The Australian government plans to make more big tech companies pay for news content through an expanded News Bargaining Incentive (NBI). A major US trade group criticized the move, warning it could worsen trade relations with the US, while Australian experts say the plan does not do enough to support news outlets.
Key Facts
The Australian government wants to expand the NBI to include Microsoft’s LinkedIn and increase charges on tech platforms.
The plan requires tech companies to pay news publishers for using their content, either through deals or a levy.
The US National Foreign Trade Council (NFTC), representing companies like Meta, Microsoft, and Google, opposes the expansion.
The NFTC warns the plan adds to negative trends in Australia’s tax and investment environment for US firms.
Former Australian Competition and Consumer Commission chair Rod Sims supports the NBI but says it should raise more money for journalism.
The proposed levy could generate $200 to $250 million for Australian media, similar to an earlier code from five years ago.
Critics say the plan should include artificial intelligence platforms and increase funding beyond the current targets.
Australian media leaders argue the changes weaken the incentive for tech platforms to make fair deals with news companies.
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BP’s profits more than doubled in the second quarter of 2024 due to higher oil and gas prices caused by the conflict in the Middle East. BP’s new CEO, Meg O’Neill, plans to review the company’s strategy, including possibly selling its North Sea oil and gas assets.
Key Facts
BP reported $5.73 billion in profits from April to June 2024, more than twice the previous quarter.
The rise in profits was caused by higher oil and gas prices linked to the ongoing Middle East conflict.
Meg O’Neill, BP’s new CEO, said the company could do more to improve its performance.
BP is considering selling its North Sea oil and gas business after six decades of production.
O’Neill spoke with UK Prime Minister Andy Burnham about using domestic oil and gas resources.
Other major oil companies, like Shell and Saudi Aramco, also reported record or near-record profits.
Rising energy prices have increased energy bills for families and businesses worldwide.
President Donald Trump criticized oil companies Chevron and ExxonMobil for making too much profit and suggested they return some to the public.
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SpaceX has become a public company and will hold its first quarterly earnings call with investors. The company faces financial losses, falling stock prices, and pressure around upcoming trading of shares by insiders.
Key Facts
SpaceX recently started trading on the stock market (went public).
Investors will question Elon Musk during the first earnings call after the public offering.
SpaceX shares dropped from $225 in June to $114.46 by early August.
Some company insiders will be allowed to sell shares soon, increasing the number of shares available for trading.
The company expects a net loss of about $1.9 billion for the second quarter of 2026.
SpaceX lost over $5 billion in the first half of 2026, more than its full loss in 2025.
Musk may be asked about SpaceX’s Starship rocket testing, satellite business, and potential merger with Tesla.
SpaceX runs Starlink (satellite internet), a money-losing AI business, and manages the social media platform X (formerly Twitter).
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A Metro Bank customer lost over £14,000 in a fraud linked to the AI chatbot Claude. The bank delayed fully blocking fraudulent transactions, but has refunded the customer temporarily while seeking a refund from Anthropic, the company behind Claude.
Key Facts
Zoli Rutter, a businessman, had £14,244 stolen via fraudulent payments linked to Claude, an AI chatbot.
Fraudsters used Rutter’s Metro Bank debit card to buy credits to access Claude without his permission.
Metro Bank alerted Rutter about suspicious transactions on 19 June but only blocked the specific transaction, not the whole account.
Despite Rutter denying the transaction, multiple fraudulent payments between £90 and £200 continued before the bank fully froze the card.
Metro Bank temporarily refunded Rutter and is requesting a chargeback from Anthropic, which banned the user behind the fraud.
Anthropic says there is no sign their systems leaked card details and encourages customers to report unauthorized charges for refunds.
Metro Bank apologized for service failures and offered Rutter £300 compensation.
Rutter plans to complain to the Financial Ombudsman Service about how the bank handled the case.
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This summer’s hot and dry weather in the UK is creating challenges for farmers and could lead to higher food prices. Drought conditions have caused an early and smaller harvest, which may affect the entire supply chain, from growing crops to supermarket shelves.
Key Facts
More than half of England is currently in drought conditions.
Heatwaves cause fridges in supermarkets to work harder and some items to be removed on very hot days.
The supply chain includes all steps from growing food to selling it in stores, and higher costs at any stage can raise prices.
Farmers are harvesting earlier than usual due to dry conditions, which lowers the amount of food produced.
The National Farmers’ Union warns some foods might become scarce if the drought continues.
Experts say short-term heat won’t immediately raise prices, but ongoing drought could increase costs for meat, milk, eggs, and chicken because of less animal feed.
Farmers often have contracts fixed a year in advance, so they may not earn more even if they produce less this year.
The UK supply chain is described as resilient, but changes may be needed to support farmers and adjust future production and transport.
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The Haunted Bookshop in Bristol, which sells horror and fantasy books, is trying to raise £20,000 to avoid closing. The owner, Monika Killer, started a crowdfunding campaign after the shop faced money problems due to higher living costs and fewer visitors during a heatwave.
Key Facts
The Haunted Bookshop has been open for two years and focuses on horror, fantasy, folklore, and the occult.
The shop aims to serve people who feel different or don’t fit in elsewhere.
Rising living costs and a recent heatwave caused fewer customers, leading to unpaid bills.
Owner Monika Killer started a fundraising campaign to raise £20,000 to keep the shop open.
More than £7,500 has been pledged by over 450 supporters so far.
The bookshop is a community space supporting local artists and small businesses.
Customers and workers say the shop provides friendship, acceptance, and a "second home" for many.
The owner hopes the fundraising will help the community continue to grow and thrive.
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A £500 million project to build a datacentre, offices, and homes on the Truman Brewery site in east London has been approved by the UK government despite opposition from the local council and campaign groups. The local council wanted more housing but the government rejected this, allowing the developers to proceed with their plan.
Key Facts
The project includes a datacentre, offices, 44 homes, a cinema, galleries, shops, restaurants, and community spaces.
The local Tower Hamlets council and several community groups opposed the datacentre and wanted more housing instead.
The government’s housing minister, Matthew Pennycook, approved the project on behalf of housing secretary Angela Rayner.
The local council had adopted a plan for 350 homes, but this was overturned by the government.
Of the 44 homes in the new plan, 11 will be affordable, and 6 will be social homes for rent.
The campaigners fear the datacentre will cause noise, use a lot of energy and water, and force local families to move away.
More than 30,000 households in Tower Hamlets are waiting for social housing.
The local campaign group Save Brick Lane is considering legal action to challenge the approval.
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SpaceX is holding its first earnings call as a public company, during which CEO Elon Musk will answer investors' questions. The company has seen its stock price fall and is dealing with large financial losses, but investors are hopeful for a turnaround.
Key Facts
SpaceX recently went public and is reporting its first quarterly earnings.
The stock price dropped from $225 in June to about $114 as of the last trading day.
SpaceX is expected to report a $1.9 billion net loss for the second quarter.
The company lost over $5 billion last year and is still losing money this year.
Some company insiders can start selling shares soon after a lockup period ends.
Musk will likely answer questions about SpaceX’s Starship rocket tests, satellite network, and possible business moves.
Extreme heat, drought, and wildfires are hurting crop production across Europe, including olive groves, which will likely cause olive oil prices to rise again. Other crops such as cereals, vegetables, and grapes are also affected, leading to lower yields and higher production costs.
Key Facts
European farmers face lower production and rising food prices due to heat, drought, and wildfires.
Olive groves in countries like Greece, Italy, and Portugal are damaged by fire and heat, causing olive oil prices to increase.
The French vegetable growers expect production on some crops to be cut by half due to lack of rain.
French wine regions are seeing delayed grape growth and forecast smaller, earlier grape harvests.
Spain predicts its cereal crop will drop from 24 million tonnes to about 18.5 million tonnes for 2026-27.
The EU lowered harvest forecasts for sunflowers, maize, potatoes, and soybeans due to weather impacts.
Some countries, like Romania and Italy, have had better crop outcomes thanks to more rainfall or resilient wheat varieties.
Production costs are rising, which may be a bigger issue than international trade restrictions on exports.
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Asian stock markets mostly fell after U.S. stock markets rose due to lower oil prices. Investors in Asia are still considering the effects of recent joint currency actions by the U.S. and Japan.
Key Facts
Japan’s Nikkei 225 index dropped 0.6% to 63,369.85.
The U.S. dollar rose slightly against the Japanese yen, trading at around 157.63 yen.
Analysts are uncertain if the joint U.S.-Japan currency intervention will solve deeper economic issues like inflation and interest rates.
South Korea’s Kospi index declined less than 0.1% to 6,254.76.
Australia’s S&P/ASX 200 index increased by 1.2% to 9,128.60.
Hong Kong’s Hang Seng fell 0.5% to 25,881.99, and Shanghai’s Composite index dropped 0.2% to 3,802.61.
The U.S. S&P 500 rose 1.5%, and the Dow Jones Industrial Average reached a new record, climbing 693 points (1.3%).
Oil prices fell recently after President Donald Trump delayed new strikes against Iran, helping calm inflation concerns.
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The Federal Aviation Administration (FAA) has approved the Boeing 737 MAX 7 airplane more than eight years after its first flight. This approval comes after a long safety review following two deadly crashes of the MAX series, allowing Boeing to start delivering the planes to customers.
Key Facts
The FAA certified the Boeing 737 MAX 7, the smallest version of the 737 MAX family.
The certification process was delayed due to safety changes after two fatal crashes in 2018 and 2019.
Boeing completed 441 test flights with 686 hours of flying to meet safety standards.
A faulty system called MCAS contributed to the crashes by mistakenly pushing the plane’s nose down.
Boeing is close to getting approval for the larger 737 MAX 10 and is also working on the 777X certification.
The company plans to increase MAX production from 42 to 52 planes per month soon.
Southwest Airlines will be the first to receive the certified MAX 7 planes.
New government rules require Boeing to install updated sensors on all MAX planes after safety concerns.
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US stock markets rose sharply on Monday, bringing key indexes close to record highs, while oil prices dropped about 5 percent before slightly recovering. This market activity happened amid mixed reports about whether talks between the US and Iran were taking place.
Key Facts
The S&P 500 index rose 1.5%, nearly reaching its all-time closing high of 7,620.90.
The Dow Jones Industrial Average hit a new record high of 53,178.41, rising 1.3%.
The Nasdaq Composite increased 2.1%, still below its peak set on June 2.
Major technology companies mostly saw strong gains, with Meta up 6%, Microsoft, Amazon, and Alphabet rising between 4.4% and 4.9%.
Brent crude oil prices fell about 5% on Monday before rebounding slightly during Asian trading.
Asian stock markets declined on Tuesday morning after early gains.
President Donald Trump said talks with Iran were ongoing and he wanted to give Iran a last chance to make a deal.
Iran denied having any talks with the US and said its officials were only negotiating with Oman about shipping through the Strait of Hormuz.
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Betting companies Sportsbet and Tabcorp deny claims that they supplied drugs and sex workers to encourage VIP clients to bet more. Both companies say there is no proof of these allegations and have asked for any evidence to be given to regulators for investigation.
Key Facts
Sportsbet and Tabcorp reject allegations that they provided cocaine, alcohol, and sex workers to problem gamblers.
Anti-gambling campaigners raised these claims during a parliamentary hearing on gambling advertising laws.
Sportsbet has no evidence of the allegations and stated they do not tolerate such behavior.
Tabcorp said providing illicit drugs or sex workers is not part of their customer service and they take compliance seriously.
Both companies employ about 20 VIP account managers to work with high-value clients.
Campaigners claim that some VIP clients were offered drugs, escorts, and free accommodation.
The inquiry also covered concerns about gambling advertising, including a Bet365 event involving children wearing branded clothing.
Government officials called for tough reforms to better protect vulnerable people from gambling-related harm.
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Botticelli Foods is recalling bettergoods Pistachio Nut Butter sold only at Walmart after salmonella bacteria were found in three jars during routine testing. The affected product is being removed in 19 U.S. states, and no illnesses have been reported so far.
Key Facts
The recall involves bettergoods Pistachio Nut Butter sold in 6.7-ounce glass jars.
Salmonella contamination was found during testing in Florida.
Only jars with lot code LB028ACP04 and UPC 194346207961 expiring on January 28, 2027, are recalled.
The product was distributed to 19 states including Alabama, Florida, Nevada, and Washington.
Customers should stop using the product and return it to Walmart for a refund.
Botticelli Foods and Walmart are cooperating to remove the product quickly.
Salmonella infection can cause diarrhea, fever, and stomach cramps.
People most at risk include young children, seniors, travelers, and those with weak immune systems.
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The movie "Spider-Man: Brand New Day" earned $360 million in its opening weekend, making it the biggest opening weekend ever in the U.S. This shows that Hollywood is having strong success at the box office right now.
Key Facts
"Spider-Man: Brand New Day" had a $360 million opening weekend in the U.S.
This is the largest opening weekend in U.S. movie history.
The movie quickly became number one at the box office.
Hollywood is experiencing strong box office results currently.
Marlow Stern, a Variety correspondent, discussed the movie’s success on CBS News.
The article appeared in a CBS News segment about new movie news.
The high earnings show strong audience interest in Spider-Man movies.
The box office performance indicates good business for Hollywood studios.
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The movie "Spider-Man: Brand New Day" earned $360 million in its first weekend in the United States. This is the highest amount any movie has made in its opening weekend domestically.
Key Facts
"Spider-Man: Brand New Day" made $360 million in its U.S. opening weekend.
This is the largest opening weekend ever for a movie in the domestic market.
The movie's performance broke previous box office records.
The success was discussed by Brooks Barnes, a Hollywood correspondent from The New York Times.
The film's opening was covered by CBS News.
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The UK government will extend the half-price train ticket railcard to include 18-year-olds starting August 17. This change means the current 16-17 Saver Railcard will be valid for a full year and can be used by 18-year-olds, helping them save money on train travel.
Key Facts
The 16-17 Saver Railcard costs £35 per year and gives 50% off most train fares.
Previously, the railcard expired when the user turned 18, causing some to pay more for travel.
From August 17, 17-year-olds can buy the railcard until the day before their 18th birthday, and it will remain valid for one year.
This change benefits about 70,000 students yearly, saving them an average of £175.
Eighteen-year-olds can still get the 16-25 Railcard, which offers a 33% discount.
The government also plans to cut the cap on most single bus fares in England from £3 to £2 next year.
Officials say the update supports young people in education, work, or training by making travel more affordable.
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Many couples in the UK are facing challenges holding weddings during increasingly common heatwaves. This causes extra costs for guests and suppliers who must find ways to keep people and items cool, affecting the wedding industry’s expenses and planning.
Key Facts
A UK bride described her wedding day suffering from 30°C heat inside a mostly glass church.
Heatwaves are happening more often; half of the years from 2015 to 2024 had temperatures above 35°C, up from one in ten years before.
Couples are spending extra money on things like shade tents, ice-cream vans, and fans to help guests deal with heat.
Search data shows brides seeking cooling items like fans increased five times since 2019.
Wedding venues face high costs for air conditioning and keeping food cool during heatwaves.
Because guests drink more water and less alcohol in heat, venues lose expected income from alcohol sales.
Popular wedding flowers like peonies and roses have shorter blooming periods due to drought and heat, causing suppliers to buy from more growers and increase delivery costs.
Wedding planners advise scheduling weddings outside the hottest months or choosing cooler locations as heatwaves become more common.
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Palantir reported a 93% increase in revenue to $1.94 billion for the second quarter, exceeding Wall Street expectations. The company’s strong financial results led to a 10% rise in its share price, with continued growth forecasted for the coming quarters.
Key Facts
Palantir’s revenue grew 93% year over year to $1.94 billion in Q2.
This revenue surpassed the $1.8 billion expected by analysts.
US government contract revenue climbed 90%, reaching $809 million.
Palantir’s CEO, Alex Karp, highlighted a 149% growth in US commercial revenue.
The company expects third-quarter revenue between $2.16 billion and $2.164 billion.
Full-year revenue guidance was raised to between $8.15 billion and $8.158 billion.
Analysts are uncertain if Palantir can keep growing or if AI might replace some of its software functions.
Karp emphasized Palantir’s focus on data control, contrasting it with AI firms that rely on massive data ingestion.
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The Coinbase vice chair, Ryan VanGrack, said he hopes the Senate will pass a cryptocurrency regulation bill called the CLARITY Act before they go on recess. The bill, supported by both parties, already passed in the House and would give government agencies more authority to oversee digital assets like cryptocurrencies.
Key Facts
The Senate is about to go on recess soon, limiting the time to pass the crypto bill.
The bill is called the CLARITY Act.
The CLARITY Act has bipartisan support and already passed in the House of Representatives.
The bill would allow federal agencies to better monitor and regulate digital assets.
Ryan VanGrack is the vice chair of Coinbase, a major cryptocurrency exchange.
VanGrack spoke publicly expressing hope the Senate will approve the bill before recess.
The bill aims to create clearer rules for cryptocurrency regulation in the U.S.
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