Michael Race, the boss of Centrica, owner of British Gas, expressed concern about job losses in Scotland's energy industry due to the shift from oil and gas to green energy. He highlighted the need for the energy transition and noted the challenges it poses in terms of employment opportunities. He also discussed past job cuts and the company's efforts to hire new talent through apprenticeships.
Key Facts
Michael Race leads Centrica, which owns British Gas.
He is worried about job losses in Scotland's oil and gas industry due to the transition to green energy.
The transition's slow pace in creating new jobs compared to job cuts is a primary concern.
Centrica faced criticism over prepayment meter practices, which they have since halted.
The company's largest oil and gas producer, Harbour Energy, announced job cuts this year.
Centrica has taken on 1,700 apprentices and plans to hire one apprentice daily.
O'Shea criticized energy regulator Ofgem, blaming weak regulations for issues during the energy crisis.
The Scottish government plans to issue its first bonds in the 2026-27 financial year to raise money for infrastructure projects. This decision follows receiving the same credit ratings as the UK from major credit rating agencies. The issuance of these bonds depends on factors like the outcome of the upcoming Holyrood election.
Key Facts
The Scottish government plans to issue its first bonds in 2026-27.
Bonds allow the government to borrow money from investors in exchange for regular interest payments.
The decision follows credit ratings from Moody's and S&P Global, matching the UK's sovereign rating.
The bonds aim to fund infrastructure projects in Scotland.
The issuance of bonds depends on the results of the Holyrood election and other factors.
Moody's and S&P noted that Scotland's credit rating could be cut if independence becomes more likely.
The Scottish government's bonds are nicknamed "kilts."
Scotland has had the power to issue bonds since 2016 but has mainly borrowed from the UK National Loans Fund.
Saks Off Fifth, a discount store chain, will close nine of its U.S. locations by January 2026. This decision aims to focus on the stores that perform well and have the potential to succeed. The flagship store in New York City will close by December 31, 2025.
Key Facts
Saks Off Fifth plans to close nine U.S. stores starting in January 2026.
The flagship store on Manhattan's Upper East Side is set to close by December 31, 2025.
Other store locations closing include Austin, Texas; Chicago; Washington, D.C.; Philadelphia; Pennsylvania; New Jersey; Niagara Falls, New York; and Connecticut.
Saks Off Fifth aims to concentrate on stores with high performance and potential.
The company has around 100 stores across the U.S. and Canada.
Saks Off Fifth is not filing for bankruptcy but is restructuring its store presence.
Online shopping trends and reduced physical store visits are influencing these changes in the retail sector.
Over 2,500 U.S. store closures are expected in 2025, with potential for more closures by 2029.
This article discusses how major financial institutions are becoming more interested in cryptocurrency, but the existing crypto infrastructure is not fully equipped to meet their standards. Issues include a lack of reliable staking providers and reliance on shared cloud infrastructure, which poses risks for large investors.
Key Facts
Major financial firms like BlackRock and Morgan Stanley are increasing their involvement in cryptocurrencies.
"Staking" is a process where crypto holders can earn interest by helping to secure digital currencies like Ethereum.
Financial institutions find the current options for staking providers too limited and risky.
The concentration of staking providers around a few major players creates potential risks.
Many staking services operate on shared cloud platforms like Amazon Web Services, which can be a single point of failure.
Institutions prefer diversified operations to minimize risk, a practice reinforced after the 2008 financial crisis.
The crypto industry lacks the infrastructure depth and reliability that large financial institutions typically expect.
Tim Davie, the BBC's director general, resigned due to the intense personal and professional demands of the role. His departure follows several high-profile controversies, and finding his replacement is considered a difficult task due to the pressures and responsibilities of the job. The BBC is preparing for important negotiations regarding its new royal charter.
Key Facts
Tim Davie announced his resignation as BBC director general after five years.
Davie stated that the intense demands of the role led to his decision.
His resignation comes after a series of controversies, including issues with documentaries and news edits.
The BBC is now searching for a new director general, a role considered highly demanding.
The BBC's chairman highlighted the personal attacks and scrutiny directors face.
The job involves leading the BBC through crucial negotiations for a new royal charter.
Despite challenges, the position remains prestigious and influential in British broadcasting.
Davie was paid about £530,000 a year, which is less than certain commercial leaders might earn.
Walgreens has removed six paid holidays for its hourly store workers to reduce costs after being acquired by Sycamore Partners. Employees affected are particularly those working in pharmacies, where the change could mean a significant reduction in their annual income. These changes came shortly after the $10 billion deal to purchase Walgreens was completed.
Key Facts
Walgreens cut six paid holidays for its hourly store workers.
The changes follow the acquisition of Walgreens by Sycamore Partners in August 2023.
The removed holidays include major ones like Thanksgiving and Christmas.
Pharmacy technicians affected by this change earned an average of $20.83 per hour as of May 2023.
The deal to purchase Walgreens was valued at $10 billion.
Full-time hourly employees must work on holidays to receive pay, but additional holiday pay is still offered.
Shane Jerominski, a union leader, expressed concerns about workers' financial struggles due to the pay cuts.
Walgreens plans to close 1,200 stores over the next three years, with 500 closures expected in 2025.
The UK economy grew by only 0.1% from July to September, which was less than what analysts expected. The service sector helped the economy grow, but manufacturing struggled, especially due to a cyber attack on a major car producer.
Key Facts
The UK economy grew by 0.1% in the third quarter of 2023.
Analysts predicted a growth of 0.2% for this period.
The service sector contributed to the growth.
The production sector, especially manufacturing, saw a decline.
A major cyber attack affected car production at JLR, a big car company.
In September, the economy shrank by 0.1%.
These growth figures come before Chancellor Rachel Reeves' upcoming Budget, where she might raise taxes.
Wendy's has announced a new Frosty dessert flavor for its first-ever "Frosty Day" on November 15, coinciding with the anniversary of its first restaurant opening. The new dessert, called Snickerdoodle Cookie Frosty Fusion, will be available for a limited time.
Key Facts
Wendy's is celebrating "Frosty Day" on November 15, marking the anniversary of their first restaurant opening 56 years ago.
The new dessert is the Snickerdoodle Cookie Frosty Fusion, which mixes the Vanilla Frosty with cinnamon sauce and cookie pieces.
This dessert will be available at participating U.S. locations for a limited time.
The original Frosty was one of the first five menu items when Wendy's opened in 1969.
Ohio sold more Frosty desserts than any other U.S. state in 2024.
Wendy’s plans to make Frosty Day an annual event and encourages fans to share their Frosty experiences online.
Wendy’s has expanded its Frosty range with other flavors like Pop-Tarts Strawberry and Oreo Brownie in recent years.
Fannie Mae will remove the minimum credit score requirement of 620 for loans processed through its Desktop Underwriter engine. This change may allow more Americans to qualify for home loans, especially those with slightly lower credit scores. However, affordability challenges, like high home prices and mortgage rates, remain a concern.
Key Facts
Fannie Mae is eliminating the 620 minimum credit score requirement for certain mortgage loans.
Freddie Mac made a similar change over the last few years.
Many loans have been denied due to low credit scores, blocking access to homebuying.
People with credit scores just below 620 might benefit from this change.
Experts say the change could increase demand for affordable homes, particularly in Southern regions.
Even with the change, overall homeownership affordability issues persist because of high prices and mortgage rates.
Home prices in the U.S. have been rising, with a median price of $415,200 in September.
Borrowers with low credit scores may still face higher interest rates when getting loans.
Starbucks is holding its annual "Red Cup Day" event, offering free reusable holiday cups to U.S. customers who buy a seasonal drink. The promotion is available on November 13, 2025, while supplies last, and includes various drinks across ordering channels.
Key Facts
Starbucks is giving away free limited-edition reusable red cups on November 13, 2025.
Customers must purchase a handcrafted holiday or fall beverage to receive the free cup.
This offer is applicable to any drink size and is available at participating U.S. stores.
The giveaway is available through store orders, drive-thru, the Starbucks app, and delivery services like DoorDash.
This year's cup design is made from 95% recycled material and features hand-drawn designs by Yvonne Chan.
Starbucks' seasonal merchandise, such as the glass "Bearista" cup, is also popular and quickly selling out.
Customers using any clean reusable cup at Starbucks receive a 10-cent discount on their beverage.
Starbucks Rewards members earn double stars on their full order when using a personal cup like the red cup.
Tokyo is predicted to be the world's richest city by 2025, with a GDP of $2.55 trillion, mainly due to its advanced technology and manufacturing sectors. The ranking, made by CEOWORLD Magazine, also includes several U.S. cities among the top 25, showcasing the economic strength of urban areas. The report highlights that economic success in cities is driven by innovation, infrastructure, and the ability to attract talent.
Key Facts
Tokyo is expected to be the world's wealthiest city in 2025, with a GDP of $2.55 trillion.
The city ranks high due to its strong technology, automotive, and manufacturing industries.
New York City is ranked as the second richest city, with a focus on finance and startups.
Los Angeles comes third, with its entertainment and technology sectors.
U.S. cities dominate the top 25 rankings, including Chicago, San Francisco, and Dallas-Fort Worth.
Seoul is ranked the fifth richest city, showing South Korea's tech advancements.
Shanghai ranks tenth, while Beijing is eleventh, indicating China's growing global financial influence.
Economic success in cities is influenced by factors like innovation, business climate, and global connectivity.
Skims, a shapewear brand co-founded by Kim Kardashian, has reached a $5 billion value following a $225 million funding round. The brand plans to use this money to open more stores and expand globally, while focusing on its physical retail business.
Key Facts
Skims is valued at $5 billion after securing $225 million in new funding.
The funding round included investors like Goldman Sachs.
Skims plans to use the money to expand its retail presence worldwide.
The company expects sales to exceed $1 billion this year.
Skims was launched in 2019 and has since expanded its product range.
The brand faces competition from companies like Lululemon and Alo Yoga.
Skims has used celebrity endorsements to boost its popularity.
The company changed its name from Kimono Intimates due to controversy.
Heineken UK will reduce the alcohol content of Foster's lager in the UK from 3.7% to 3.4% by February. This change aims to lower alcohol duty costs due to new UK government policies, making the product cheaper.
Key Facts
Heineken UK plans to lower Foster's lager alcohol content to 3.4% in the UK.
The reduction from the current 3.7% will happen by February.
Lower alcohol content makes the lager eligible for reduced alcohol duty.
The change is part of Heineken's response to UK government policy encouraging lower alcohol options.
The company claims the taste will remain the same despite the change.
A new alcohol duty system in the UK, introduced in August 2023, taxes drinks based on their strength.
Competitors like Carlsberg Pilsner and Coors Light also adjusted their alcohol content for lower tax benefits.
Heineken anticipates a global drop in beer sales next year due to consumer budget pressures.
Scottish and Southern Energy (SSE) plans to spend £33 billion over five years to upgrade Scotland's electricity grid. This involves increasing grid capacity and erecting tall pylons and large sub-stations. The investment will also focus on improving home capacity for green technologies like air heat converters and electric car chargers.
Key Facts
SSE will invest £33 billion over the next five years to improve Scotland's electricity grid.
Two-thirds of the investment will upgrade wiring and increase high-voltage grid capacity.
The plan includes erecting tall pylons and large sub-stations in the Highlands and rural Aberdeenshire, causing local criticism.
£5 billion will be spent on lower-voltage wiring improvements in parts of Scotland and central southern England.
SSE is a major developer of offshore wind farms, including the Dogger Bank and Berwick Bank projects.
Funding the plan started with issuing £2 billion in new SSE shares.
SSE plans to expand staff in its networks transmission division by five times, reaching 2,500 employees.
SSE directly employs 7,000 people in Scotland and impacts a total of nearly 49,000 jobs in the UK.
Toyota has started producing batteries at its new $13.9 billion plant in North Carolina. The company plans to invest $10 billion over the next five years to boost its manufacturing in the United States. This new plant will make batteries for Toyota's hybrid and future electric vehicles.
Key Facts
Toyota's new battery plant is located in North Carolina, USA.
The company will invest $10 billion in U.S. manufacturing over five years.
The plant will produce batteries for hybrid and electric vehicles like the Camry, Corolla Cross, and RAV4.
Toyota plans to hire 5,000 workers at the plant.
The plant can produce 30 gigawatt-hours of energy per year, which is a measure of electricity.
Toyota is aiming to convert more vehicles to hybrids while also planning for all-electric vehicles.
President Donald Trump acknowledged Toyota's investment plan in the United States.
The U.S. Transportation Department plans to propose changes to current fuel economy standards.
The U.S. will stop producing pennies after over 230 years. The decision aims to save money, as making each penny costs more than its value. President Trump announced the plan to cut unnecessary spending, and businesses may adjust prices as a result.
Key Facts
The Philadelphia Mint will produce the last batch of one-cent coins.
Pennies are now more expensive to make than their face value, costing nearly four cents each.
The government estimates saving $56 million annually by ending penny production.
Approximately 300 billion pennies will remain in circulation in the U.S.
Electronic payments are making physical coins like pennies less necessary.
Businesses might adjust prices, which could cost consumers an estimated $6 million per year.
Other countries, like Canada, have also phased out their smallest coins.
Attention has shifted to the nickel, which costs more to produce than its face value.
The CEO of Buy It Direct, a large UK online retailer, expects to reduce the company's workforce by two-thirds in the next three years due to automation and AI. This is partly driven by increased costs from UK government taxes. The company plans to replace many roles with technology and hire more senior positions abroad.
Key Facts
Buy It Direct's CEO predicts cutting two-thirds of its workforce within three years.
The company employs over 800 people, and more than 500 jobs may be impacted.
The changes are driven by higher national living wages and national insurance costs.
The company operates brands like Appliances Direct and Furniture 123.
Automation and AI will replace roles in both offices and warehouses.
Buy It Direct is hiring more senior positions outside the UK due to cost savings.
The business has global operations, including a customer service center in the Philippines.
Raphael Bostic, president of the Federal Reserve Bank of Atlanta, will retire in February, creating an open spot on the Federal Reserve's interest-rate setting committee. President Donald Trump is interested in increasing his influence over the Federal Reserve. Bostic's departure allows for the appointment of a new president by the Atlanta Fed’s board, independent of the Trump administration.
Key Facts
Raphael Bostic is the president of the Federal Reserve Bank of Atlanta and plans to retire in February.
Bostic serves on a committee that decides whether to change a key interest rate that affects borrowing costs in the economy.
The committee has 19 members, but only 12 vote on interest rates during each meeting.
The Atlanta Fed president’s voting turn is next in 2027.
The Atlanta Fed’s board of directors will choose Bostic’s replacement.
Bostic is the first Black and openly gay president in the history of the Federal Reserve Banks.
He has expressed concerns that inflation is still high and has supported limited interest rate cuts.
President Trump has been trying to increase his control over the Federal Reserve's board of governors.
Novant Health, a health system in North and South Carolina, has promoted two executives to enhance clinical operations and strategy. CJ Atkinson is now senior vice president of physician enterprise operations, and Bill Schiff is senior vice president and chief payor strategy officer. These leaders will focus on improving patient care and forming new partnerships within the health network.
Key Facts
Novant Health is a healthcare system with nearly 900 locations in North and South Carolina.
It employs more than 41,000 people, including over 8,600 clinicians.
CJ Atkinson has been promoted to senior vice president of physician enterprise operations and network development.
Bill Schiff is now the senior vice president and chief payor strategy officer.
Atkinson will focus on recruiting physicians and developing the health network's services.
Schiff will lead payor strategy initiatives and manage the Population Health Services Organization.
The health system is also expanding by including a gastroenterology practice with facilities for diagnostics and treatment.
President Donald Trump suggested introducing 50-year mortgages to make homeownership more affordable. The idea is being considered by housing officials but financial experts warn it may lead to financial challenges. These long-term loans could lower monthly payments but increase interest costs significantly over time.
Key Facts
President Donald Trump proposed 50-year mortgages to help more people buy homes.
The Federal Housing Finance Agency is considering this option, but changes to current regulations would be needed.
A 50-year mortgage could lower monthly payments slightly, but homeowners would pay more interest in total.
With a 50-year mortgage, home equity builds up more slowly compared to 15- or 30-year loans.
Many people sell their homes before 50 years, meaning they may not gain much financially from such a mortgage.
Such loans could potentially inflate housing prices and risk creating a housing bubble.
The 50-year mortgage is not currently considered a "qualified mortgage" under existing regulations.
Financial experts warn these loans might leave some homeowners financially vulnerable if housing prices fall.
