Business and economic news — companies, markets, trade, and corporate developments.
US aviation agency lifts nationwide ground stop affecting all air travel
The Federal Aviation Administration lifted a nationwide ground stop Friday evening after declaring it Friday afternoon. The stoppage delayed or cancel…
Jaguar Land Rover reports £451m quarterly loss after cutting 4,000 jobs
Jaguar Land Rover reported a £451m quarterly loss in the three months to September after recording £530m in restructuring costs tied to 4,000 job cuts…
Boeing to cut about 5% of its commercial plane workforce
Boeing will cut about 5% of its commercial plane workforce through layoffs and attrition, the company said on Monday. The cuts stem from a slower ramp…
College students rally in support of Starbucks baristas urging boycott over contract impasse
Starbucks Workers United is calling for a public boycott of the coffee chain after nearly five years without a signed contract. The union seeks a $17 …
Nvidia hires leading US law firm to investigate Jensen Huang’s relationship
Nvidia appointed law firm Wachtell, Lipton, Rosen & Katz to conduct an independent investigation into CEO Jensen Huang's relationship with an alleged …
‘Flying cars’ could launch in China next summer, maker of two-seat model says
XPeng, a Chinese flying car manufacturer, says its two-seat vehicle will be ready for use by the second half of 2027. Chief executive Deli Zhao said t…
US inflation rose 0.4% in October as price increases cooled and gas costs dipped
US inflation rose 0.4% from September to October, slightly above economist expectations but marking a slowdown in price increases as gas costs fell du…
San Francisco estate sells for record $10m above listing price as AI boom drives up costs
A San Francisco mansion in Presidio Heights sold for $28.5m on 22 October after listing at $18.5m on 2 October, fetching $10m above asking price. The …
US job growth exceeds expectations in October despite economic uncertainty
The US added 165,000 jobs in October, exceeding economist forecasts, according to the Bureau of Labor Statistics. The unemployment rate fell to 4.1%. …
Avanti West Coast paid out £20m in ‘delay repay’ passenger refunds this summer
Avanti West Coast paid out £20.3m in delay compensation to passengers over three months this summer, with the operator on track to pay out more than £…
CVS Health to split pharmacy chain from health insurance
CVS Health will split into two companies by early 2028. One will operate 9,000 CVS pharmacies, in-store clinics and mail-order prescriptions under the…
Bank of England raises interest rates to 4%, the first increase for more than three years
The Bank of England raised its base rate from 3.75% to 4%, its first increase in more than three years. Eight of nine monetary policy committee member…
US stocks rise, dollar slides as investors digest Democrats’ midterm victories
US stock markets surged Wednesday after midterm election results showed Democrats retained Senate control and gained House seats. The Dow Jones rose n…
Rogue UK energy bosses and brokers face crackdown on mis-selling
Ofgem will gain new powers to fine energy suppliers and brokers, curtail executive bonuses and order compensation for mis-selling under an energy bill…
A-listers and AI stylists: how high-street brands are staging a fashion comeback
Gap, M&S, Topshop and Asos are adopting luxury brand strategies to compete for younger shoppers who have abandoned high-street retailers over the past…
North Korea is likely culprit behind $6.3bn crypto hack, ‘largest heist in history’
Hackers took $6.3bn from Binance, the world's largest cryptocurrency exchange, in what multiple analysts call the largest theft in history. Binance co…
High street ‘slot farms’ could evade budget tax rise through bingo hall loophole
John Healey's autumn budget raised duty on slot machine takings from 20 per cent to 25 per cent and removed business rates discounts for adult gaming …
Eight in 10 homes in London’s poshest postcodes now sell below asking price, Coutts finds
Eight out of 10 properties in London's most exclusive postcodes now sell below asking price, according to research by Coutts, the private bank. Areas …
UK charity shop profits plummet amid shift in secondhand clothes market
Oxfam's retail profit fell 23% to £4.9m in the last financial year, down from £6.4m the year before, according to unpublished accounts reviewed by the…
Rosenstein rejects Russia-related business claims after FIDE election
The businessman disputes sanctions-evasion claims and says older transactions have been mischaracterized. The legal status of those deals remains unverified.
US economy grows faster than expected but inflation rises to 3.7%
The US economy expanded at a 3.4% annualized rate in the third quarter, outpacing economist forecasts of 3.2%, according to the Commerce Department's …
Bottled water and tinned food sales surge after UK government issues emergency stockpile advice
The UK government's "Be Ready" emergency preparedness campaign triggered sharp sales spikes in survival supplies over the past weekend. Maplin reporte…
Fed holds interest rates steady in last decision before midterms
The US Federal Reserve held interest rates steady at 3.75% to 4% on Wednesday, its final decision before midterm elections. Two of 12 board members vo…
Number of UK businesses in financial distress ‘at two-decade high’
Business insolvency in the UK has reached its highest level since 2004. Administrator BTG reports 738,144 firms in "significant" financial distress in…
HSBC says ‘no pressure’ to move HQ out of UK despite prospect of higher bank taxes
HSBC's chief financial officer, Pam Kaur, said the bank faces "no pressure" to move its headquarters out of the UK despite expected tax increases in W…
‘We don’t have inflation’? Five charts show the US economic reality of Trump’s second term so far
Trump claimed the US economy is booming and inflation has disappeared. Economic data shows a more complicated picture. Inflation peaked at 9.1% in Ju…
Minimum wage set to rise but 18-20 year-olds will not get bigger increase
The UK government is raising the minimum wage but slowing pay increases for 18-to-20 year-olds, stepping back from Labour's earlier promise to elimina…
Will a new code end 'rip-off parking charges'?
A new government-backed Private Parking Code of Practice aims to curb what campaigners call "rip-off" parking charges, but critics say it largely dupl…
Emirati-linked firms’ ownership of Manchester land ‘up 39%’ in ten years
Emirati-linked companies increased their land ownership in Greater Manchester by 39% over ten years, according to analysis by The Guardian. The numbe…
Volkswagen to build $4bn Audi SUV factory in US despite job cuts at home
Audi will invest $4 billion to build its first US factory in Macon, Georgia, creating 4,500 jobs, the German carmaker announced at a Donald Trump camp…
No unions, low taxes: why some of Britain’s top chefs are opening outposts in Gulf states
James Robson, co-owner of Fallow restaurant in London's St James's Market, says he is opening an outpost in the Gulf because of what he calls a "tax t…
More than third of post offices in TG Jones stores to shut by early 2027
More than one third of post offices operating within TG Jones stores will close by early 2027, according to Post Office records analysed by the Guardi…
Is London really the most-taxed city? Banks accused of cherrypicking data
UK Finance, a banking lobby group representing Lloyds, JP Morgan and Revolut, stands accused of cherry-picking data to mislead the British government …
‘Cuts mean jobs’: Skydance staff brace for shake-up after $110bn megamerger
David Ellison's Skydance closed a $110 billion merger of Paramount and Warner Bros Discovery this month, creating a media conglomerate that spans two …
Oil price rises above $117 a barrel amid fears US will renew strikes on Iran
Brent crude oil surpassed $117 a barrel on Friday, marking its highest level in more than six months. The price increase of roughly 3.5% reflects grow…
Telegraph cuts up to 100 jobs as new owner promises to turn paper into ‘AI-powered’ global business
Axel Springer, the European media group that bought the Daily Telegraph in June, has begun large-scale redundancies at the newspaper. Staff received n…
Boom in weight-loss drugs could lead to fall in beer sales, Heineken warns UK pubs
Heineken, the world's second-largest brewer, has warned UK pubs and bars that rising use of weight-loss drugs could cut beer and cider sales. The comp…
Retail sales in Great Britain fall as struggling households cut back
Retail sales in Great Britain fell 0.4% month on month in September, according to the Office for National Statistics. This decline was nearly four tim…
Some of Europe’s highest energy costs expected in Britain this winter
Great Britain faces some of Europe's highest energy costs this winter, according to forecasts from the country's energy system operators. The nation w…
Barclays to cut 5,000 jobs as bank’s bosses hail AI productivity advances
Barclays announced 5,000 job cuts affecting 5% of its 93,000 global workforce, with bank executives attributing the reductions to productivity gains f…
French borrowing costs overtake US amid budget turmoil
France's government bond costs climbed to their highest premium over German debt in almost 15 years on Thursday as investors withdrew confidence follo…
Australia’s largest datacentre operator NextDC’s shares dive as Melbourne expansion delayed
Australia's largest datacentre operator NextDC announced Wednesday that its planned expansion of the M3 site in Melbourne's west has been delayed to t…
French borrowing costs hit 24-year high as civil unrest and budget fears spook markets
France's borrowing costs have risen above 5 percent for the first time in 24 years, according to The Guardian. The yield on 10-year government bonds c…
European air fares could rise by as much as 20% in 2027, Ryanair boss predicts
Michael O'Leary, chief executive of Ryanair, predicted European air fares could rise by as much as 20% in 2027, citing elevated jet fuel costs driven …
Billionaire Mukesh Ambani launches India’s biggest-ever IPO
Mukesh Ambani's Jio Platforms launched India's largest initial public offering on Wednesday, seeking to raise up to 302 billion rupees (£2.4 billion) …
HelloFresh workers claim physical abuse and denied bathroom breaks in class-action suit
Workers at HelloFresh's Newark, New Jersey facility filed an amended class-action complaint alleging verbal and physical abuse and denial of bathroom …
China’s economy grows faster than forecast after AI boom boosts exports
China's economy expanded 4.5% year-on-year in the third quarter, outpacing economist forecasts, according to the National Bureau of Statistics of Chin…
France hit by debt sell-off as violent protests unnerve investors
France's bond and stock markets experienced a fresh sell-off following violent protests over the weekend that resulted in thousands of arrests, burned…
Bank of England said to be reviewing Barclays’ handling of private credit loans
The Bank of England's Prudential Regulation Authority (PRA) has begun reviewing Barclays' handling of private credit loans this year, according to the…
US inflation rose to 3.7% in September in blow to Republicans before midterms
US inflation rose to 3.7% in September, up from 3.4% in August, according to data released Wednesday by the Bureau of Labor Statistics. The increase m…
EU to limit Chinese hybrid vehicle imports to 350,000 a year
The European Commission confirmed a quota limiting Chinese hybrid electric vehicle imports to 350,000 cars annually, according to The Guardian. The ca…
Condé Nast’s UK profits drop by more than a third as sale of Vogue publisher ruled out
Condé Nast's UK profits fell 36 percent to nearly £18m in the most recent year, down from £28m the prior year, the publisher disclosed in filings. The…
British food and drink exports to EU collapse by more than a third since Brexit
The National Farmers' Union analysis of UK customs data reveals a sharp contraction in British food and drink exports to the European Union since Brex…
Target pensions or welfare, not banks, IMF tells John Healey
The International Monetary Fund has urged UK Chancellor John Healey to cut pensions and welfare instead of raising taxes on banks, according to deputy…
UK risks losing key role in European space industry over satellite contract, says Airbus boss
Guillaume Faury, chief executive of Airbus, has written to UK Prime Minister Andy Burnham warning that awarding a £2.4bn military satellite contract t…
Ofgem could force energy suppliers to pay rivals if they lure customers with cheaper deals
Ofgem, Britain's energy regulator, is consulting on reintroducing a market stabilisation charge (MSC) that would require suppliers to pay rivals when …
Thames Water asks for £2.4bn more to avoid going bust this year or early 2027
Thames Water, the UK's largest water company, has asked creditors for an additional £2.4bn to prevent insolvency by the end of 2026 or early 2027, acc…
Lisa Nandy ‘minded to intervene’ in Sky’s £1.6bn purchase of ITV
Culture Secretary Lisa Nandy signalled she plans to intervene in Sky's £1.6bn acquisition of ITV's broadcasting and streaming arm, triggering formal r…
Tech market sell-off deepens amid fears over US inflation and AI debt
South Korea's Kospi 200 index fell more than 8% overnight to a six-month closing low, triggering circuit breakers that halted trading at multiple poin…
John Healey ‘targets tax crackdown on online marketplaces’ in first budget
John Healey, the UK chancellor, is reportedly preparing to make online marketplaces responsible for collecting tax owed by all retailers selling on th…
Netflix to lay off about 1,000 employees in biggest cuts since 2022
Netflix is cutting 6% of its workforce, roughly 1,000 employees, in the largest layoff since 2022, according to an internal memo co-CEOs Greg Peters a…
Bank of England and IMF bosses warn of cyber threat to trust in financial system
Bank of England Governor Andrew Bailey and International Monetary Fund chief Kristalina Georgieva warned at this week's IMF and World Bank meetings in…
Bank of America fined $1.2bn for money-laundering failures
Bank of America faces a $1.21bn penalty from US regulators for widespread failures to detect money laundering and report suspicious activity. The fine…
UK high street bosses urge chancellor to cut cost of employing young people
UK retail and hospitality bosses met with Chancellor John Healey on Tuesday to push for a cut to the cost of employing young people in his upcoming bu…
Burnham’s Your First Home scheme ‘could boost Bellway’s house output by 10%’
Bellway, a major British housebuilder, says the government's new Your First Home scheme could boost its annual output by 10%, according to its chief e…
Card surcharge ban used as ‘cover’ for larger price increases by Australian businesses, experts say
Australia's ban on credit card surcharges, which took effect on 1 October, has become cover for larger price increases across cafes and restaurants, a…
‘Clear and present danger’: fuel prices could rise by 30c a litre across Australia under IMF scenario
The International Monetary Fund has modelled a scenario where global oil prices reach US$130 a barrel, which could raise Australian petrol prices by 3…
FTC and seven states seek contempt ruling against Shkreli over pharma ban
The Federal Trade Commission and seven US states filed a contempt motion Tuesday in New York federal court against Martin Shkreli, alleging he violate…
Chip stocks slide after Broadcom boss likens AI investing to ‘casino’
Broadcom's chief executive compared many artificial intelligence investors to "casino" gamblers on Tuesday, triggering a sharp selloff across global c…
More part-time bosses and co-CEOs could keep women in leadership and narrow Australia’s pay gap
The Workplace Gender Equality Agency, Australia's federal regulator on pay equity, has called for more flexible leadership roles including part-time p…
Stellantis and Renault back UK to get EU car industry protection
Stellantis and Renault have backed the UK car industry for inclusion in proposed EU protection rules, according to statements from their executives. E…
UK motorists can now see live fuel prices on Google Maps
UK motorists can now search for live petrol and diesel prices on Google Maps, starting Thursday. The feature lets drivers find the cheapest fuel at lo…
Telegraph owner poised to make newsroom job cuts in investment promise U-turn
Axel Springer, the German media company that acquired the Telegraph, is planning newsroom job cuts of between 50 and 100 editorial staff, according to…
Adidas accuses Australian label White Fox of ‘trading off its reputation’ with use of four-stripe branding
Adidas filed a lawsuit in Australia's Federal Court against online fashion retailer White Fox, accusing the company of trademark infringement through …
Australian consumer confidence plunges to worst level since 1990s after RBA rate rise
Australian consumer confidence fell roughly 20% following the Reserve Bank's latest rate rise, reaching levels not seen since the early 1990s recessio…
Firmus pulls biggest ASX float since Telstra amid investor doubt about datacentre company
Firmus Technologies scrapped its initial public offering on Australia's ASX after investor demand for the datacentre company's listing dried up. The c…
Top bosses at Goldman Sachs to share bonus pot worth up to $500m
Goldman Sachs plans to distribute up to $500m in bonuses among its top 20 executives this year, marking one of the bank's largest payouts on record. C…
Bank governor urges John Healey to use budget to allay market fears amid bond turmoil
Andrew Bailey, governor of the Bank of England, has urged Chancellor John Healey to deliver a budget that reassures financial markets as UK medium-ter…
New direct train services from London to Wrexham and Rochdale rejected
The Office of Rail and Road has rejected plans for direct train services from London to Wrexham and Rochdale, citing insufficient capacity on the west…
Ex-Barclays traders jailed for rigging interest rates have convictions quashed
The Court of Appeal in London has quashed the convictions of five former Barclays traders jailed for rigging interest rates. The overturned conviction…
Oil prices jump 5% on Middle East tensions and US hurricane threat
Oil prices jumped 5% to $105.3 a barrel for Brent crude on Thursday, according to The Guardian, driven by two overlapping supply concerns. Middle East…
Harvey Nichols’ Birmingham store to close in January
Harvey Nichols' Birmingham store will close in January, eliminating at least 60 jobs, according to The Guardian. The closure is part of a restructurin…
Asos says customers’ names, contact details and search histories hacked
Asos disclosed that hackers accessed millions of customers' names, addresses, phone numbers and recent search histories in a cyber-attack that emerged…
Tesco predicts a low-alcohol ‘healthier’ Christmas
Tesco raised its full-year profit forecast on Friday after first-half sales grew 2% to £33.8bn, with underlying profit climbing 6.5% to £1.8bn for the…
Canada’s Weston family buys Boots for $8.9bn
The Weston family of Canada has acquired Boots for $8.9bn (£6.74bn), purchasing the UK pharmacy and beauty retailer from longtime owner Stefano Pessin…
Royal Mail to cut up to 2,500 jobs amid restructure and fall in letter deliveries
Royal Mail plans to cut up to 2,500 jobs as it restructures operations amid declining letter volumes and regulatory pressure. The postal service said …
South West Water owner taps investors to fix infrastructure after sewage spills
Pennon, owner of South West Water, slashed its dividend and launched a £550m cash call to investors on Wednesday to fund infrastructure upgrades. The …
McDonald’s sued for allegedly using AI tool to determine pricing for franchises
McDonald's faces a federal antitrust lawsuit over its use of an AI tool that prosecutors say enables independently owned franchises to share nonpublic…
Disney accuses Trump officials of ‘blatant violations’ of constitution amid FCC battle
Disney's lawyers accused the Trump administration of constitutional violations and censorship during a federal court hearing Tuesday over the FCC's ac…
S&P 500 and Nasdaq surge to record highs after AI chipmaker rally
The S&P 500 closed at 7,800 for the first time in history, rising 0.58%, while the Nasdaq gained 0.45%. The Dow climbed 0.49%. The rally centred on AI…
Mark Thompson will remain chief executive at CNN after Paramount sale
Mark Thompson will remain chief executive of CNN after Paramount completes its acquisition of the network's parent company, Warner Bros Discovery, end…
Chancellor plans major intervention to help poorer UK households with rising energy bills
Chancellor John Healey is planning to spend more than £1bn in this month's budget to cut energy bills for poorer UK households, according to The Guard…
Jaguar targets young Americans with Type 01 EV – but it’s too long for UK parking spaces
Jaguar launched its Type 01 electric vehicle in New York on Tuesday, targeting affluent American buyers with a vehicle that exceeds the dimensions of …
O2 signs record £200m deal to keep London venue’s naming rights
O2 has secured a record £200m deal to keep naming rights to London's O2 venue for 10 more years, extending the sponsorship through 2038. The Guardian …
Asos warns customer data may be compromised after ‘unauthorised’ app access
Asos shares fell nearly 10% after the online fashion retailer confirmed unauthorised access to its app systems by an unidentified third party. Asos n…
UK events firm that hosts arms fairs and comic shows sold to rival for £2bn
Informa, a FTSE 100 listed events company, has agreed to buy Clarion from private equity firm Blackstone for £2.24bn. Clarion is a London-based events…
Coach services could be cut due to record diesel prices, UK operators warn
UK coach operators warn that record diesel prices threaten service cuts including school transport. The average price of diesel on UK forecourts excee…
BT to buy broadband supplier TalkTalk in £400m rescue deal, saving 900 jobs
BT has agreed to acquire TalkTalk and its wholesale business PlatformX Communications out of administration for £400m on a debt-free basis, according …
Sainsbury’s and Morrisons ‘held talks this year’ on multibillion-pound merger
Sainsbury's held merger talks with Morrisons this year to explore a multibillion-pound deal, according to reporting from the Financial Times and Sky. …
Euro falls to 17-month low against dollar amid French debt fears
The euro fell to its weakest level in 17 months against the dollar on Monday, dropping below $1.12 as investors worried about France's debt burden and…
Average five-year fixed mortgage rate hits 6% for first time in three years
Average five-year fixed mortgage rates in the UK have reached 6.00% for the first time since September 2023, according to data from Moneyfacts. The tw…
UK reviewing whether to impose tariffs on Chinese car imports to align with EU
The UK is reviewing whether to impose tariffs on Chinese car imports to align with the European Union and strengthen its bid for inclusion in new EU m…
Costa’s coffee shops return to profit with iced drinks and matcha on the menu
Costa's main coffee shop arm returned to operating profit in 2025, posting £20m compared with losses of £13.5m the previous year. The chain attributed…
Thousands of Glasgow council workers face pay cuts in one of UK’s biggest fire-and-rehire plans
Glasgow City Council is beginning to fire and rehire about 23,000 non-teaching staff under less favourable pay terms after union negotiations collapse…
UK urged to act as Polymarket takes bets on whether HSBC and Lloyds will fail
Polymarket, a US-owned online prediction market, is accepting thousands of dollars in bets on whether two major UK banks will fail, prompting calls fo…
UK diesel price hits record high of £2 a litre
UK diesel prices have hit a record high of £2 per litre, up 40.5% since late February when conflict between the US, Israel and Iran began disrupting o…
DoJ declines to reopen investigation into former Fed chair Jay Powell
The US Justice Department will not reopen a criminal investigation into former Federal Reserve chair Jerome Powell over cost overruns tied to the cent…
Nasdaq hits record high after weaker-than-expected US jobs report – as it happened
The Nasdaq reached a record high after the US economy added just 29,000 jobs in September, a sharp drop from the previous month's gains, according to …
First home buyers with big loans among those most at risk of falling into negative equity, RBA warns
The Reserve Bank of Australia estimates that fewer than one in 100 borrowers currently owe more on their homes than the properties are worth, despite …
New fees, higher costs: Card surcharges have been banned – how will it affect the way you pay?
Australia's ban on credit and debit card surcharges takes effect Thursday, but merchants are already shifting costs to consumers in other ways. The b…
G7 to release up to 100m barrels of emergency oil and diesel reserves
G7 nations agreed to release up to 100 million barrels of emergency oil and diesel reserves within four months, according to France's president Emmanu…
Bosses of three firms that supply trains to UK railways made £3.5m last year
Three chief executives of British train-leasing firms earned a combined £3.5m last year while their companies distributed nearly £400m in shareholder …
Lyft agrees to pay California $272.5m in largest-ever wage theft settlement
Lyft agreed Thursday to pay California $272.5m to settle wage theft claims tied to how the company classified its drivers, according to Rob Bonta, the…
Travelodge guests are still at risk, finds review launched after sexual assault
An independent review commissioned after a 2022 sexual assault at a Travelodge in Maidenhead found that guests remain at risk due to persistent securi…
Boots owner ‘closing in on sale to Canada’s Weston family for $9bn’
Sycamore Partners is in advanced talks to sell Boots to Canada's Weston family for $9bn (£7bn), according to the Financial Times. A deal could close a…
Federal Reserve watchdog finds no criminal violations for building renovation cost overruns
The Federal Reserve's internal watchdog found mismanagement of costs in a $2.4 billion renovation of the central bank's Washington DC headquarters, bu…
Economic growth in UK and US revised higher; diesel on brink of £2 a litre for first time – as it happened
The UK's second-quarter GDP growth was revised upward to 0.5 percent quarter-on-quarter, from an initial estimate of 0.4 percent, according to officia…
Good news in US inflation report boosts chances Fed won’t hike rates
The Federal Reserve faces reduced pressure to raise interest rates after a key inflation measure came in below expectations, traders say. The persona…