Business News

Starter homes are scarce, so Utah set a target to build more. Here's how it's going

September 02, 2025

Utah is trying to tackle high house prices by building more affordable starter homes. The state plans to create 35,000 starter homes in five years, but progress has been slow, with only about 5,100 homes built so far.

Key Facts:

Utah's governor set a goal to build 35,000 starter homes in five years to help with high house prices.
The state offers low-interest loans to encourage developers to build more affordable homes and condos.
Only about 5,100 starter homes have been constructed or are under construction.
Median U.S. home prices have increased nearly 50% over the past five years.
Utah's home prices are higher than the national average, over half a million dollars.
The median age for first-time homebuyers in the U.S. is now at a record high of 38.
High demand for homes in Utah is due to larger family sizes and more people moving to the state.

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NPR Home

Nestlé fires CEO Laurent Freixe over "romantic relationship" with employee

September 01, 2025

Nestlé fired CEO Laurent Freixe due to a rule-breaking relationship with a subordinate. Philipp Navratil, previously heading Nespresso, is now the new CEO. This comes as Nestlé faces challenges in certain business areas.

Key Facts:

Nestlé dismissed CEO Laurent Freixe for a relationship that breached company rules.
Philipp Navratil, the former head of Nespresso, has taken over as CEO.
Laurent Freixe had been with Nestlé for 40 years before this incident.
An investigation led by company chair Paul Bulcke looked into the relationship.
Nestlé is currently facing issues in its vitamins and supplements segment and plans to sell its bottled water division.
Navratil has been with Nestlé since 2001, holding various roles in Central America and Mexico.
He was influential in strengthening Nestlé's Nescafé coffee brand.
Navratil joined the Nestlé executive board in January.

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Axios

Nestle fires boss after relationship with employee

September 01, 2025

Nestle's chief executive was fired for not telling the company about a romantic relationship with an employee who worked directly under him. The decision came after an investigation by Nestle, which started because of a tip from the company's whistleblowing channel. Philipp Navratil will take over as the new chief executive.

Key Facts:

Nestle dismissed its chief executive, Laurent Freixe, for not disclosing a romantic relationship with a subordinate.
Freixe was let go immediately after an internal investigation by the company's chair and lead independent director.
The investigation began following a report through Nestle's whistleblowing channel.
The relationship was with an employee who was not on the executive board.
Laurent Freixe had been with Nestle for almost 40 years and became chief executive last September.
Philipp Navratil has been appointed to succeed Freixe as the new chief executive.
Nestle is known for products such as Kit Kat chocolate bars and Nespresso coffee capsules.

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BBC Business

Bessent floats potential tariff exclusions for some construction supplies

September 01, 2025

Treasury Secretary Scott Bessent announced that President Trump might exclude some home construction supplies from tariffs, which could help homebuilders. This consideration comes as the housing market faces challenges like high costs and low supply.

Key Facts:

Treasury Secretary Scott Bessent discussed possible tariff exclusions for home construction supplies.
The goal is to help homebuilders facing high costs and low supply in the housing market.
The housing market is slow due to high-interest rates and expensive materials.
There are about 500,000 more home sellers than buyers, with many struggling to afford mortgages.
President Trump might declare a "housing emergency" later this year.
The administration is considering lowering closing costs and standardizing building codes.
The National Association of Homebuilders has pushed for an exemption from proposed tariffs.
The homebuilder sentiment index has dropped to its lowest point since late 2022.

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Axios

Scotland scrapped peak rail fares - will the rest of the UK follow?

September 01, 2025

Scotland has stopped charging higher prices for rail tickets during peak travel times on ScotRail trains. This change might influence other parts of the UK to consider similar adjustments, but there are concerns about potential overcrowding and overall pricing impacts.

Key Facts:

Scotland no longer charges higher prices for peak time train tickets on ScotRail.
The peak/off-peak fare system was designed to reduce crowding by charging more during busy commuting times.
Rail usage is still below pre-Covid levels, leading ScotRail to remove peak charges.
The UK government handles ticket pricing in England and could decide to change the system there as well.
London North Eastern Railway is testing the removal of off-peak charges on parts of its network.
Rail fare adjustments could affect ticket pricing and travel patterns across the UK.
Potential issues include increased crowding on already busy trains if peak charges are removed everywhere.
Discussions are ongoing, with different regions like Wales and Northern Ireland having their own rail systems and decisions to make.

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BBC Business

Nestlé dismisses CEO due to an inappropriate relationship with a subordinate

September 01, 2025

Swiss company Nestlé fired its CEO, Laurent Freixe, for having an inappropriate relationship with a subordinate, violating company rules. Philipp Navratil, a long-time Nestlé employee, will take over as the new CEO. Nestlé emphasized its commitment to strong company values and governance.

Key Facts:

Nestlé fired CEO Laurent Freixe due to an inappropriate relationship with a subordinate.
The relationship violated Nestlé’s code of conduct.
The dismissal of Freixe took effect immediately.
Philipp Navratil will be the new CEO.
Navratil joined Nestlé in 2001 and worked in various roles.
Recently, Navratil was CEO of Nestlé’s Nespresso division.
Nestlé stressed the importance of its values and strong governance.

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PBS NewsHour

Fed losing independence would pose a serious danger, says Lagarde

September 01, 2025

The head of the European Central Bank, Christine Lagarde, warned that if the U.S. Federal Reserve's independence is compromised, it could harm the global economy. President Trump has criticized the Federal Reserve and its chair, Jerome Powell, pushing for lower interest rates to boost growth. Lagarde believes it would be hard for Trump to control the Fed due to existing legal protections.

Key Facts:

Christine Lagarde is the head of the European Central Bank.
Lagarde warned that if the U.S. Federal Reserve loses its independence, it could hurt the global economy.
President Trump has criticized the Federal Reserve, especially its chair, Jerome Powell.
Trump wants to cut U.S. interest rates to below 1% to stimulate growth.
The current Federal Reserve target interest rate is between 4.25% and 4.5%.
The U.S. Federal Reserve is meant to be independent of the government.
Trump tried to fire Fed governor Lisa Cook, which is being challenged in court.
Lagarde noted it would be difficult for Trump to control the Fed due to legal protections, such as requiring a Fed governor to be guilty of misconduct in order to be dismissed.

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BBC Business

Royal Mail returns to profit for first time in three years

September 01, 2025

Royal Mail reported a profit for the first time in three years, thanks to efforts to improve its business under new ownership. The company increased its focus on parcel deliveries, as letter volumes continued to decline. Despite the profit, the company still faces challenges, including potential changes to its delivery obligations and ongoing financial concerns.

Key Facts:

Royal Mail reported a profit of £12 million, excluding redundancy costs, for the first time in three years.
Parcel deliveries went up by 6%, while letter volumes decreased by 4% in the year to March 31.
New ownership under Czech billionaire Daniel Kretinsky has focused on modernizing and expanding more profitable areas, like parcel deliveries.
Royal Mail plans to install 3,500 solar-powered postboxes across the UK to improve service for small parcel deliveries.
The company's Universal Service Obligation, which requires certain delivery standards, is under review.
Royal Mail suffered significant financial losses last year, totaling £336 million.
Kretinsky’s group agreed to keep Royal Mail’s brand name and UK headquarters for at least five years.
The UK government retains a "golden share" to approve major changes to Royal Mail’s structure.

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BBC Business

UK house price growth slows in August

September 01, 2025

UK house price growth slowed in August, reaching the same pace as in June 2023. The average home price increased by 2.1% over the past year, down from 2.4% in July, according to Nationwide. Discussions about changes to property taxes are ongoing as the government looks to stimulate the housing market.

Key Facts:

UK house prices grew by 2.1% in the year up to August 2023.
This growth rate is the same as in June 2023 and slower than the 2.4% growth in July.
The average UK home now costs £271,079.
The UK government is considering changes to property taxes to boost the housing market.
Options include a National Insurance tax for landlords and abolishing stamp duty.
Housing remains difficult to afford due to high prices compared to incomes and living costs.

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BBC Business

BYD shares slide as China's EV price war hits profits

September 01, 2025

Shares of Chinese electric vehicle (EV) maker BYD fell by up to 8% after the company reported a drop in profit due to intense price competition in China's car market. The company's profits between April and June decreased by 30% from the previous year. BYD is facing stiff competition from other EV makers like Tesla, Nio, and XPeng, all of which have reduced prices to attract buyers.

Key Facts:

BYD shares dropped by up to 8% on Monday due to a reported decline in profit.
The company's net profit fell to 6.4 billion yuan ($900 million) between April and June, a 30% decrease from the prior year.
A price war among China's EV brands is harming the industry, including BYD.
BYD competes with local rivals Nio, XPeng, and US automaker Tesla, who have cut prices.
BYD's stock initially fell in Hong Kong but recovered slightly during the day.
The Chinese government has warned automakers against aggressive discounts to protect the economy.
Average car prices in China have decreased by 19% over two years, now around 165,000 yuan ($23,100).
Despite selling 2.49 million cars by end of July, BYD's yearly target is 5.5 million.

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BBC Tech

Jewellery boss in £170m scam told shop staff to pretend to be customers

September 01, 2025

The owner of a jewellery business, Vashi Dominguez, allegedly deceived investors by instructing his shop staff to act as customers. This was to make the stores appear busy and attract more investment. The business eventually collapsed, leaving millions in debt and Dominguez unaccounted for.

Key Facts:

Vashi Dominguez's jewellery business collapsed in 2023, owing £170 million.
Shop staff were told to pretend to be customers to mislead investors.
Promised stock worth £157 million was later valued at only £100,000.
Authorities decided not to investigate Dominguez after his disappearance.
The business had stores in major UK cities like London, Birmingham, and Manchester.
Dominguez was known for marketing himself on TV and offering custom jewellery experiences.
The company opened a lavish flagship store in Covent Garden in 2021.

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BBC Top Stories

Nourished By Time's blue-collar blues

September 01, 2025

Marcus Brown, who performs as Nourished by Time, spent a decade working various jobs before gaining recognition in the indie music scene. His latest album, "The Passionate Ones," explores themes of work and creativity. Brown's music career gained momentum after moving to New York and releasing his album "Erotic Probiotic 2."

Key Facts:

Marcus Brown is a musician from Baltimore, performing under the name Nourished by Time.
Brown’s music reflects themes of work and creativity, often inspired by his blue-collar jobs.
His album "The Passionate Ones" includes a song discussing his day jobs and passion for music.
Brown worked various jobs, such as at bookstores, as a dog walker, and in retail.
He moved from Los Angeles to New York City to further his music career.
His previous album, "Erotic Probiotic 2," was a breakthrough that led to a deal with XL Recordings.
Brown's work history and experience during COVID-19 influenced his interest in progressive politics.

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NPR News

Korean skincare industry expected to be hit hard by end of 'de minimus' exemption

September 01, 2025

The "de minimis" exemption, which allowed imports valued at $800 or less to enter the country without taxes, ended. This change is expected to affect the Korean skincare industry significantly.

Key Facts:

The "de minimis" exemption has ended as of Friday.
Previously, imports worth $800 or less could enter tax-free.
This change means such imports will now incur taxes.
The Korean skincare industry is one of the sectors expected to be impacted.
Taxes could potentially make Korean skincare products more expensive for consumers.

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NPR Business

How AI is helping a tiny Caribbean island make millions

September 01, 2025

Anguilla, a small island in the Caribbean, is earning significant income by selling .ai website addresses. With the rise of artificial intelligence, these domain names have become highly valuable, helping Anguilla diversify its economy beyond tourism.

Key Facts:

Anguilla uses the .ai web domain, which has become popular with the growth of AI.
In 2024, Anguilla earned about $39 million from selling .ai domain names.
This income from domain sales made up 23% of Anguilla's government revenue last year.
Over 850,000 .ai domains are now registered, up from fewer than 50,000 in 2020.
Anguilla relies on tourism, which makes up about 37% of its revenue, but is vulnerable to hurricanes.
In 2024, Anguilla signed a deal with Identity Digital to manage its domain name income.
Domain name hosting was moved to a global server network to reduce hurricane disruption risks.
Anguilla is a British Overseas Territory with internal self-governance and UK defense support.

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BBC Business

Blocking tariffs would be "end of the United States," top Trump adviser says

August 31, 2025

A federal appellate court ruled that President Trump's global tariffs under the International Emergency Economic Powers Act (IEEPA) were illegal. The decision may lead to a Supreme Court appeal. The ruling does not affect other tariffs, such as those on steel, aluminum, or Chinese goods.

Key Facts:

President Trump's global tariffs were ruled illegal by a federal appellate court.
The ruling can be appealed to the Supreme Court.
The IEEPA tariffs will stay in place until at least October 14th.
Other tariffs, like those on steel and aluminum, are not affected by this ruling.
Tariffs brought in around $31 billion for the U.S. Treasury in August.
If the ruling holds, it could significantly reduce federal revenue from tariffs.
The Supreme Court's next term may address issues of presidential economic authority.

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Axios

The trade in US body parts that's completely legal - but ripe for exploitation

August 30, 2025

The article discusses the legal trade in human body parts in the United States, highlighting concerns about exploitation and mishandling by private companies known as body brokers. These companies obtain bodies, dissect them, and sell the parts for profit, often to medical research centers and universities.

Key Facts:

Body brokers are companies that obtain, dissect, and sell human body parts for profit.
This trade is legal in the United States but has raised concerns about exploitation and respect for donated bodies.
Harold Dillard's body was dismembered after being donated, leading to legal and ethical concerns.
Critics compare the industry to grave-robbing, while supporters say it fills a need in medical research.
The University of California has a non-profit body donation program with strict handling guidelines.
Financial issues, such as the cost of funerals, can motivate people to donate bodies.
For-profit companies, called non-transplant tissue banks, often act as middlemen in this trade.

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BBC World

Spirit Airlines files for bankruptcy for 2nd time in less than a year

August 30, 2025

Spirit Airlines has filed for bankruptcy protection again, just months after exiting a previous Chapter 11 reorganization. The airline plans to continue flights and operations while restructuring, even though it faces financial difficulties. Spirit struggles with high debt and competition from larger airlines offering low-cost choices.

Key Facts:

Spirit Airlines filed for bankruptcy for the second time within a year.
It plans to continue offering flights and maintaining regular operations during the restructuring.
Spirit previously emerged from a Chapter 11 reorganization in March but still faces financial challenges.
The airline carries $2.4 billion in long-term debt and reported a $1 billion negative cash flow recently.
Spirit's financial troubles began during the COVID-19 pandemic and continue with rising operation costs.
The company is considering selling aircraft and real estate to raise funds.
Bigger airlines increasing low-cost options have pressured Spirit's market position.
Spirit has furlough plans affecting 270 pilots and downgrades for 140 captains.

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NPR Business

How colorful do we want our food to be? American shoppers have a say

August 30, 2025

The article discusses how major food brands in the U.S. are trying to remove chemical dyes from their products. They are facing challenges in finding natural alternatives while many consumers still prefer brightly colored foods.

Key Facts:

Major food brands in the U.S. plan to stop using chemical dyes.
These brands are looking for natural color alternatives for their products.
Consumers often prefer foods with bright colors.
Natural color replacements can be difficult to find.
The trend is part of a larger move towards more natural food ingredients.

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NPR Business

AI and Nvidia have been bright spots in an uncertain economy, but there are doubts now

August 30, 2025

Nvidia, a major player in artificial intelligence, has been an important part of the economy and stock market. Although the company recently reported strong financial results, its stock price fell due to investor concerns about the broader AI market and economic pressures. Many companies investing in AI have not yet seen revenue from these technologies.

Key Facts:

Nvidia is a key company in the AI industry and has a significant presence in stock markets.
The company recently posted financial results that exceeded expectations, yet its stock price dipped by 4% shortly after.
Nvidia accounts for about 8% of the S&P 500, a major stock market index in the U.S.
There's growing uncertainty in the economy, partly due to political pressures and AI investment doubts.
Despite a booming stock market, most companies investing in AI, around 95%, haven't made revenue from it yet.
Nvidia is involved in a notable deal where it reportedly agreed to pay the U.S. government from certain sales in China, which the company has disputed.
The situation with Nvidia highlights broader economic and political challenges faced by U.S. businesses.

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NPR Home

Most of Trump's tariffs are not legal, court rules: what to know

August 29, 2025

A federal appellate court ruled that most of the tariffs imposed by former President Trump were not legally authorized under the International Emergency Economic Powers Act. The court's decision means that many of these tariffs may no longer be valid, but they are still in place as the decision can be appealed. Trump has promised to take the issue to the Supreme Court.

Key Facts:

A federal appellate court found Trump's global tariffs lacked legal backing.
The tariffs were said to exceed the authority given under the International Emergency Economic Powers Act.
The ruling did not determine if the President could impose tariffs in emergencies but said Trump's reasons did not count as emergencies.
The court ruling is on hold until October 14 to allow for a possible Supreme Court appeal.
Current tariffs remain, including those on Chinese goods and new tariffs on India, Canada, and Brazil.
Trump's tariffs varied widely, ranging from 10% to 50%.
The U.S. and China have agreed to reduce some tariffs temporarily.
The White House claims the tariffs were a lawful response to foreign threats.

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Axios

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