Trump touts 'record' Boeing-Qatar Airways deal

BBC Business • May 14, 2025 • Business

Qatar Airways has agreed to buy up to 210 airplanes from Boeing, in a deal valued at $96 billion. This agreement is expected to create 154,000 jobs annually in the U.S. during production and is part of several economic deals between the U.S. and Qatar announced during President Trump's Middle East tour.

Key Facts:

• Qatar Airways plans to purchase up to 210 jets from Boeing.
• The deal is worth $96 billion and will support 154,000 U.S. jobs each year during production.
• This is the largest-ever order for Boeing's 787 Dreamliners, which are used for long flights.
• Boeing has faced production slowdowns and financial losses recently but is starting to recover.
• Boeing shares have increased by about 20% since January, signaling improved prospects.
• The order is part of over $240 billion in economic deals between the U.S. and Qatar.
• Boeing also secured commitments for plane purchases from Saudi Arabia's Avilease and British Airways' owner IAG.
• Boeing's main challenge has been meeting production deadlines, not a lack of demand for its planes.

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BBC Business

More people needing city foodbank than ever before

BBC Business • May 14, 2025 • Business

An emergency food service in Cambridge, called the Cambridge City Foodbank, reports a record number of people needing help, distributing over 17,000 food parcels last year, a 20% increase from the previous year. The increase is mainly due to income issues, forcing some parents to skip meals so their children can eat. The foodbank, supported by donations, provides parcels with three days' worth of food to those in need, but more people are seeking help due to financial pressure.

Key Facts:

• Cambridge City Foodbank provided 17,666 emergency food parcels last year.
• This number represents a 20% increase from 2023.
• Some parents are skipping meals so their children can eat.
• The foodbank attributes the rise in demand to income problems rather than food availability.
• People need a voucher to access foodbank services, which they can get through referrals from places like community groups and doctors.
• The foodbank gives parcels with food for three days to those in need.
• Nationally, 86% of people facing food insecurity do not seek assistance.
• Many who go to the foodbank have not been eating properly for some time due to financial difficulties.

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BBC Business

Couriers Evri and DHL merge to form UK delivery giant

BBC Business • May 14, 2025 • Business

Evri and DHL are merging their UK delivery businesses. This new company will handle a huge number of parcels and letters each year, and it plans to offer more delivery options and better prices.

Key Facts:

• Evri and DHL are combining their UK parcel delivery services.
• The merged company will handle over a billion parcels and letters annually.
• Evri focuses on delivering large amounts of lower-value items like clothes, while DHL specializes in faster deliveries of valuable items like electronics.
• Evri usually uses self-employed couriers with their own vehicles.
• DHL uses a mix of self-employed couriers and its own delivery vehicles.
• The merger aims to provide more delivery choices and competitive prices in the UK.
• Evri will expand internationally by using DHL’s global network.
• The combined service will have 15,000 delivery points in shops and lockers across the UK.
• DHL will own a small portion of Evri after the merger, but other DHL services are not included in this deal.
• The merger requires approval from the UK Competition and Markets Authority.

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BBC Business

UK hits back at claims US tariff deal bad for China

BBC Business • May 14, 2025 • Business

The UK and the US recently made a trade agreement that reduced certain tariffs imposed by President Trump on metals and cars, although some of these tariffs still remain. China is concerned that the deal could limit its trade opportunities, but the UK insists it will not harm economic relations with China and is meant to protect UK jobs and businesses.

Key Facts:

• The UK and the US reached a trade agreement that adjusts tariffs on metals and cars, initially imposed by former President Trump.
• China expressed concern about being excluded from supplying goods to the UK bound for the US.
• The UK government stated that the deal does not hinder Chinese investment and is intended to protect jobs and businesses in the UK.
• The agreement includes a commitment from the UK to meet US security demands on the supply chains of steel and aluminium.
• The UK trades significantly with China, its fifth-largest trading partner, with trade worth £98.4 billion in 2024.
• The trade deal still maintains some of Trump's original tariffs on UK goods entering the US.
• The US and China have been in a trade dispute but are currently de-escalating tensions with a reduction in some tariffs.

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BBC Business

Burberry to cut 1,700 jobs as designer suffers heavy losses

BBC Business • May 14, 2025 • Business

Burberry plans to cut around 1,700 jobs to reduce costs by 2027 after reporting a financial loss of £66 million in the last year. The job cuts, mainly affecting head office employees and factory workers in the UK, are part of a strategy to streamline operations and focus on its traditional products.

Key Facts:

• Burberry plans to cut 1,700 jobs as part of cost-cutting measures.
• The company reported a £66 million loss in the last financial year.
• The job cuts will mainly affect head office staff and the Castleford factory in the UK.
• Burberry will stop night shifts at the Castleford factory, which makes expensive trench coats.
• The company aims to save £100 million annually by 2027.
• Job reductions will result from aligning store schedules with peak shopping times.
• Burberry's chief executive, Joshua Schulman, highlighted investments to upgrade the Castleford factory.
• The brand's strategy shift follows poor sales, particularly in China and the Americas.

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BBC Business

Inside the Chinese sofa factory left deserted by Trump tariffs

BBC Business • May 14, 2025 • Business

The article discusses how tariffs imposed by former U.S. President Donald Trump have impacted a sofa factory in China, leading it to become deserted. These tariffs were part of a broader trade conflict between the United States and China.

Key Facts:

• Tariffs are extra taxes on goods from other countries, used here by the U.S. on Chinese products.
• The sofa factory in China has fewer workers due to these tariffs.
• The tariffs were introduced during Donald Trump's presidency.
• This situation is part of a larger trade dispute between the U.S. and China.
• Trade wars happen when countries fight over trade policies, like tariffs.
• Tariffs can make imported goods more expensive in the country that places them.

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BBC Business

Probe launched into Aviva's £3.7bn takeover of Direct Line

BBC Business • May 14, 2025 • Business

The UK's competition watchdog is reviewing Aviva's planned £3.7 billion purchase of Direct Line. This investigation will determine if the merger could reduce competition in the insurance market. The results of the review are expected in July.

Key Facts:

• Aviva plans to buy Direct Line for £3.7 billion.
• The Competition Markets Authority (CMA) is examining if the merger would decrease competition in the insurance industry.
• The CMA will announce the findings of its investigation in July.
• If the deal proceeds, Aviva shareholders would own 87.5% of the new company, with Direct Line shareholders owning 12.5%.
• The new company would hold over 20% of the UK's home and motor insurance market.
• Direct Line owns well-known brands like Churchill and Green Flag.
• JP Morgan experts initially did not predict competition issues.
• The CMA invited feedback from interested parties by 29 May.

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BBC Business

City charity begins new wellbeing service

BBC Business • May 14, 2025 • Business

A charity in Peterborough, called Family Action, has started a new service to improve community wellbeing and reduce loneliness. The service, located at a community center, invites local residents to ask for help and suggest activities, beginning with weekly coffee mornings.

Key Facts:

• Family Action is a charity running a community center in Peterborough's Welland area.
• The new service aims to improve wellbeing and reduce isolation among local residents.
• The project starts with coffee mornings every Wednesday from 9 a.m. to 12 p.m.
• People can ask for help with tasks like writing a CV or filling out forms.
• Welland is one of the most deprived areas in the city, with many hard-to-reach families.
• The charity also runs a pre-school and a weekly community fridge at the center.
• Family Action encourages locals to volunteer and share their skills, like crafting or yoga.

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BBC Business

Is the US finally on track to build a high-speed rail network?

BBC Business • May 13, 2025 • Business

The United States is currently constructing two high-speed rail lines, one from San Francisco to Los Angeles and another from Los Angeles to Las Vegas. These projects mark significant steps as the US works to develop a high-speed rail network, while other plans face challenges and delays.

Key Facts:

• The US currently has no operational high-speed railways, although two projects are being built.
• A high-speed rail line is under construction from San Francisco to Los Angeles, expected to be finished by 2033.
• Another high-speed line, privately owned, is being built from Los Angeles to Las Vegas, expected to open in 2028.
• Plans for lines between Portland and Vancouver, and between Dallas and Houston, are slower or uncertain.
• High-speed rail generally means trains travel faster than 155 miles per hour.
• Amtrak plans to introduce faster trains on its Northeast Corridor, but only a small portion of the track supports high speeds.
• In China, the high-speed rail network is much larger, with plans to reach 60,000 kilometers by 2030.
• In Europe, Spain leads with the longest high-speed rail distances, while the UK is expanding its network.

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BBC Business

Please don't fine us, Thames Water asks regulator

BBC Business • May 13, 2025 • Business

Thames Water is asking the UK water regulator, Ofwat, to be lenient with fines and penalties. The company's ability to survive as a private business is at risk due to financial issues, but water and waste services to homes will continue as usual.

Key Facts:

• Thames Water's boss, Chris Weston, says the company needs leniency from fines to secure new investments and avoid nationalization.
• The company has faced criticism for leaks and sewage discharges in recent years.
• Thames Water is discussing a "turnaround regime" with Ofwat to prevent a cycle of continuous fines.
• The firm estimates it could face up to £900 million in fines over the next five years.
• Ofwat requires a strong justification to be flexible with its regulation in customers' interests.
• Thames Water is also negotiating with an investment group, KKR, for up to £5 billion in funding.
• The completion of this investment deal depends on lenders agreeing to reduce the debt Thames Water owes.
• The company paused an appeal against a decision by Ofwat on bill rises to focus on negotiations to reduce fines.

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BBC Business

'I can get my Christmas tree order' - firms give sigh of relief at tariff truce

BBC Business • May 13, 2025 • Business

The United States and China have agreed to reduce tariffs, lowering them from 145% to 30% for US imports and from 70% to 10% for Chinese goods. This development eased concerns for businesses like New York retailer Morris Dweck, who had been affected by the tariffs but can now resume shipments.

Key Facts:

• The US and China have agreed to decrease tariffs that were recently increased.
• The US will reduce tariffs from 145% to 30%.
• China will lower tariffs on US products to 10%.
• These tariff changes help businesses like Morris Dweck's, a New York retailer, who faced issues due to high tariffs.
• Lower tariffs may prevent a steep drop in US spending and business activity.
• The reduction in tariffs has reduced the chance of a recession, according to firms like Oxford Economics and Goldman Sachs.
• Planned shipments from China to US ports had fallen by 60% but may recover with the tariff changes.
• Businesses are preparing for possible future tariff changes by looking for suppliers in other countries.

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BBC Business

Nissan to cut 11,000 more jobs and shut seven factories

BBC Business • May 13, 2025 • Business

Nissan announced it will cut 11,000 jobs worldwide and close seven factories due to falling sales in its key markets, China and the US. The company had already planned to reduce 9,000 jobs last year as part of cost-saving efforts, and the recent cuts bring the total to 20,000, or about 15% of its workers.

Key Facts:

• Nissan will cut 11,000 jobs globally and shut seven factories.
• Sales have fallen in China and the US, which are Nissan's biggest markets.
• The new cuts increase total planned layoffs to 20,000 jobs, which is about 15% of Nissan's workforce.
• Two-thirds of the new job cuts will come from manufacturing roles.
• A proposed merger with Honda and Mitsubishi fell through in February.
• Ivan Espinosa is now Nissan's chief executive after replacing Makoto Uchida.
• Nissan experienced an annual financial loss of 670 billion yen ($4.5 billion).
• US tariffs have added pressure to Nissan's financial situation.
• The company canceled plans for a battery and electric vehicle factory in Japan.
• Vehicle sales fell in China, Japan, and Europe last year.

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BBC Business

M&S says customer data stolen in cyber attack

BBC Business • May 13, 2025 • Business

Marks & Spencer (M&S) revealed that a cyber attack resulted in the theft of some customer data including names, addresses, and phone numbers. The company stated that financial information like payment details was not compromised and reassured customers by asking them to reset passwords. M&S is working to resolve the issue and has informed users via email about the incident.

Key Facts:

• M&S reported a cyber attack resulted in the theft of customer data.
• Stolen data includes names, home addresses, phone numbers, and online order histories.
• No payment card information or account passwords were stolen.
• M&S is encouraging customers to reset their online account passwords.
• The company has notified website users and contacted relevant authorities.
• M&S is working with cybersecurity experts to handle the situation.
• Online orders are currently suspended since April 25 due to the cyber attack.
• The attack involved a group using a service called DragonForce for planning and execution.

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BBC Business

UK jobs market continues to weaken

BBC Business • May 13, 2025 • Business

The UK job market has weakened, with fewer people on payrolls and reduced job vacancies early in the year. Despite slower growth, wages are still rising faster than inflation, while the unemployment rate slightly increased.

Key Facts:

• The number of people on company payrolls in the UK dropped by 47,000 in March and an estimated 33,000 in April.
• Job vacancies in the UK fell by 42,000, bringing the total to 761,000 from February to April 2025.
• Regular wages, which do not include bonuses, increased by 5.6% annually in the first three months.
• The unemployment rate rose slightly from 4.4% to 4.5% between January and March.
• The data about unemployment rates should be viewed cautiously due to low response rates in surveys.
• In April, both higher employer National Insurance contributions and a rise in the National Living Wage took effect.
• The Bank of England reduced interest rates and suggested more cuts might follow, aiming to address economic changes.

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BBC Business

'Fish and chips is special - but costs are rising'

BBC Business • May 13, 2025 • Business

Andy and Kim Ashplant announced they will retire and close Beeton's fish and chip shop in Guernsey after nearly 25 years. Rising costs of electricity, gas, and cod have made it hard to keep prices affordable. They hope someone will take over the business after their departure.

Key Facts:

• The Ashplants have run the fish and chip shop for almost 25 years.
• Rising costs of electricity, gas, and cod have increased their expenses.
• The shop will stay open until June 28 before closing.
• The owners hope the shop can be rented or bought and continue operating as a chippy.
• The Ashplants took over the business from Mr. Ashplant's father in 2000.
• They have served millions of pieces of cod since taking over.
• Mrs. Ashplant described the period as emotional as some long-time customers will miss the shop.
• They are unsure about the shop's future but are open to various possibilities.

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BBC Business

Winter coat exchange leads to 2,400 donations

BBC Business • May 13, 2025 • Business

A coat exchange program in Somerset's libraries collected 2,470 donated winter coats for adults and children, doubling last year’s total. The program allows people to take coats for free and aims to help those who might struggle to afford them, with extra coats going to a local charity.

Key Facts:

• The coat exchange program took place in 15 libraries across Somerset, such as in Taunton, Bridgwater, and Yeovil.
• A total of 2,470 coats were donated this year.
• The number of donated coats more than doubled compared to the previous year.
• People can take coats from the library without any questions asked.
• 2,086 coats were taken by people in need during this period.
• Extra coats were given to Refugee Aid From Taunton (RAFT), a local charity.
• The program helps both in providing winter clothing and reducing waste.

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BBC Business

Faisal Islam: US and China step back from beyond brink

BBC Business • May 12, 2025 • Business

The United States and China have reduced their tariffs on each other's goods, easing tensions in their trade dispute. This temporary agreement lowers tariffs significantly for at least 90 days, helping international trade and bringing relief to global markets.

Key Facts:

• The US and China lowered their tariffs to 10% for 90 days from higher levels.
• The US had a special 30% tariff, including measures against illegal fentanyl trade.
• The agreement came after talks in Switzerland between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng.
• The trade negotiations sidelined US trade hardliner Pete Navarro.
• The agreement doesn't address other long-term issues like China's currency policy.
• The lowered tariffs reduce the risk of significant economic problems like factory shutdowns in China.
• This is a temporary truce, not a permanent solution to the trade war.
• The changes should help stabilize markets and allow trade to continue more smoothly.

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BBC Business

Currently

BBC Business • May 12, 2025 • Business

Vicky Spratt investigates the issue of people who are stuck with high interest mortgages, which are loans where borrowers pay a lot of money in interest. The program looks at how these high costs affect many people.

Key Facts:

• Vicky Spratt is investigating high interest mortgages.
• Many people are paying high interest rates on their mortgage loans.
• The investigation is part of a program called "The Big Mortgage Time Bomb."
• The program was released on May 11, 2025.
• It is available to listen to on the BBC Sounds platform for over a year.
• The program is about 28 minutes long.

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BBC Business

US and China agree to slash tariffs for 90 days

BBC Business • May 12, 2025 • Business

The United States and China have agreed to temporarily reduce the tariffs they charge on each other's imports by 115% for 90 days. This decision followed trade talks between the two countries in Switzerland.

Key Facts:

• The US and China will lower tariffs on each other's goods by 115%.
• This tariff cut is temporary and will last for 90 days.
• The announcement followed trade discussions held in Switzerland.
• This was the first meeting since the US imposed high tariffs on Chinese goods in January.
• US Treasury Secretary Scott Bessent called the talks "productive and constructive."

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BBC Business

Charity couple move apart to care for animals

BBC Business • May 12, 2025 • Business

A married couple who run an animal sanctuary in Northamptonshire are living separately due to their charity's growth. Animals in Need, founded by Roy Marriott, has expanded to use an additional 23 acres, requiring Roy to stay at the original site while his wife Annie manages the new location.

Key Facts:

• Roy and Annie Marriott run an animal sanctuary called Animals in Need in Northamptonshire.
• The sanctuary recently expanded using an extra 23 acres of land in Hollowell.
• Due to this expansion, the couple is now living separately to care for animals at different locations.
• Animals like sheep, goats, pigs, and ponies have moved to the new site in Hollowell.
• Animals in Need was started by Roy Marriott in 1990 and cares for over 1,000 animals at a time.
• The couple sees each other daily for work, even though they live apart.
• The expansion was necessary because the original site, Pine Tree Farm, became too small with only three acres.
• The additional land allows the animals more space to graze and live comfortably.

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BBC Business