Rupert Murdoch's family has agreed to give control of his media empire, including Fox News and The Wall Street Journal, to his eldest son, Lachlan Murdoch. Lachlan will have voting rights and be part of a new family trust with his two younger sisters, while three other siblings will receive a financial payout to relinquish their stakes. This decision ends a long-running family dispute over who will lead Murdoch's media companies.
Key Facts
Rupert Murdoch's media empire includes Fox News, The Wall Street Journal, and other major outlets.
Lachlan Murdoch will take control of these media companies.
Lachlan will have sole voting rights and be part of a new family trust.
His two younger sisters, Grace and Chloe, are also part of the trust.
Three other siblings, James, Elizabeth, and Prudence, will give up their stakes.
These siblings will receive a payout estimated at about $3.3 billion.
The agreement stops James, Elizabeth, and Prudence from buying more shares in the companies.
This agreement ends a legal fight over the family's media assets.
Read the Original
Want the full story? Tap a source to open the original
article.
John Elkann, chair of Ferrari and Stellantis, agreed to do one year of community service and pay millions of euros to resolve a tax dispute in Italy. He and his siblings will pay €183 million to settle allegations they failed to declare assets and income from their grandmother's estate. The case is part of a larger family dispute over the inheritance from Gianni Agnelli, the former Fiat boss.
Key Facts
John Elkann and his siblings will pay €183 million to the Italian tax authorities.
They settled a case involving alleged failure to declare €1 billion in assets and €248.5 million in income.
The tax dispute is related to the estate of their grandmother, Marella Caracciolo, who passed away in 2019.
John Elkann agreed to one year of community service as part of the settlement.
The agreement with tax authorities does not include an admission of liability.
There is an ongoing civil case between the Elkann siblings and their mother over the inheritance from Gianni Agnelli.
John Elkann has been the chair of Ferrari since 2018 and of Stellantis since 2021.
Read the Original
Want the full story? Tap a source to open the original
article.
A ban on disposable vapes in the UK is not reducing the number of vapes incorrectly thrown away, according to a waste management company. The rise in discarded vapes, which contain lithium batteries that can cause fires, is costing the waste industry significantly. Some claim the ban has succeeded, while the waste firm blames black market trade and marketing of reusable vapes.
Key Facts
A UK ban on disposable vapes has not stopped millions of them from being incorrectly discarded.
Biffa, a waste management company, reports an increase in vapes entering their recycling system post-ban.
Vapes contain lithium batteries, which can ignite fires if crushed during waste processing.
The vape industry launched reusable models similar to disposables, but these are still often thrown away.
The vape industry defends the ban's success, citing black market or illegal trades as reasons for increased waste.
Biffa experienced 60 fires in June alone due to improperly disposed vapes and similar items.
The incorrect disposal of vapes costs the waste industry around a billion pounds annually.
It is suggested that collecting vapes directly from homes could improve recycling rates.
Read the Original
Want the full story? Tap a source to open the original
article.
News Corp and Fox Corp announced that the Murdoch family settled a dispute about who will control the companies. This was done by creating a new family trust, which gives Lachlan Murdoch control. The older siblings will receive cash payments and step down from their roles.
Key Facts
The Murdoch family created a new trust to resolve a conflict over company control.
Lachlan Murdoch will have control of News Corp and Fox Corp.
Three of Rupert Murdoch's older children, Prudence, Elisabeth, and James, will receive cash for their shares and leave their roles.
The older siblings will be beneficiaries of new trusts funded by selling about 31 million Class B shares.
Chloe and Grace Murdoch are included in the new trust but do not have voting control.
Rupert Murdoch remains as chairman emeritus of both companies.
The boards of both Fox Corp and News Corp approved the agreement.
The new trust is set to expire in 2050, and the family's voting shares are slightly reduced.
Read the Original
Want the full story? Tap a source to open the original
article.
Rupert Murdoch's son, Lachlan, will take control of the family media empire, continuing its conservative direction. A new deal ends years of family conflict, with Lachlan's siblings selling their shares and receiving cash through a new trust.
Key Facts
Lachlan Murdoch will control the Murdoch media empire after Rupert Murdoch's death.
The agreement maintains the conservative stance of Fox News, The Wall Street Journal, and The New York Post.
Lachlan's siblings, Prue MacLeod, Elizabeth Murdoch, and James Murdoch, will not be part of the trust holding Fox and News Corp shares.
The siblings are expected to sell their shares in the coming months.
A new trust will provide cash from selling about 14.2 million News Corp shares and 16.9 million Fox Corp shares.
The family's struggles inspired the TV show "Succession."
Read the Original
Want the full story? Tap a source to open the original
article.
Argentina's markets dropped sharply after President Javier Milei's party lost badly in local elections to the Peronists. This loss raised concerns about the government's ability to carry out its economic reforms, with the peso hitting a record low and stock indexes falling significantly.
Key Facts
Argentina's peso fell by almost 5% against the U.S. dollar, reaching an all-time low.
The benchmark stock index in Argentina dropped 10.5%.
An index of Argentine stocks listed in the U.S. fell by more than 15%.
Some international bonds experienced their largest decline since 2020.
The Peronist opposition won 47.3% of the vote in Buenos Aires Province, while Milei's party won 33.7%.
Concerns arise about the government's ability to maintain its IMF-supported economic reforms.
The government must decide whether to let the peso weaken further or use its foreign reserves to support it.
The recent corruption scandal involving President Milei's sister has intensified market pressures.
Read the Original
Want the full story? Tap a source to open the original
article.
The owner of the Daily Mirror and Daily Express plans to cut over 300 jobs as it increases focus on digital content. Reach PLC will reorganize by reducing jobs, creating new roles, and sharing more content across its publications.
Key Facts
Reach PLC owns the Daily Mirror, Daily Express, Manchester Evening News, Birmingham Mail, and Liverpool Echo.
The company plans to cut 321 jobs.
Reach will create 135 new positions.
The company aims to focus on more video and AI content.
Reach wants to increase digital subscriptions.
A new "live news network" will allow one journalist to write for multiple outlets.
This reorganization is described as the biggest in the company's history.
Read the Original
Want the full story? Tap a source to open the original
article.
The Murdoch family has agreed on how to manage their media company after Rupert Murdoch's death. Lachlan Murdoch will lead Fox Corp., and his sisters, Grace and Chloe, will help. His other siblings, Prudence, Elisabeth, and James, will not have control but receive stock valued at $3.3 billion.
Key Facts
Rupert Murdoch's family made a decision on who will run the media empire after his death.
Lachlan Murdoch will take control of Fox Corp.
Lachlan's younger sisters, Grace and Chloe, will be involved in management.
The decision ensures no change in the direction of Fox News.
Lachlan’s older siblings will not control Fox but will receive stock worth $3.3 billion.
The outcome was first reported by The New York Times.
The deal is similar to the TV show "Succession" but involves real financial and political impacts.
Read the Original
Want the full story? Tap a source to open the original
article.
Rupert Murdoch, a big media owner, has settled a legal fight with three of his children about who will control his companies after he is gone. This move helps him keep influence over his media businesses known for their conservative views.
Key Facts
Rupert Murdoch settled a legal dispute with three of his children.
The dispute was about who would control his media companies after his death.
Murdoch owns major media outlets, including Fox News and the Wall Street Journal.
He is known for having a conservative viewpoint in his media outlets.
Murdoch recently met with President Trump at the White House.
The decision strengthens Murdoch's hold on his media empire.
Read the Original
Want the full story? Tap a source to open the original
article.
The school security industry is growing and is now worth up to $4 billion. This industry offers various products and services, such as drones, metal detectors, and trauma kits, aimed at protecting schools from shootings. Despite the growth, there is little evidence proving the effectiveness of many of these products.
Key Facts
The school security industry is valued at approximately $4 billion.
More than 400 school shootings have occurred since the Columbine incident in 1999.
Drones are being marketed as tools to stop school shooters by using pepper balls and direct interference.
Products like panic buttons, bullet-resistant whiteboards, and facial recognition technology are available for schools to buy.
A significant portion of products have little evidence supporting their effectiveness in preventing school shootings.
School resource officers, who are police stationed in schools, often carry firearms.
Companies that traditionally supply medical or security items to emergency services and the military are now targeting schools as customers.
The National Association of School Resource Officers organizes conferences where these products are showcased.
Read the Original
Want the full story? Tap a source to open the original
article.
The current economic situation is marked by mixed signals due to various policy changes and global factors. Tariffs, tax cuts, and immigration policies are affecting job growth and economic activity in the U.S. While job numbers have recently slowed, the unemployment rate remains low.
Key Facts
Recent job reports show a sharp slowdown in job growth since May 2025.
Tariffs have increased significantly, affecting supply and demand by raising prices.
New tax laws aim to boost investment and consumer spending.
Immigration policies have led to fewer workers and a decrease in demand for goods and services.
The Federal Reserve may lower interest rates due to slowed job growth.
Manufacturing has contracted for six consecutive months, partly due to tariffs.
Despite slowing job growth, the unemployment rate is only 4.3%.
GDP growth in the third quarter is estimated at 3% by the Atlanta Fed's GDPNow model.
Read the Original
Want the full story? Tap a source to open the original
article.
SpaceX has agreed to buy spectrum licenses from EchoStar for about $17 billion. The deal involves both cash and SpaceX stock and will help expand SpaceX's Starlink satellite network. The transaction will also involve a commercial agreement to provide EchoStar customers with Starlink services.
Key Facts
SpaceX is buying spectrum licenses from EchoStar for around $17 billion.
The deal includes up to $8.5 billion in cash and up to $8.5 billion in SpaceX stock.
SpaceX will pay around $2 billion in cash interest on EchoStar’s debt until November 2027.
EchoStar’s Boost Mobile users will be able to access SpaceX’s new Starlink Direct to Cell service.
EchoStar's shares rose by 19% before the market opened on Monday.
EchoStar plans to use the money from the sale to pay down its debt.
The current operations of Dish TV, Sling, and Hughes will not change due to this deal.
Read the Original
Want the full story? Tap a source to open the original
article.
Emma Gibbon, a pub owner in Cheltenham, says it's becoming increasingly difficult to operate pubs. She has met with the Business and Trade Minister to discuss challenges such as rising costs and National Insurance contributions. The government is taking steps to support pubs, but some owners and associations are advocating for further actions like reforming business rates and cutting VAT.
Key Facts
Emma Gibbon owns two pubs in Cheltenham and met with the Business and Trade Minister to discuss challenges.
She highlights issues such as increased prices, lingering debt, and National Insurance contributions.
National Insurance contributions have increased, affecting young part-time workers in hospitality.
The government is reducing licensing costs, cutting alcohol duty, and extending business rate relief.
The British Beer and Pub Association is pushing for business rate reforms to help pubs.
Emma Gibbon is part of a group representing 13,000 pubs calling for government support.
The pub sector is crucial for local communities, and the government recognizes its importance.
The British Beer and Pub Association estimates that one pub in the UK is closing every day as of 2025.
Read the Original
Want the full story? Tap a source to open the original
article.
China is making more deals to provide its drugs and medical products, suggesting a shift in global biotech leadership from the U.S. to China. Chinese biotech companies have increased their share of global licensing deals significantly, and this trend comes as the U.S. cuts funding for biomedical research. This shift is raising concerns about maintaining U.S. leadership in the biotech industry.
Key Facts
China has been developing its biopharmaceutical industry for the past ten years.
Chinese drugs now make up nearly 40% of licensing deals, up from less than 3% five years ago.
Major companies like AstraZeneca and GSK have invested over $150 billion in Chinese biotech deals in the past five years.
GSK has about 10% of its drug research focusing on Chinese sources.
The U.S. is cutting federal funding for biomedical research, including potential reductions to the National Institutes of Health's budget.
The Biosecure Act could limit Chinese biotech companies from U.S. government-funded research.
The U.S. might miss out on advances if it doesn't keep up with global biotech progress, especially in light of upcoming patent expirations.
Read the Original
Want the full story? Tap a source to open the original
article.
Axios is starting a new video interview series called The Axios Show this fall. This series will feature conversations with important figures in politics, media, business, technology, and culture. The series will have five episodes available online and on social media platforms.
Key Facts
Axios is launching a video interview series this fall.
The series is named The Axios Show.
It focuses on interviews with key figures in politics, media, business, tech, and culture.
There will be five episodes released this fall.
Full episodes will be available on Axios.com, YouTube, and X (formerly known as Twitter).
Highlights from the episodes will be shared on Axios's social media accounts.
Read the Original
Want the full story? Tap a source to open the original
article.
A Tube strike, starting on Sunday, in London is causing financial concerns for local businesses. The strike is expected to have a significant economic impact, potentially costing around £230 million and affecting public transport as well as businesses dependent on commuter traffic. Business owners, like Prasanna Callaghan of Crumpets Cafe, worry about the loss of income, while the RMT union attributes the strike to unresolved issues with management over pay and working conditions.
Key Facts
The Tube strike in London began on a Sunday and will last for five days.
Prasanna Callaghan, owner of Crumpets Cafe, expects to lose £600-£700 each day due to the strike.
The Centre for Economics and Business Research estimates the strike could cost about £230 million in economic losses.
The strike affects London Underground services, causing disruptions until Thursday.
Members of the Rail, Maritime And Transport union (RMT) are on strike over pay and working conditions.
Sectors such as retail and hospitality in London are experiencing reduced footfall and consumer spending.
The RMT is asking for a 32-hour workweek, citing issues like "fatigue management" for its members.
TfL has been criticized for not considering a small reduction in the working week as a solution.
Read the Original
Want the full story? Tap a source to open the original
article.
Bob's pub, a well-known establishment in Scunthorpe, is closing after 125 years of operation. The pub is up for sale, and there are plans from a potential buyer to convert it into a wedding and private event venue.
Key Facts
The Lord Roberts pub, also called Bob's, has been a part of Scunthorpe life since 1900.
The pub is closing due to changes in people's spending habits and reduced patronage.
Graham Matthews, the current landlord, is emotional about the closure and notes the struggles in the hospitality industry.
The pub was once converted into a disco-bar named Cre8 in 2003 before returning to being a pub.
An auction is being held to sell the pub's memorabilia and contents.
The pub is on the market, with interest from a buyer who may turn it into a venue for weddings and private events.
Read the Original
Want the full story? Tap a source to open the original
article.
Many food companies are working to replace artificial dyes with natural ones to keep their products vibrant in color. Companies like Sam's Club, Kraft Heinz, Nestle, and Mars are spending money to make these changes while maintaining the colors consumers expect. This shift is partly due to consumer demand and pressure from health officials.
Key Facts
Sam's Club aims to remove artificial dyes from its Member's Mark brand by the end of the year.
Major food brands, including Kraft Heinz and Nestle, are phasing out synthetic dyes.
Mars is exploring naturally colored versions of M&M's candies.
General Mills previously removed artificial dyes from Trix cereal but returned to them after consumer backlash.
Kraft Mac & Cheese replaced synthetic dyes without noticeable consumer awareness.
The use of food dyes dates back centuries and includes practices like dyeing cheese to enhance color.
The shift from synthetic to natural dyes is influenced by evolving consumer preferences and health concerns.
Read the Original
Want the full story? Tap a source to open the original
article.
In Fall River, Massachusetts, a company that once had a large manufacturing operation now focuses on warehousing and distribution. The introduction of tariffs by former President Donald Trump has led to more inquiries about U.S.-based manufacturing, but challenges like hiring difficulties and high costs remain. Many businesses, including local manufacturers, report that tariffs have increased expenses without providing significant benefits.
Key Facts
Fall River-based Accurate Services used to have a large manufacturing operation but now mainly deals with warehousing.
The company received more inquiries about U.S. manufacturing after tariffs were introduced.
They turned down new business offers due to hiring challenges and uncertainty about demand.
Tariffs are taxes on imports and can raise prices for businesses and consumers.
As of last month, 71% of manufacturers surveyed by the Federal Reserve said tariffs negatively impacted their businesses.
The tariff costs forced the company Matouk to reduce investment spending.
Matouk's increased costs stem from tariffs on materials like cotton fabric and down from abroad.
Read the Original
Want the full story? Tap a source to open the original
article.
The UK government is launching a Defence Industrial Strategy with £250 million in funding to grow jobs and innovation in the defence sector. The plan aims to create up to 50,000 new jobs by 2035 across the UK and includes five Defence Growth Deals to support local economies and skills development.
Key Facts
The UK government will launch a £250 million Defence Industrial Strategy on 8 September.
Defence Secretary John Healey will announce the strategy at a Bristol-based defence technology company.
The strategy aims to create up to 50,000 new jobs by 2035.
Five Defence Growth Deals will support regional economies in England, Wales, Scotland, and Northern Ireland.
The funding will support job creation, skills development, and innovation in the defence sector.
Locations for the first Defence Growth Deals include Plymouth, South Yorkshire, Wales, Scotland, and Northern Ireland.
The strategy responds to global threats and plans to increase defence spending to 2.6% of GDP by 2027.
Read the Original
Want the full story? Tap a source to open the original
article.
