A group of investors holding most of Thames Water’s debt is willing to discuss more government control but not full public ownership. They are also preparing for a possible legal fight if the government temporarily takes over the company, which is struggling with high debt.
Key Facts
Thames Water is Britain’s largest water company and serves around 16 million customers.
London & Valley Water (L&VW), a group of 100 investors, owns £17 billion of Thames Water’s £21 billion debt.
L&VW wants to work with the government but does not support full public ownership of Thames Water.
Andy Burnham, set to become prime minister, plans to use a special administration regime (SAR) for temporary public control of Thames Water.
The SAR could cost taxpayers about £2 billion to keep the company running.
Creditors say if taxpayers pay, they should get control to fix the company and secure water supply.
L&VW has hired law firms to prepare for legal action if the government nationalises the company.
The investors want to recapitalise Thames Water and return it to good financial health, avoiding taxpayer-funded administration.
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Bank of America CEO Brian Moynihan said many customers are struggling with affordability because gas, food, and other prices are rising. However, he noted that wages have recently grown by about 3 to 4% across different income groups.
Key Facts
Customers are facing challenges affording everyday items due to higher gas and food prices.
Inflation, which means overall prices going up, is a problem for many people.
Wages, or paychecks, have been increasing in the last few months.
The wage growth is around 3 to 4% for workers at different income levels.
Brian Moynihan shared this information during an interview on the show "Face the Nation with Margaret Brennan."
Bank of America is one of the largest banks in the United States.
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New York Governor Kathy Hochul has signed an order to pause the construction of large data centers in the state for one year. This pause will allow time to study how these data centers affect the environment and local communities.
Key Facts
Governor Kathy Hochul changed her position to support the pause on large data centers.
The pause is a one-year ban on building large-scale data centers in New York.
The goal is to better understand the environmental and community impacts of data centers.
Data centers are facilities that store and manage large amounts of computer data.
This executive order positions New York to take a leading role in managing data center growth responsibly.
The decision was announced during an interview on the show "Face the Nation."
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Bank of America CEO Brian Moynihan gave a full interview that was recorded on July 16, 2026, and part of it was shown on July 19, 2026. The interview was conducted by Margaret Brennan and is available to watch on CBS News.
Key Facts
Brian Moynihan is the CEO of Bank of America.
The full interview was recorded on July 16, 2026.
A part of the interview aired on July 19, 2026.
Margaret Brennan conducted the interview.
The interview can be viewed on CBS News and through their app.
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Brian Moynihan, CEO of Bank of America, discussed consumer spending and inflation trends in an interview on July 16, 2026. Despite concerns about higher gas and food prices, he said consumer spending has increased, wage growth is steady, and inflation is expected to remain higher through 2027 and 2028. He also expects the Federal Reserve to raise interest rates later this year to control inflation.
Key Facts
Consumers are spending 5-6% more in June and early July 2026 compared to the previous year.
Middle- and higher-income households are increasing their spending faster than others.
Wage growth for all income groups is around 3-4%.
Gas prices have increased by 31% since the conflict with Iran began, affecting consumers and businesses.
Inflation is expected to stay high through 2027 and 2028 due to ongoing costs from energy and goods production.
The Federal Reserve is likely to raise interest rates toward the end of 2026 instead of cutting them as previously anticipated.
Higher rates aim to reduce inflation but will take time to have an effect.
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The UK government nationalised British Steel, a steel plant owned by China’s Jingye Group, to keep the plant open and protect jobs and national interests. Jingye is demanding compensation, saying the UK broke investment rules and unfairly took over the company, while China warns it will protect the company’s rights.
Key Facts
The UK took control of British Steel to stop the Chinese owner Jingye Group from closing its steel blast furnaces.
British Steel’s Scunthorpe plant is the last in the UK making steel from raw materials and employs about 2,700 people.
The UK government said nationalisation secures jobs and ensures steel supply for important projects like construction and defence.
Jingye Group claims the UK offered almost no compensation and demands full payment for its investment losses.
The UK has already spent over £377 million ($507 million) running British Steel and may spend over £600 million ($807 million) by June 2024.
China says the UK’s action harms Jingye’s legal rights, investor confidence, and violates a 1986 investment protection treaty.
China’s Ministry of Commerce and Foreign Affairs warned the UK to respect the investment agreement and protect investors’ rights.
Leadership changes in the UK were expected during these tensions, with Labour Party leader Andy Burnham set to become prime minister.
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A small increase in U.S. interest rates is not expected to significantly affect most small businesses’ borrowing costs or financial decisions. While rates might rise slightly, banks and credit availability remain stable, and consumer spending is still strong, which supports small business growth.
Key Facts
The Federal Reserve may raise interest rates by 0.25 percentage points soon.
This small rate rise would likely push the prime lending rate to around 7%.
Most small businesses pay 1-2% above prime, so the impact on their loan payments would be minimal.
A $500,000 loan’s annual payment might increase by less than $1,000 with this rate change.
Venture capital funding, especially for tech and AI startups, increased by 51% last year to $320 billion.
The Small Business Administration has expanded credit guarantees, making loans easier for manufacturers and other small businesses.
Loan approval rates for small businesses have improved, reaching about 52% last year.
Consumer spending remains strong, helping small businesses, and credit card delinquency rates have been falling since 2024.
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A property inspector in Portland, Oregon, discovered a hidden room above a garage while inspecting a house for sale. The room was furnished and unknown to the current owner, sparking interest from buyers and social media followers.
Key Facts
Ryan Edmiston is a property inspector based in Portland, Oregon.
He found a hidden, furnished office above a garage during a house inspection.
The room had a secret access door behind a drawer and contained desks and a chair.
The current owner of the house had lived there for five years and did not know about the room.
The inspector shared the discovery on his Instagram page, gaining local attention.
A commenter recalled the room was used as a playroom in the 1980s and 1990s.
Property inspections help buyers find hidden defects or surprises before purchasing a home.
The inspector noted social media helps his business and that hidden room stories interest many people.
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Thousands of homes and businesses in Kent are facing water supply problems due to a temporary equipment failure at a water treatment plant in Tunbridge Wells. South East Water, the company responsible, apologized and set up bottled water stations while working to restore service.
Key Facts
Up to 7,000 properties in Kent have low water pressure, no water, or intermittent supply.
The problem is caused by a temporary failure at the Tunbridge Wells water treatment works.
South East Water opened three bottled water stations in Tunbridge Wells for affected customers.
The company is delivering bottled water to vulnerable people through a special free support program.
This is the third major water supply incident in Tunbridge Wells in recent months.
South East Water faces criticism for previous supply issues and must invest £30.5 million after a regulator's investigation.
The company suffered a £55 million financial loss from winter outages and is seeking new loans.
The water treatment plant is currently stable, but low storage and high demand limit supply to some areas, especially higher ground.
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Thousands of homes and businesses in Kent are experiencing water supply problems due to a failure at a water treatment plant. South East Water is working to restore normal service by replenishing storage tanks and providing bottled water to affected customers.
Key Facts
Around 7,000 properties in Tunbridge Wells are affected by low water pressure, irregular supply, or no water.
The problem started after an instrument at a local water treatment works failed.
South East Water expects water supplies to return, at the earliest, later on Sunday evening.
Bottled water stations are open at a Tesco store and a rugby club in Tunbridge Wells for those without water.
Water tankers are being used to increase stored drinking water and support the impacted areas.
South East Water serves about 2.3 million customers in southeast England.
The company has financial troubles after a difficult year, including fines and leadership changes.
It has enough cash until July 2027 but will need new loans soon to continue operating.
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The UK government has taken full control of British Steel, previously owned by China’s Jingye Group, after the company planned to close the steel plant due to financial losses. Jingye says it will seek full compensation through legal action, while the UK government is preparing rules to decide any compensation.
Key Facts
The UK nationalised British Steel’s Scunthorpe plant to keep it operating and protect national steel production.
Jingye Group, a Chinese company, bought the plant in 2020 but wanted to shut it down due to losing about £700,000 daily.
The government took over operations in April 2025 but only fully owned the company starting this week.
Jingye is demanding full compensation from the UK government for the nationalisation.
The UK plans to release compensation rules in the autumn with an independent assessor to determine payments.
China’s government opposes the nationalisation and says it harms Chinese company rights and investor confidence.
The steelworks employs around 2,700 people and is linked to other industries in North Lincolnshire.
The government is spending roughly £1.3 million a day to keep the plant running and sees closing it as a risk to UK steel independence.
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The article explains how artificial intelligence (AI) is changing traditional “prestige” careers, like management consulting, by automating routine tasks. Instead of relying on old paths through elite schools and firms, future success will depend on human skills such as cultural understanding, creativity, and storytelling, which AI cannot easily replicate.
Key Facts
AI is making traditional white-collar jobs that focus on repeating known processes less valuable.
Management consulting, a typical prestige career, is predicted to decline due to AI automation.
Historically, prestigious careers required elite education and following established methods.
New valuable skills include cultural intelligence, empathy, imagination, and storytelling.
These human skills don’t depend on traditional credentials or narrow career tracks.
Success in the future job market will come from creating meaning and cultural connection, not just technical skill.
The author’s own career path shows alternative ways to achieve success beyond traditional prestige routes.
The shift challenges old ideas that only certain institutions or backgrounds can offer valuable careers.
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A thinktank report says improving the UK population’s health to what it was in 2014 could add 2% to the country’s economic output and bring £72 billion more in public money through higher taxes and lower health costs. The report highlights that poor health reduces the number of people able to work and increases government spending on healthcare and benefits.
Key Facts
The UK’s healthy life expectancy fell by two years between 2014 and 2022-24.
The number of working-age people with long-term health conditions rose from 11.7 million to 15.7 million.
People in the richest areas live up to 20 years longer in good health than those in the poorest areas.
Poor health increases costs for the NHS and disability benefits and reduces tax revenue because fewer people can work.
Restoring health levels to those of 2014 could increase economic output by £57 billion.
This improvement could also boost public finances by £72 billion through higher taxes and lower social security and healthcare spending.
The UK is one of five rich countries experiencing a decline in healthy life expectancy over the past decade.
The research calls for more focus on preventing illness and investing in public health, not just treatment.
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Andy Burnham is set to become the new UK prime minister and faces decisions about North Sea oil and gas drilling. Some existing projects are under legal review, new exploration licenses are banned by his party’s policy, and the industry wants changes to a tax on oil profits to encourage investment.
Key Facts
The Rosebank and Jackdaw oil fields were approved by the previous government but are under legal challenge due to environmental concerns.
Consultations on these projects are ongoing and will close in August.
Labour’s 2024 manifesto promised to ban new oil and gas exploration licenses, a policy already put into effect by the current Energy Secretary.
“Tie-backs” allow production near licensed areas but do not count as new licenses.
Large oil companies have been selling North Sea assets to smaller firms focused on extracting existing supplies rather than exploring new areas.
The Energy Profits Levy (a windfall tax) currently takes 78% from oil profits regardless of price, which the industry says discourages investment.
This levy will be replaced in 2030 by a tax that only applies when prices are high.
Changing or scrapping this tax is seen as a key move to attract more investment and support jobs, and may be a major decision for Burnham.
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The number of visits to Meghan Markle's online store, As Ever, dropped by 46% in the first half of 2026, going from 268,000 visits in January to 145,000 in June. The store sells food, drink, and household items and currently only ships to the United States.
Key Facts
Meghan Markle launched the As Ever website and brand in 2025 alongside her Netflix series With Love, Meghan.
The website sells products like jams, honey, wine, flower sprinkles, and candles.
Visits to the site fell steadily from January to June 2026, with a total drop of about 124,000 visits per month.
About 45% of visits in June 2026 came from the United States, the only shipping destination currently available.
The store initially sold out quickly after its first product drop in April 2025, but supply issues delayed meeting demand until August 2025.
No official sales or profit numbers have been released, so website visits are the main public measure of the store’s performance.
Netflix was an early partner in As Ever but has since stepped back from this business connection.
Meghan and Prince Harry have had mixed success with their media projects and partnerships since leaving royal duties in 2020.
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The Bank of England announced it will stop accepting bonds linked to thermal coal as collateral for loans to commercial banks starting in October. This move aims to reduce financial risks linked to coal, a highly polluting fossil fuel, and encourage a shift towards greener energy.
Key Facts
From October, the Bank of England will no longer accept thermal coal bonds as collateral for key loans.
Thermal coal is burned in power plants and is one of the most polluting forms of energy.
Commercial banks like Barclays, Lloyds, NatWest, and HSBC borrow money from the central bank using bonds as guarantees.
The Bank sees coal-linked bonds as risky because their value might drop due to the move towards net zero emissions.
About 150 big financial companies already limit their involvement with the coal industry.
The Bank’s policy is stricter than most other western central banks, including the European Central Bank.
The announcement was made quietly in early June without much public attention.
Activists want the policy to cover more than coal, including other harmful fossil fuels and deforestation.
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Taylor Farms has increased its recall of iceberg lettuce to include 27 states. The recall is due to a parasite found in lettuce from a supplier in central Mexico, which caused a severe diarrhea outbreak.
Key Facts
Taylor Farms issued a voluntary recall of iceberg lettuce.
The recalled lettuce was sent to 27 U.S. states.
The source of the lettuce is a supplier located in central Mexico.
Federal health officials linked the lettuce to the spread of a parasite.
The parasite causes severe diarrhea.
The Centers for Disease Control and Prevention (CDC) helped identify the contaminated lettuce.
The recall includes shredded iceberg lettuce specifically.
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Russians are using more cash because mobile internet shutdowns make card payments difficult, and many businesses want to avoid paying taxes amid growing financial pressure from the war in Ukraine. The increase in cash use makes it harder for the government to collect taxes while the economy slows and public finances are strained.
Key Facts
Since the start of 2024, Russia has put 1.56 trillion roubles (about $20 billion) more cash into circulation, a largest rise in recent years outside the pandemic.
The government frequently shuts down mobile internet to counter Ukrainian drone attacks, which disrupts card payments and pushes people to use cash.
Cash use surged earlier during events like partial military mobilization in 2022 and a mutiny by a mercenary group in 2023.
The Russian government raised the VAT tax from 20% to 22% and lowered the threshold for small businesses to pay VAT, increasing financial pressure on many firms.
To avoid taxes, some businesses prefer customers pay in cash and pay wages "under the table," which hides income from tax authorities.
About 6% of small business owners reported using illegal methods to reduce tax burden, like skipping cash register receipts.
Russia's economy is slowing, with GDP growth forecast at only 0.4% for 2026, the weakest since 2022.
The government needs more tax revenue to fund the war in Ukraine but faces challenges due to widespread cash use and a growing informal economy.
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Diesel and petrol prices in Australia have risen sharply recently due to higher global oil prices driven by conflict in the Middle East. The increase in fuel costs may lead to higher inflation and a possible rise in interest rates from the Reserve Bank. Meanwhile, some ski fields in Australia have recorded unusually high July temperatures.
Key Facts
Diesel prices increased by about 15 cents per litre over five days in several Australian cities.
Petrol prices also rose by around seven cents per litre in the past week.
Global oil prices have climbed from about $70 to $88 per barrel after renewed conflict in the Middle East.
The federal government’s partial fuel excise cut will expire on August 2, potentially adding 16 cents per litre to fuel costs unless extended.
Higher fuel prices contribute to inflation, increasing the likelihood of an interest rate hike by the Reserve Bank.
Ski fields in the Australian Alps recorded record-high July temperatures, with Mount Hotham reaching 11.1°C, above the previous record from 1994.
Some political debate surrounds migration and multiculturalism in Australia, but this was noted without opinion.
The source of rising oil prices is linked to geopolitical events in the Middle East affecting supply and demand globally.
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Target has recalled over 200,000 pairs of children's sandals because small pearls attached to the shoes can come off and cause choking. Customers who bought the sandals are asked to stop using them and return them for a full refund.
Key Facts
The recalled sandals are Cat & Jack-branded raffia sandals with plastic pearls.
Target received 23 reports of pearls falling off the sandals.
No injuries have been reported so far.
The sandals were sold from January 2026 through May 2026.
Each pair costs about $20.
Customers can return the sandals to Target stores or mail them back using a prepaid label.
Target operates more than 2,000 stores nationwide.
Target had previous recalls in 2020 for children's products due to choking hazards.
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