, and dairy, starting in 30 days. The tariffs target goods previously duty-free under the USMCA trade agreement and respond to trade disputes between the U.S. and Canada.
Key Facts
The tariffs apply to most Canadian goods that were duty-free under the USMCA agreement.
Products affected include automobiles, auto parts, wine, beer, spirits, cheese, cement, construction materials, hockey sticks, and other manufactured goods.
Energy products, potash, fish, and critical minerals are exempt from these tariffs.
The tariffs are based on Section 338 of the Trade Act of 1930.
The White House accused Canada of unfair treatment of U.S. cars, alcohol, and dairy, and retaliating against previous U.S. tariffs.
The trade dispute occurs as USMCA renewal talks have stalled and economic relations between the U.S. and Canada are sensitive.
Economists warn the tariffs could raise costs for businesses and consumers and increase inflation.
The White House may consider additional tariffs related to wildfire smoke impact on U.S. air quality.
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President Donald Trump has ordered a 50% tariff on many goods imported from Canada, starting August 19. This move responds to issues with trade fairness involving US cars, dairy, and alcohol, increasing tensions between the two countries.
Key Facts
The tariff is set at 50% on a large range of Canadian products.
It targets items like wine, hockey sticks, and commercial cement.
Some important Canadian exports to the US, such as energy, potash, critical minerals, and fish, are not affected.
The US already has tariffs from 15% to 50% on Canadian steel, aluminum, and copper.
The US also charges 35% on Canadian softwood lumber and 25% on non-US parts in cars.
Canada has retaliated with a 25% tariff on some American steel, aluminum, and vehicles.
The tariffs are meant to protect American businesses from what the US government calls unfair trade treatment.
The tariff action follows President Trump’s earlier threats regarding issues like Canadian wildfire smoke affecting US cities.
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