Business News

People buying less fast food as grocery prices remain high

August 19, 2025 • BBC Business

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BBC Business

Gen Z is facing a job market double-whammy

August 19, 2025 • Axios

Summary

New graduates are finding it hard to get jobs because the number of unemployed people new to the workforce has reached its highest level in 37 years. This is happening because companies are being careful about hiring due to economic uncertainties like tariffs and policy issues. Even though the overall unemployment rate is low, many young people without work are struggling to find jobs.

Key Facts

13.4% of unemployed people in July were new to the workforce, such as recent graduates.
This is the highest percentage since 1988 when many Baby Boomers were job hunting.
People with jobs are generally keeping them; the unemployment rate is 4.2%.
Young people with college degrees, aged 22-27, have a jobless rate similar to rates seen in the 2010s.
The unemployment rate for everyone aged 22-27 was 7.4% in the second quarter of the year.
25.2% of unemployed workers have been without a job for 27 weeks or more, the highest since February 2022.
Many young job seekers affected by this started college during the COVID-19 lockdowns.

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Axios

Businesses face 'chaos' as EPA aims to repeal its authority over climate pollution

August 19, 2025 • NPR Home

Summary

The Trump administration's EPA is trying to repeal its authority to regulate greenhouse gases, which could lead to the removal of all federal climate pollution standards. Many businesses rely on these regulations for stability and predictability in planning long-term investments.

Key Facts

The EPA under the Trump administration plans to repeal its authority to regulate greenhouse gases.
This authority comes from the endangerment finding, established under the Clean Air Act since 2009.
Greenhouse gases like carbon dioxide are considered harmful to public health and communities.
Repealing the authority would lead to the removal of all federal greenhouse gas standards.
Businesses rely on these standards to protect against lawsuits and for planning.
Some companies and industry groups, like the American Petroleum Institute, prefer federal regulation of emissions.
The EPA argues that Congress never specifically authorized it to regulate climate pollution.
Public hearings on the EPA's proposal are planned to discuss the matter.

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NPR Home

Actors say casting agency owes them thousands

August 19, 2025 • BBC Top Stories

Summary

Actors in England report not receiving payments for jobs they completed through Lucy Harrison Casting agency. The agency has not paid some actors for months, with claims that owed amounts total in the thousands. The issue involves two companies linked by the same director, with one company in liquidation and the other still operating.

Key Facts

Actors across England claim Lucy Harrison Casting owes them money for completed jobs.
Some actors have waited months without payment, with amounts owed in the thousands.
Lucy Harrison Casting is associated with two companies: Happy House Productions, now in liquidation, and Happy House Media Limited, which continues to operate.
Sharon Stanton and Natalie Neri are among the actors seeking payment, with Neri owed over £1,000.
Despite the liquidation, Lucy Harrison Casting's website is still active, now under Happy House Media Limited.
The agency claims compliance with UK law and continues to represent actors and models.
Some actors have reported the agency to the government's Employment Agency Standards Inspectorate for investigation.
The Department for Business and Trade is investigating complaints against the agency to protect consumers and businesses.

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BBC Top Stories

Japan chain stops rice ball sales after staff fake expiry dates

August 19, 2025 • BBC World

Summary

A Japanese convenience store chain, Ministop, has stopped selling rice balls and some deli items at 1,600 stores. This decision came after it was found that staff at 23 stores faked expiry dates on these food items.

Key Facts

Ministop is a Japanese convenience store chain.
The sales suspension affects rice balls (onigiri) and other deli items.
1,600 stores are involved in this sales pause.
Staff at 23 stores were found to have faked expiry dates.
No health issues have been reported by customers.
The affected stores are located in major cities, including Tokyo, Kyoto, and Osaka.
Sales were paused since August 9 for rice balls and recently extended to other items for investigation.
Ministop has more than 1,800 stores in Japan.

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BBC World

Intel shares jump as Softbank to buy $2bn stake in chip giant

August 19, 2025 • BBC US

Summary

Softbank announced it will buy a $2 billion stake in Intel, a major U.S. computer chip maker. This news caused Intel's share price to rise. The investment is part of a broader effort by Intel and Softbank to boost technology and chip development in the U.S.

Key Facts

Softbank is purchasing a $2 billion stake in Intel.
Intel's share price increased after the announcement.
The U.S. government is reportedly discussing converting grants into a 10% stake in Intel.
Intel plans to build a major manufacturing center in Ohio.
The deal price is $23 per share for Softbank.
Intel's CEO, Lip-Bu Tan, met with President Donald Trump and his cabinet last week.
U.S. chip companies, including Nvidia and AMD, are under scrutiny by the U.S. government.

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BBC US

Newsmax settles Dominion election defamation case for $67m

August 18, 2025 • BBC Business

Summary

Newsmax, a U.S. TV network, has agreed to pay $67 million to Dominion Voting Systems to settle a defamation lawsuit. The case involved false claims that Newsmax broadcast about the 2020 U.S. presidential election being rigged against Donald Trump. Dominion had accused Newsmax of causing economic harm with these claims.

Key Facts

Newsmax will pay $67 million to settle the defamation lawsuit.
Dominion sued Newsmax in 2021 for false claims about the 2020 election.
A judge ruled that Newsmax did defame Dominion, but a jury was to decide on malice and damages.
Newsmax decided to settle, arguing the legal process was unfair.
Dominion originally sought $1.6 billion in damages.
Newsmax has previously settled a similar case with Smartmatic for $40 million.
Newsmax insisted its election coverage was fair and necessary for the public.
The settlement will be paid in three parts, with the first $27 million already paid.

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BBC Business

MSNBC reveals new name as part of corporate divorce from NBC

August 18, 2025 • Al Jazeera

Summary

MSNBC is changing its name to MS NOW as part of separating from NBC. The network aims to create its own identity, while its news focus remains the same. The change comes after NBC Universal spun off several cable networks, including MSNBC, into a new company called Versant.

Key Facts

MSNBC will change its name to My Source News Opinion World, or MS NOW.
The change is part of separating from NBC and forming a new identity.
MSNBC will remove the NBC peacock symbol from its logo.
NBC Universal spun off MSNBC, USA, CNBC, and other networks into a new company called Versant.
The news focus and editorial direction of MSNBC will remain the same despite the name change.
The name MSNBC was originally a product of a partnership between Microsoft and NBC in 1996.
The MSNBC name change does not apply to CNBC, which retains its name and branding.
MSNBC host Joe Scarborough unveiled the new logo on his show.

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Al Jazeera

How your county is affected by "big beautiful bill" tax cuts

August 18, 2025 • Axios

Summary

A new tax bill made permanent tax cuts from President Trump's first term and added new tax breaks. These changes will give Americans an average tax cut of $3,752 by 2026. However, some social programs will face cuts starting in 2027, affecting low-income groups.

Key Facts

The tax bill makes Trump's first-term tax cuts permanent and adds new breaks.
The average estimated federal tax cut for Americans in 2026 is $3,752.
States like Wyoming and Washington will see the largest average tax cuts, over $5,000.
States like West Virginia and Mississippi will have the smallest average tax cuts, around $2,400.
The bill offers new deductions for tips, overtime income, and an expanded child-care tax credit.
Business owners, especially in high-tax regions, will benefit from permanent tax breaks.
Social spending cuts on programs like food benefits and Medicaid will begin in 2027 and 2028.

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Axios

'Unaffordable' rents well over a third of income

August 18, 2025 • BBC Business

Summary

In Bristol, private renters are spending a large portion of their income on rent, with costs reaching 44.6% of their earnings in 2024. These rent levels are much higher than the 30% considered affordable by the Office of National Statistics (ONS). Rising rents are attributed to factors like fewer available homes and more tenants, along with local features driving demand.

Key Facts

In Bristol, renters used 44.6% of their income on rent in 2024.
The ONS suggests 30% of income is the affordable limit for rent.
Bristol and Bath are among the top 20 least affordable areas in the UK for renters.
The highest rent cost in Bristol was in 2018, at 46.9% of household income.
Rent costs in Bath stood at 42.7% of income in 2024, up from 37.8% in 2023.
Factors like universities and commuter routes can raise rent prices.
Many landlords are selling property due to higher costs, leading to fewer rental homes.
Rising wages have not kept up with the faster increase in rent prices.

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BBC Business

Air Canada strike continues, suspends financial guidance

August 18, 2025 • Al Jazeera

Summary

Air Canada's strike involving 10,000 cabin crew members continues despite being declared illegal by Canada's labor board. The cabin crew is demanding better wages and compensation for tasks performed when planes are not in motion. The strike has led to Air Canada suspending its financial forecasts.

Key Facts

The Canada Industrial Relations Board (CIRB) ruled that the ongoing strike by Air Canada's cabin crew is illegal.
Approximately 10,000 cabin crew members have walked off their jobs, seeking better wage conditions and compensation.
The strike has disrupted air travel, affecting hundreds of thousands of passengers during a busy travel season.
Air Canada has suspended its financial outlook for the third quarter and the annual profit as a result of the strike.
Prime Minister Mark Carney has shown support for cabin crews, advocating for fair compensation.
The government has options like court enforcement or legislative action to resolve the strike but is cautious due to legal precedents on workers' rights.
The CIRB had ordered binding arbitration to resolve the dispute, which the union opposes.

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Al Jazeera

Bioethanol plant begins shut-down process

August 18, 2025 • BBC Business

Summary

A bioethanol plant in the UK, owned by Associated British Foods, is shutting down and starting to lay off its 160 employees. The UK government decided not to provide financial support to the bioethanol sector, citing increased competition from US imports and long-term industry issues. The closure is part of a response to a UK-US trade deal that lowered tariffs on US ethanol.

Key Facts

Vivergo, one of the two bioethanol plants in the UK, is shutting down.
The plant is laying off 160 employees, with layoffs starting immediately.
The UK government decided not to give financial support to the bioethanol industry.
Competition from cheaper US ethanol imports has hurt the UK bioethanol sector.
A UK-US trade deal in May removed tariffs on US ethanol, affecting local producers.
The plant's closure may affect UK farmers who supply non-food-grade wheat.
Another bioethanol plant in the UK, owned by German firm Ensus, is awaiting government support for its operations.
The shutdown will also impact CO2 production used in various industries.

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BBC Business

Soho House bought for £2bn as Ashton Kutcher joins board

August 18, 2025 • BBC Business

Summary

Soho House, a private members' club chain, was purchased for $2.7 billion by a group including actor Ashton Kutcher, who will join its board. Despite recent challenges in maintaining exclusivity and profitability, the deal aims to stabilize and grow the business. The acquisition makes Soho House privately owned again, with continued expansion plans in place.

Key Facts

Soho House was sold for $2.7 billion to a group that includes Ashton Kutcher.
The club chain operates 46 locations in Europe, North America, and Asia.
Soho House became a public company in 2021 but faced a drop in share value and struggled to make a profit.
The acquisition was led by MCR Hotels and private equity firm Apollo.
Founder Nick Jones and other current shareholders will retain their stakes.
The agreed share price was 18% higher than recent trading prices but still below its 2021 peak.
The purchase aims to address concerns about Soho House's business model and lost exclusivity.
Four new Soho House locations are planned to open soon.

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BBC Business

Newsmax to pay $67M in defamation case over false 2020 election claims

August 18, 2025 • PBS NewsHour

Summary

Newsmax agreed to pay $67 million to settle a lawsuit with Dominion Voting Systems over false claims about the 2020 election. A judge had determined that Newsmax defamed Dominion by spreading lies about their equipment. The settlement was reached before the case went to trial.

Key Facts

Newsmax will pay $67 million to Dominion Voting Systems to settle a defamation lawsuit.
The lawsuit accused Newsmax of spreading false information about the 2020 election results.
A judge had ruled that Newsmax did indeed defame Dominion by airing false claims.
The settlement was disclosed in a filing with the U.S. Securities and Exchange Commission.
The settlement was announced before the case went to trial.
Fox News had previously settled a similar case with Dominion for $787.5 million.
Newsmax agreed to the settlement on Friday, prior to the public announcement.
False claims included conspiracy theories involving the Venezuelan president Hugo Chavez.

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PBS NewsHour

Google agrees $36m fine for anti-competitive deals with Australia telcos

August 18, 2025 • Al Jazeera

Summary

Google agreed to pay a fine of 55 million Australian dollars (about 36 million U.S. dollars) for anti-competitive practices in Australia. The company was found to have harmed competition by paying telecom companies to pre-install its search app on Android phones, limiting other search engines. Google will not continue these types of deals and is working with the consumer watchdog to finalize the fine.

Key Facts

Google will pay a 55 million Australian dollar fine.
The fine is for anti-competitive deals in Australia from 2019 to 2021.
Google paid Telstra and Optus to pre-install its search app on Android phones.
This practice limited competition from other search engines.
Google has admitted these practices harmed competition.
The Australian Competition and Consumer Commission (ACCC) brought the case.
Google has stopped making similar deals in Australia.
A court will still decide if the fine is appropriate, but Google and the ACCC agree on the amount.

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Al Jazeera

MSNBC will change its name to MS NOW as part of split from NBC

August 18, 2025 • PBS NewsHour

Summary

MSNBC is changing its name to MS NOW, standing for My Source News Opinion World. The change is part of its separation from NBC, set to happen later this year. The network will also replace the NBC peacock logo as it establishes its own identity.

Key Facts

MSNBC will be renamed to MS NOW.
The name change reflects the network's separation from NBC.
The change will include removing NBC's peacock symbol.
MSNBC was originally named through a partnership with Microsoft and NBC in 1996.
MSNBC President Rebecca Kutler said the decision involved significant debate.
The network aims to create its own modern newsgathering organization.
Other networks like CNBC are not changing their names.
MSNBC is hiring journalists from other sources to strengthen its newsroom.

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PBS NewsHour

Newsmax pays $67 million to settle defamation case linked to 2020 election coverage

August 18, 2025 • NPR Home

Summary

Newsmax has agreed to pay $67 million to Dominion Voting Systems to settle a defamation lawsuit related to false claims about the 2020 U.S. presidential election. Dominion accused Newsmax of airing unfounded conspiracy theories that damaged its reputation. This settlement follows a much larger payment Dominion received from Fox News for similar claims.

Key Facts

Newsmax is a media company that will pay $67 million to settle a defamation case.
Dominion Voting Systems, which makes election technology, filed the lawsuit.
The lawsuit involved claims about the 2020 U.S. presidential election.
Dominion accused Newsmax of spreading false information suggesting vote manipulation.
Dominion had previously settled a similar lawsuit with Fox News for $787 million.
The trial for the Newsmax case was set to start in October before the settlement.
Newsmax has paid part of the settlement and will finish payment by January 2027.

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NPR Home

'Can't stop. Won't stop': Documentary filmmakers face federal funding shortfall

August 18, 2025 • NPR Home

Summary

The Corporation for Public Broadcasting (CPB) is closing after losing its $1.1 billion budget, leading PBS to cut its budget by 21%. This affects funding for documentary filmmakers who relied on public media support. As traditional funding sources dwindle, filmmakers are exploring international and digital platforms like Netflix and YouTube for support.

Key Facts

CPB has supported independent documentaries through PBS for over 50 years.
CPB lost its entire $1.1 billion budget, causing it to shut down.
PBS announced a 21% budget cut following the loss of CPB's funding.
Previously, grants from the National Endowments for the Humanities and Arts were canceled, further reducing funding options.
Filmmakers are looking for international funding and collaborating with streaming services like Netflix and YouTube.
GBH, a major PBS content producer, will pause some projects and focus more on digital platforms to attract younger audiences.
Streaming services like Tubi and YouTube are becoming more involved in distributing and supporting documentaries, though they often don't fund new productions.

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NPR Home

Trump's trade war puts US love for Scottish goods to the test

August 18, 2025 • BBC Business

Summary

The article discusses how tariffs on imports, like those imposed on Scottish goods, are affecting prices and consumer choices in the United States. Businesses like Scottish Gourmet USA are raising prices due to the new 10% tariff, which could impact consumer decisions and potentially harm overseas producers. US companies and industries are also feeling the effects of these increased tariffs across various sectors.

Key Facts

The US has imposed a 10% tariff on imports from Scotland, including goods like Scottish shortbread.
Tariffs can make imported goods more expensive, which might push consumers to choose cheaper, locally made products instead.
Anne Robinson, who runs Scottish Gourmet USA, has raised prices due to the tariff and other increased costs, such as higher butter prices.
Walker's, a major shortbread producer in Scotland, could face reduced demand in the US, potentially affecting jobs in Scotland.
US car makers like Toyota, Honda, General Motors, and Ford are predicting billions in extra costs due to tariffs on international parts and vehicles.
Importers have mostly absorbed these cost increases so far, but economists expect inflation could rise as they start passing costs to consumers.
Some goods, like coffee from Brazil and cars from Germany, face steep tariffs, affecting their price and availability in the US market.

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BBC Business

Swatch sorry for 'slanted eyes' ad after China uproar

August 18, 2025 • BBC Top Stories

Summary

Swatch apologized and removed an advertisement after it upset Chinese consumers. The ad showed a model making a gesture linked to a racist stereotype against Asians. This led to calls on social media in China to boycott the brand.

Key Facts

Swatch apologized for an ad featuring a gesture that many saw as racist against Asians.
Chinese social media users called for a boycott of Swatch products.
Swatch immediately removed all related materials worldwide.
China, Hong Kong, and Macau account for about 27% of Swatch's revenue.
Swatch also owns other watch brands like Omega and Tissot.
China has a history of consumer boycotts in response to perceived cultural insults.
In 2021, brands like H&M and Nike faced boycotts in China over issues related to Xinjiang.
Dolce & Gabbana also faced a boycott in China in 2018 for a similar reason.

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