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Europe
BBC Business

Vape prices to rise as new tax takes effect

The price of vapes is set to rise as a new tax comes into effect, with the aim of making vaping less attractive to children and young people. The Vaping Product Duty will be imposed at a rate of £2.20 per 10ml of e-liquid. However, many customers will not see a jump in prices immediately, as sellers have six months to sell old stock at the pre-duty price. The government wants to reduce the appeal of vapes by making them more expensive, as more evidence of its adverse effect on health comes out, particularly on children and young people. The vaping industry has lobbied against the new tax, saying that affordable vapes help people to quit smoking. The duty will apply to all vaping products regardless of whether they contain nicotine. Tobacco rates were also raised on Thursday, by £2.20 per 100 cigarettes or 50g of tobacco. HMRC said this maintains the financial incentive for smokers to switch to vaping. The BBC spoke to vapers in Reading who had mixed views on whether the new tax would encourage people to quit. Mackenzie Bird, 19, has been a regular vaper for three years. She said she was "fine" with the duty and it wouldn't stop her from vaping. However, Cara Lewis-Rimes and Dylan Killner said they might reconsider the habit in light of higher prices. Cara said she thinks the changes will force vapers to cut down because of the cost of living. "I don't think it's doing me any favours... the health factor around it as well is not great." HMRC is also launching a stamp for vaping products which are traceable throughout the supply chain.

Vape prices to rise as new tax takes effect
North America
CNBC Finance

As Trump and Xi meet, Chinese automakers could be a Pandora's box for U.S. auto industry

DETROIT — As President Donald Trump meets with Chinese President Xi Jinping this week, U.S. politicians as well as the global automotive industry are warning that allowing Chinese automakers to enter the market could be a Pandora's box. Trump earlier this month said he might be "OK" letting Chinese automakers into the U.S. if they produced vehicles domestically, leading a consortium of auto trade groups representing every major facet of the American auto industry to urge him to rethink that position. It was an uncharacteristically unified message from automakers operating in the U.S., franchised dealers and suppliers. More than two dozen Democratic lawmakers followed that push with their own letter, urging Trump to keep in place U.S. restrictions against Chinese automakers. "It's not at this point a partisan issue," Sen. Elissa Slotkin, D-Mich., told reporters Wednesday. "It's about whether we want to make cars in America and whether we want a manufacturing base that can pivot when we need it. If we want that, we shouldn't let them in our country." Trump is scheduled to host Xi and a delegation from China on Thursday and Friday that reportedly could include Wang Chuanfu, founder of BYD, China's largest automaker, and Robin Zeng, founder of CATL, the world's top battery maker for electric vehicles. Michael Dunne, an expert on China's automotive industry and a former General Motors executive, said even the potential that those two executives could attend underscores the importance of Xi's trip for the U.S. auto industry. GM CEO Mary Barra is also expected to be among the attendees at Trump's state dinner for Xi, Reuters reported Wednesday, along with several other U.S. executives, including Tesla CEO Elon Musk. As for America's other largest automakers, Ford Motor declined to disclose whether CEO Jim Farley will be attending after the Department of Transportation criticized the company for its Chinese ties, including a licensing deal with CATL. Reuters reported Chrysler parent Stellantis said CEO Antonio Filosa is out of the country and not planning to attend. Industry insiders and onlookers have expressed concerns similar to those raised by automakers and lawmakers as bipartisan bills to ban Chinese automakers from the U.S. move through Congress. The pressure campaign comes as Chinese automakers have been rapidly expanding outside of their domestic market, especially to Europe and Central and South America. There's fear among global automakers that Chinese rivals, like BYD and Geely, which are heavily subsidized by their governments, could flood global markets, undercutting domestic production and vehicle prices. Dunne said he doesn't believe those concerns are overblown. He said Chinese automakers would "quickly overwhelm America's auto industry, just as it is now ravaging Europe." Global market share for Chinese brands jumped nearly 70% from 2020 to 2025, according to market research and consulting firm GlobalData. The automakers' market share in Europe was virtually nothing in 2020 but hit 12% in August, according to Germany-based Dataforce.

As Trump and Xi meet, Chinese automakers could be a Pandora's box for U.S. auto industry
North America
CNBC Finance

McDonald's CEO expects high inflation, lackluster traffic are here to stay

McDonald's is predicting that flat traffic and higher inflation will continue to weigh on the restaurant industry, CEO Chris Kempczinski said Wednesday. "One of the things I've talked to our team about is we need to stop talking about that being a difficult environment, and just say that is the environment," Kempczinski said on CNBC's "Squawk on the Street." "Because I think, as we look out forward, we're not expecting things to change." For years, Kempczinski has been warning investors and analysts about the "challenging environment" faced by McDonald's and the broader industry. The burger chain reported U.S. same-store sales growth of just 0.8% in its most recent quarter as traffic to its domestic restaurants fell. Diners have been eating out less frequently, pushing back against higher menu prices as they face increased costs on everything from gas to groceries. From August 2025 to July 2026, industry operators surveyed by the National Restaurant Association reported a net decline in customer traffic in every month but one. To attract customers, McDonald's and its rivals have leaned into discounts. But diners aren't the only ones facing higher costs. Restaurant operators — like McDonald's and its franchisees — have seen beef prices soar. Kempczinski said that beef costs have nearly doubled over the last five years in the company's biggest markets. Other expenses, like labor and construction, have also ticked higher, putting more pressure on margins. "Across the board, we're seeing that inflation is sticky," Kempczinski said. "It's sticky, not just in the U.S., but around the world." Faced with tougher operating conditions, McDonald's is focusing on stealing diners from its rivals. "The biggest thing that you need to do in an environment like this is you have to be able to earn share," Kempczinski said. "You have to be able to actually grab growth from your competitors." While he said McDonald's will likely have to consider price increases, he added the chain will have to be careful not to drive diners away. He reiterated that the company believes it erred by raising prices too quickly in the years after the Covid pandemic. Kempczinski and other McDonald's executives will share more details about the company's plans to gain market share during its investor day on Wednesday. Get this delivered to your inbox, and more info about our products and services.

McDonald's CEO expects high inflation, lackluster traffic are here to stay
Europe
BBC Business

The start-ups hoping to return battery making to the US

As heatwaves scorched Europe this summer, workers at a US battery company noticed an uptick in demand. San Diego-based Unigrid sells a nine kilowatt hour battery for people's homes. Sweltering European homeowners were apparently looking for ways of storing power when it was available from the grid at lower rates. They could then run air conditioners more cheaply, off the battery, during the worst heat of the day. "We have requests coming from Spain, France, Germany, The Netherlands," says Darren Tan, co-founder and chief executive. "We've shipped the first 100 units and [expect to ship] 1,000 before the end of the year." Unigrid's battery is an emerging technology – it's a sodium ion, rather than lithium ion device. Sodium ion batteries have got energy storage experts excited because they could end up much cheaper to build and operate than lithium ion. They're potentially less likely to catch fire and should also work in a wider range of temperatures, even down to lows of minus 40C, external. But there's a debate over what constitutes the best, and safest, sodium ion battery design. Plus, more than one, external US company working in this space has floundered in recent years, external. China leads the world in sodium ion battery manufacturing at present so US competitors are going to have to work hard to keep up. The prize that awaits is the possibility of batteries made in the US with 100% US-sourced materials. This is unlike lithium ion batteries, where China dominates the materials, external supply chain as well as manufacturing. For Tan, China has helped his company get to market. The Unigrid battery currently uses sodium ion cells made there, rather than in the US. "We can switch back and forth and choose what battery we want to work with," says Tan, explaining that, in future, his firm might source cells from the US – though these may come at a different cost. There's another consideration. Unigrid's battery contains chromium-3 in its cathode. In a battery, electrons flow from cathode to anode, external when charging and in the opposite direction when discharging or providing power. Prof Dame Clare Grey at the University of Cambridge, who is co-founder of battery firm Nyobolt, points out that under certain conditions chromium-3 may form chromium-6, a toxic, cancer-causing material., external "If you're going to go for sodium […] and you're going to sell safety, then don't start putting elements in that are going to raise red flags," she tells the BBC.

The start-ups hoping to return battery making to the US
Europe
BBC Business

Household energy bills forecast to see biggest rise in four years

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoHousehold energy prices are set to soar in January, with a typical annual bill forecast to jump by £276, figures shared with the BBC reveal. The 16% predicted increase would hit millions of households at the coldest time of year, and would mark the biggest rise in bills for four years. The forecast from consultancy Cornwall Insight comes a day before prices go up under regulator Ofgem's October price cap and puts increased pressure on the government to support those who will struggle to pay. Meanwhile, the boss of supplier EDF Simone Rossi has warned the UK is "walking into a second energy crisis" and called for an extension to the VAT cut on electricity which kicks in on Thursday. About 20 million households in England, Scotland and Wales are on variable energy tariffs set by Ofgem's price cap, which puts a maximum price on each unit of gas and electricity. Those homes will see a 4% increase in prices on Thursday, the equivalent of about £60 per year – or £5 per month – taking an annual bill to £1,723 for the typical household using both electricity and gas and paying by direct debit if this level was sustained for a year. That rise would have been higher without the government's VAT cut, which knocks the equivalent of about £45 a year off a typical bill. But forecasts show a far greater increase is possible for bills in January. Cornwall Insight said its latest forecast suggests the typical annual bill would rise to £1,999. The forecast 16% rise will come at the worst time of year, according to Craig Lowrey, principal consultant at Cornwall Insight. "These prices are going to hit households hard. January is already a difficult month for many, with cold weather and bank balances still recovering from Christmas," he said. The predicted rise is the result of disruption of gas supplies owing to the conflict in the Middle East, and the resulting low gas storage levels in Europe. Rebuilding those stocks could mean high bills "well beyond the winter", the forecaster said. Cornwall Insight has a strong track record on forecasts and is widely respected across the industry and politics. Similar forecasts have been made by energy suppliers.

Household energy bills forecast to see biggest rise in four years
Europe
BBC Business

Greggs to shut four factories and cut 740 jobs

High street bakery brand Greggs has announced plans to shut four of its factories and cut 740 jobs. It plans to close manufacturing sites at North Lakes near Penrith, Cumbria, Pettigrews in Kelso, Scotland, Seaham in County Durham and Enfield, Greater London, though distribution operations would continue to run from the latter. The proposals will also impact manufacturing operations at its Treforest site in Wales, but this will also continue as a distribution centre for the business. The chain, which has headquarters in Newcastle, said its retail shops would not be affected by the proposed changes and like-for-like sales had grown across its managed stores. The changes would take place over the next two and a half years, with parts of Greggs' manufacturing processes relocating, the firm said. The range of products manufactured at its Clydesmill Glasgow and Manchester locations would be reduced and production of tinned bread at Gosforth would be stopped. The general secretary of the Bakers, Food and Allied Workers Union (BFAWU) Sarah Woolley said the union was "deeply concerned" about the announcement. She said: "Our immediate priority is our members, their jobs, their families and the communities that could be affected by these proposals." She added Greggs was clear in its own announcement the business continued to "perform strongly". Greggs said positive trading and continued cost control means it expected a "modestly improved outcome" for 2026. Like-for-like sales grew by 3.4% across its managed stores, with overall growth buoyed by the opening of new shops. Woolley said Greggs' workers had played a "huge part" in getting the company where it is.

Greggs to shut four factories and cut 740 jobs
North America
CNBC Finance

Boeing flags 737 Max software glitch affecting some automated approach functions

Boeing said it flagged a software glitch last month on some 737 Max aircraft that could affect certain landing procedures, as the manufacturer seeks federal approval for the fourth and final model in its best-selling aircraft family. The Federal Aviation Administration said Saturday that it is assessing the problem and "will take immediate action if it identifies a safety concern" and that it will review Boeing's proposed fix. Boeing said the issue could arise after a missed approach when pilots alter a preprogrammed flight path, and that pilots must take additional steps to use automated tools on subsequent approaches. "We shared information with operators that reinforced existing pilot procedures for safely handling such cases. Our engineers are working on a software update to permanently address the issue," Boeing said. The Wall Street Journal reported the issue earlier. The company said that pilots are trained to land without the automated system. "We are working directly with airlines to formalize a procedure that will allow pilots to reenable automated vertical navigation should this situation occur," Boeing said. U.S. airlines told CNBC that they do not have Max 8 and Max 9 airplanes with the updated software tied to the glitch in their fleets. Airlines can revert some Maxes to the older software version. All-Boeing 737 Max carrier Southwest Airlines said it is "aware of the issue and is engaged with Boeing and the FAA." It added that "none of our fleet is equipped with Version U.14, including new deliveries of Max 8 airplanes." United Airlines also said it's not taking any Max aircraft deliveries with the new software. However, questions remain about the two other models, the Max 7 and Max 10. The Federal Aviation Administration certified the Max 7, the smallest of the Max family, in early August with the newest software installed. It wasn't immediately clear if the aircraft could be delivered or fly with an older version of software. Additionally, Boeing CEO Kelly Ortberg told investors earlier this month that he expected FAA certification of the Max 10 "very soon." "We have been engaged with Boeing and the FAA and will continue to work closely with both as they evaluate this matter and determine next steps," Alaska Airlines, a Max 10 customer, said Saturday. The issue comes after years of delays of Boeing's Max planes following safety and manufacturing crises, including the two deadly crashes of Max 8 aircraft in 2018 and 2019 that killed 346 people. A flawed flight control software system — which has since been updated — was implicated in both crashes.

Boeing flags 737 Max software glitch affecting some automated approach functions
Europe
BBC Business

Faisal Islam: Triple lock move is significant, but it's a gamble

Image source, Getty ImagesByFaisal IslamEconomics editorPublished29 September 2026It was a significant announcement from Prime Minister Andy Burnham on his plans for the triple lock after the general election. It will reverberate well beyond the hall. For months, I have heard suggestions that Andy Burnham was warm to the idea that the triple lock as we know it had to go. I had expected him to try to forge a political consensus on this thorny issue at this stage, but he has gone further than that. He has tried to take the sting out of the politics of his decision by tying it to funding a new national social care service. The government calls it an "adjusted triple lock" as it is keen that pensioners are reassured. It is more like a double lock plus. The sensitivity over this political gamble is clear. Under Burnham's plans, the state pension will go up by either the pace of price rises or 2.5%, whichever is higher. So, it will still keep up with inflation and go up every year. The link to rises in yearly average earnings, which is the factor currently setting the rise under the triple lock, will be gone on an annual basis and instead be reflected over time. The policy would be to maintain the state pension as a share of earnings at the record level it is due to reach in 2030. This change is sharper than expected. Not a review or a consultation. Ministers and MPs will have to back the plans in interviews and, at some point, MPs will have to vote on changing the historic annual earnings link to the state pension. It seems far more significant than a mere "adjustment". This will save many billions in the coming decades, but not so much in the next few years. The Institute for Fiscal Studies thinktank says that, had Burnham's tweak been in place since 2011, it would have more than halved the annual £16bn cost of the triple lock, a £9bn saving every year. Government sources said the decision to make the change now will save around £15bn a year by 2040. The prime minister was repeatedly advised that bond markets would show some appreciation for a UK government capable of taking tough decisions. Former chancellor Rachel Reeves might have imagined the same reward for her decision to scrap the winter fuel allowance, which was one of her first acts and later reversed. Part of the UK premium in bond markets has been an understandable perception that UK politics cannot have long-term debates. And the triple lock is only one of the debates started by today's speech – with significant further moves on energy and post-Brexit policy expected – that the prime minister and chancellor need the markets as well as the country to get behind.

Faisal Islam: Triple lock move is significant, but it's a gamble
Europe
The Guardian

US ban on Canadian imports likely to weaken already fragile relationship

Cows are shown from a Quebec dairy farm in Monceau, Canada, on 10 September 2026. The US and Canada have long clashed over the northern neighbor’s aims to protect its dairy industry from foreign competition. Photograph: Canadian Press/ShutterstockView image in fullscreenCows are shown from a Quebec dairy farm in Monceau, Canada, on 10 September 2026. The US and Canada have long clashed over the northern neighbor’s aims to protect its dairy industry from foreign competition. Photograph: Canadian Press/ShutterstockTrump tariffsUS ban on Canadian imports likely to weaken already fragile relationshipIt marks another ratcheting up of Trump’s trade war and affects nearly $1bn in imports of a $880bn trade relationship US-Canada relations, already tense, are likely to deteriorate further after the United States went ahead early on Tuesday with a decision to ban nearly $1bn worth of Canadian imports, including alcoholic beverages, dairy products and motorcycles. The ban amounts to barely a ripple in $880bn worth of annual two-way trade between the two northern neighbors. But it marks another ratcheting up of Donald Trump’s second-term trade war with the US’s longtime ally and trading partner. The import ban “certainly won’t do anything to help the trade tensions between the United States and Canada’,’ said trade attorney Patrick Childress, a partner at Holland + Knight and a former US trade official. The latest sparring began over the summer when Trump reached back to a Great Depression law to impose 50% tariffs on about $20bn worth of Canadian imports, charging that Canada discriminates against US dairy, auto and alcoholic beverage producers. Canada promptly counterpunched with tariffs of 15%, 25% or 50%, matching US imports dollar for dollar. To punish Canada for retaliating against his tariffs, Trump decided to ban a list of Canadian products, effective 12.01 am Eastern time Tuesday. The economic impact is likely to be minimal. Childress noted that the products on the banned list were already facing Trump’s tariffs. “For a lot of these goods, the 50% was already acting as a de facto ban by making importation from Canada into the United States uneconomical,″ he said. Jacob Jensen, director of trade policy at the center-right American Action Forum thinktank, calculates that the ban would cover $967m worth of Canadian imports, based on 2025 numbers. Of that, 87% would be alcoholic beverages that the US targeted because of some Canadian provinces responding to Trump’s provocations by banning US booze from store shelves. Also banned are some dairy products – including the milk byproduct whey. The two countries have long clashed over Canada’s attempts to protect its dairy industry from foreign competition by imposing hefty tariffs once dairy imports have exceeded a quota. The ban also covers motorcycles. Bombardier Recreational Products (BRP) in Quebec confirmed that its three-wheel Can-Am Spyder and Canyon motorcycles “will be excluded from importation into the US’’. But BRP said the impact would probably not be felt until next year because it has completed most production and shipments for the current season. “This marks yet another escalation in the trade war that may result in further retaliation on the Canadian side,” Jensen said. He expects Canadian exporters and US importers “impacted by these bans will be highly motivated’’ to demand that trade officials on both sides find some way to reach a “resolution of this whole ordeal’’. The impasse imperils efforts to renew the US-Mexico-Canada Agreement, a North American trade pact Trump pressured the US’s neighbors into accepting in his first term and which he once declared “the most modern, up-to-date, and balanced trade agreement in the history of our country’’.

US ban on Canadian imports likely to weaken already fragile relationship