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Europe
BBC Business

Fifa official sacked after Infantino plan criticism

Image source, Getty ImagesByDan RoanSports editorPublished17 August 2026Fifa's chief operating officer Kevin Lamour has been sacked by the governing body, less than three weeks after he strongly criticised its president Gianni Infantino's aborted plan to sell stakes in competitions to private investors, BBC Sport has been told. In a statement, a Fifa spokesperson would only confirm that "the working relationship between Fifa and Kevin Lamour as Chief Operating Officer has ended on 17 August 2026. "Fifa thanks Kevin for his two years of service and wishes him the best of luck for the future." Fifa's staff were informed of the news in an email by its secretary general Mattias Grafstrom on Monday evening, who told them the organisation and Lamour had "agreed to part ways". Last month, Lamour described the controversial Fifa Forward Enterprise (FFE) plans as "the project of one person", and said "the time has now come for football political leaders to ask themselves the right questions and make the right decisions". He added Fifa's own administration was "deceived" about the now abandoned project. "Our mission - the mission of the hundreds of passionate, dedicated, and exemplary Fifa employees - is to serve football", he added. "A president must bring people together, unite them, and inspire them. Today, we are experiencing the opposite." Lamour acknowledged he had a duty of loyalty to his employer but also to "certain values" and supporting his colleagues. "If that means I lose my job, then so be it," he added. "I will understand and respect that decision. At least I'll sleep well tonight." Lamour joined Fifa in November 2024, having previously served as deputy general secretary at Uefa, and was two layers of management below Infantino. Earlier this month, Infantino received the backing of senior executives in a meeting in Morocco, but BBC Sport was told Lamour was not invited.

Fifa official sacked after Infantino plan criticism
Europe
BBC Business

Film commission backs Amazon MGM expansion of studios

Amazon MGM Studios' planned expansion of a Berkshire-based complex would be a "considerable boost" for filmmaking, a government-funded industry body said. Bray Film Studios, in Water Oakley, near Windsor, was previously used by the Hammer Films company. The previous owner of the studios got planning permission to expand them in 2022 and Amazon MGM bought the site in 2024. The British Film Commission (BFC) said it "recognises that the studio benefits from Amazon MGM's commitment" and welcomed its "ambition to support employment opportunities for both the local community and more widely across the UK sector". The company has been using the site since 2022 and a public consultation regarding the expansion project closed in May. Amazon MGM said its current proposals, which include building a multi-storey car park and six new sound stages, would help "realise the site's full potential". The expansion is expected to create 470 jobs as it is built and 920 in Berkshire more widely. Samantha Perahia, the BFC's head of production, told the Royal Borough of Windsor and Maidenhead that it supports the plan. "The enhancements proposed for Bray Studios will not only allow the region to build on its already established and impressive reputation amongst international clients," she said. She added that it "would also provide a considerable boost to the combined efforts of the BFC and our public and commercial partners in marketing the region, and the wider UK."

Film commission backs Amazon MGM expansion of studios
Europe
The Guardian

Are Microsoft’s AI plans being held back by a shortage of chips?

The chips are quite small and some can be held in the palm of a hand. They are fundamental to the development of artificial intelligence models – and the world’s biggest technology companies need vast numbers of them to keep ahead. Microsoft is one of them. And, on paper, it seems to have a problem. A Guardian investigation has found an apparent discrepancy between what the company has said about its AI capacity – and the number of advanced AI chips it has in operation. It is not a small shortfall either. Microsoft reportedly targeted having 1.8m AI chips installed in its datacentres around the globe by the end of 2024. Nearly two years on, in the middle of a $280bn (£208bn) expansion, the company has 2.2m AI chips installed, according to internal documents seen by the Guardian. This is less than half the number some experts had imagined. Put simply, the global AI arms race requires a massive build-out of datacentres that run on extremely expensive chips. The apparent discrepancy over the chips suggests Microsoft’s newest datacentres may not be fully operational or, if they are, they do not have the chips they need. View image in fullscreenNvidia’s microchips are integral to the boom in datacentre development. Photograph: NurPhoto/Getty ImagesThis highlights something even more fundamental about charting the progress being made in the development of AI technologies. The chips that power AI are made by Nvidia, one of the two most valuable companies in the world. Its supply chain is one of the most tightly held secrets in the entire industry. With almost no exceptions, Nvidia does not report how many of these chips it sells or to whom. Its clients, the world’s biggest tech companies, in turn do not reveal how many they have. Without this information, it is very hard for anyone to know whether AI is booming or not. In the past two years, Microsoft says it has built AI infrastructure at breakneck speed. Its chief executive, Satya Nadella, said last year it would double its global datacentre footprint by mid-2027. Since 2022 it has ploughed roughly $280bn into the land, buildings and computational infrastructure to build AI. This includes more than $41bn in the past quarter. But it is difficult to estimate how many datacentres Microsoft has built with this money. It is possible to assess the progress that the company is making by looking at what it has announced publicly, with a particular eye on the power it needs. Datacentres need electricity, so one way of estimating how many datacentres are operational is to add up the energy Microsoft has at its disposal – its AI capacity. Microsoft’s own claims, set out in annual reports and quarterly earnings, suggest it has added 5GW of datacentre capacity over the past two years as part of its AI build-out. It says it now has hundreds of datacentres on five continents. Five gigawatts is a dizzying amount of energy – it is four times the size of the largest datacentre park in Europe. But Microsoft’s total capacity should be even greater than this; it has been building AI infrastructure since 2022. How much greater is an open question. View image in fullscreenThe hardware inside a Microsoft datacentre campus. Photograph: Audrey Richardson/ReutersIn an internal presentation from 2024, Microsoft reportedly claimed to have 5GW of datacentre capacity already installed. That would suggest it could now have a total of 10GW of capacity. It is unclear if all of these are AI datacentres – some could be for other cloud services. But Microsoft’s own statements indicate that the overwhelming focus of its capital expenditures in recent years has been to build AI infrastructure.

Are Microsoft’s AI plans being held back by a shortage of chips?
North America
CNBC Finance

Monterey Car Week auctions could hit a record $500 million, with help from younger buyers

The classic car auctions in Monterey could reach a record $500 million this week, as the tech boom and a wave of new collectors drive up the prices of modern supercars. The auctions during Monterey Car Week, the annual extravaganza of classic car auctions, shows, races and awards, are expected to reach $470 million to $500 million, according to Hagerty. The total is likely to surpass the all-time record of $471 million, set in 2022, and would mark the continued rebound of a market that declined in 2023 and 2024 but snapped back during Monterey last year. "With strong bidding, this could be the first half-billion-dollar auction week the collector world has ever seen," said McKeel Hagerty, CEO of Hagerty, the classic car insurance, auction and events company. Like the stock market, however, the headline strength of the classic car market hides growing volatility and a massive market rotation below the surface. A new generation of millennials and Gen Zers is taking over the collecting market from baby boomers. Rather than buying the 1950s and 1960s cars favored by older generations, new buyers are bidding up modern supercars from their own youth. Models like the Ferrari F40, F50 and Enzo, the Bugatti Veyron, Ruf Yellowbirds, Koenigseggs and Paganis are seeing parabolic price gains, with many doubling in price over the past two years, according to industry data. The most expensive car coming up for sale in Monterey is a 1996 McLaren F1 GTR, estimated to fetch $35 million at RM Sotheby's. A 2023 Ferrari Daytona SP3 could also be in the top 10 this year, estimated at more than $10 million at RM Sotheby's. In previous years, the vast majority the top 10 sellers in Monterey were models from the 1950s or '60s. So-called "Boomer cars," which drove the market for decades, are now in decline. The Hagerty Blue Chip Index, which represents the top traditional collector cars, fell 2% over the past 12 months. The Hagerty Supercar Index, meanwhile, surged 30% over the same period. The younger market has brought new risks. Some classic car experts and dealers say prices for modern supercars are unsustainable and defy traditional collecting metrics, such as proven race histories, scarcity, enduring value and global appeal. Many millennial and Gen Z collectors also view collector cars as speculative trades rather than long-term stores of value. Young collectors rarely drive the cars, to avoid adding mileage, dealers say. And they often flip them for quick profits. "There is a huge amount of speculation in that part of the market," said Simon Kidston, the classic car dealer and advisor. "It's been very frothy and created some inexplicable price imbalances to anyone who has long-term experience in the market." In January, a 2003 yellow Ferrari Enzo sold at Mecum Auctions in Kissimmee for $17.9 million – nearly triple the previous record price for an Enzo. In March, at Broad Arrow's auction at Amelia Island, a 2003 black Enzo went for $15.2 million and a 2005 Porsche Carrera GT sold for $6.7 million, more than doubling the previous auction record for a Carrera GT. The Bugatti Veyron, Koenigsegg CC8S, Ford GT and Mercedes Benz SLS AMG Black Series are all seeing big price spikes. Ferrari F40s are among the most prized, despite the fact that Ferrari made more than 1,300 of them. An F40 LM went for $11 million at RM Sotheby's in Monterey last year.

Monterey Car Week auctions could hit a record $500 million, with help from younger buyers
Europe
The Guardian

China’s economy showing signs that slowdown may be extending

A chemical fibre production line in Suqian. July factory output was lower than in June and missed a Reuters poll forecast. Photograph: VCG/Getty ImagesView image in fullscreenA chemical fibre production line in Suqian. July factory output was lower than in June and missed a Reuters poll forecast. Photograph: VCG/Getty ImagesChinese economyChina’s economy showing signs that slowdown may be extendingIndustrial output and retail sales slump in July after one of the country’s weakest quarterly growth rates ever China’s economy is showing signs of extending a slowdown with a slump in industrial output and retail sales in July, adding to pressure on Beijing to intervene with measures to support activity. After the world’s second largest economy posted one of its lowest quarterly growth readings on record in the three months to June, the latest figures suggest it continued to falter in July. Factory output grew 4.5% from a year earlier last month, compared with 5.3% in June, official figures from the National Bureau of Statistics (NBS) showed on Monday, missing a Reuters poll forecast for 4.8% growth. Separate figures showed retail sales grew 0.6%, a slowdown from a 1% rise in June despite summer holiday tourism spending. Forecasters had predicted 1.5%. The NBS said extreme weather, including high temperatures and heavy rainfall, had disrupted market supply and demand. The latest snapshot, however is likely to increase pressure on policymakers to accelerate plans for tax and spending measures to support activity. China’s premier, Li Qiang, suggested on Monday that efforts to bolster overseas demand for goods could be used to make up for weak domestic demand. “Currently, the ⁠problem of insufficient ⁠domestic demand remains prominent, some industries and enterprises are facing increasing difficulties, and uncertainties in external environment are rising,” Li told ⁠a meeting of China’s state council, according to the state news agency, Xinhua. “We should actively stabilise external demand, expand mutually beneficial international economic and trade cooperation and ⁠promote balanced trade development.” Analysts say they expect stronger growth rates later this year, supported by spending measures from Beijing to increase activity. “The silver lining is that the boost to manufacturing activity from AI capex [capital expenditure] continued to build, and that the wider weakness partly reflects temporary disruptions from recent typhoons,” said Julian Evans-Pritchard, the head of China economics at the consultancy Capital Economics.

China’s economy showing signs that slowdown may be extending
North America
CNBC Economy

Wholesale prices were flat in July, below expectations for 0.2% increase

Wholesale costs for goods and services were flat in July, the Bureau of Labor Statistics reported Thursday in the latest positive sign for inflation. The producer price index, a measure of underlying inflation pressures, was unchanged for the month, below the 0.2% Dow Jones consensus estimate and after falling 0.1% in June. The June figure was revised from a previously reported decline of 0.3%. Excluding food and energy, the core PPI rose 0.2%, against the forecast for a 0.3% gain. The core PPI excluding trade services increased 0.4%. On an annual basis, the headline PPI increased 4.7% for the all-items index and 4.2% for core, according to unadjusted figures. The report follows several other indicators telling a similar story – that after a ramp-up in inflation earlier this year fueled by the Iran war and President Donald Trump's tariffs, the rate of price increases is beginning to ease. Stock market futures were positive after the report while Treasury yields were lower. Traders further reduced the odds for a September rate hike from the Federal Reserve. "Net, net, pipeline pressures at the lower stages of production are not adding to the inflation risks the consumer faces," said Chris Rupkey, chief economist at Fwdbonds. "It counts as good news that for a second consecutive month, PPI final demand prices have not gone up adding to the cost of living crisis faced by Americans." Services prices rose 0.2% for the month, pushed by a 6.5% surge in portfolio management, a category that can show outsized gains in the first month of the quarter due to reporting requirements. Goods prices fell 0.7%, helped by a 3.1% decrease in energy, including a 5.7% slide in the gasoline index. Food prices fell 0.9% though core goods prices rose 0.1%. Federal Reserve officials have been weighing the various inputs to the price picture as several key officials have been pushing for interest rate hikes to get inflation back to the central bank's 2% target. On Wednesday, the BLS reported that the consumer price index rose just 0.1% in July as falling energy prices during the month helped lower price pressures. However, the headline annual inflation rate of 3.4% was still well above the Fed's goal. Core consumer inflation was considerably tamer, posting a 0.2% monthly gain and 2.5% annual rate that put the level back to where it was prior to the start of the war.

Wholesale prices were flat in July, below expectations for 0.2% increase
Europe
BBC Business

US says dozens of countries helped China dodge Trump's tariffs

Image source, AFP via Getty ImagesByOsmond ChiaBusiness reporterPublished49 minutes agoThe White House said in a report on Thursday that more than 40 countries have helped China sidestep US tariffs by routing exports through nations that face lower American import duties. The countries named include Canada, India, Mexico, Japan and South Korea, which the White House said had helped China evade tens of billions of dollars in tariffs. White House trade adviser Peter Navarro said it had cost "American jobs and billions in revenue". A spokesperson for the Chinese embassy in Washington said in response to BBC queries that "trade wars have no winners" and that it opposes the US' tariff measures and the use of state power to target China's companies. The spokesperson added that "any unilateral actions or agreements concerning transshipped goods must not target or harm the interests of third parties." The BBC has contacted the US embassies of Canada, India, Mexico, Japan, South Korea and other trading partners listed in the report for comment. The report follows a wave of sanctions between the US and China and comes weeks before President Donald Trump will meet Chinese leader Xi Jinping in Washington. According to government and private sector estimates quoted by the White House, between $30bn (£22.2bn) and roughly $300bn in goods have been moved from countries with higher tariff through those with lower rates. The process is known as transshipping, which refers to the practice of transferring cargo through another country while en route to a final destination. The US accused China of "taking advantage" of the practice by moving goods through nations that have lower duties. China has used third countries as a stopover and has repackaged goods to hide their real origin to obtain lower tariffs, said the White House in its report, describing the process as "fraud cloaked in paperwork". "What has changed in today's Great Transshipment Scam is not merely the speed and scale of this modern form of smuggling, but the breadth, depth, and sophistication of the global Shadow Transshipment Network through which China's tariff evasion now moves," the White House wrote.

US says dozens of countries helped China dodge Trump's tariffs
Europe
BBC Business

If Meta loses this trial, Instagram and Facebook could change forever

Image source, Getty ImagesByKali HaysTechnology reporterPublished4 hours agoMeta has been hit with successive losses in court over how its platforms have targeted and harmed young users, but a jury trial set to begin on Tuesday may pose the biggest threat yet to its operations. The trial stems from a lawsuit filed in 2023 by 30 US states, including California and New York, in which they claim numerous violations of federal and state privacy laws for children. Not only are the states seeking upwards of $1 trillion, external from Meta, they are demanding it make changes to Instagram and Facebook, including ending "like" counts and infinite scroll. Should Meta ultimately lose a case of this scale, it could force fundamental changes to the way young people experience social media. The states suing Meta are asking for many more changes to the way Instagram and Facebook operate for young people, too. All of these features are central to the current user experience on Meta's platforms. These features are also designed to keep users, including teenagers and children, on the platforms as often and for as long as possible, the states contend. They claim Meta even makes it difficult for young people to use the platform less, through things like frequent notifications designed to get young people back on the apps. By allegedly targeting child users, Meta "chose to exploit" young people in order to hook them on its platforms, so it could grow its user base and expand its business. Today, Meta's value on the stock market is about $1.5tn. "We strongly disagree with these allegations and are confident the evidence will show our longstanding commitment to supporting young people," a company spokeswoman said in a statement. The states are putting their claims to Judge Yvonne Gonzalez Rogers, a chief federal judge in California. She was the judge in the high-profile Elon Musk v Sam Altman trial and has built a reputation from the bench over the course of nearly 20 years for being incisive and direct. In a recent ruling against Meta, a judge in New Mexico fined the company a collective $942m and ordered it to make changes similar to those that the additional states are now demanding. Judge Bryan Biedscheid's ordered changes include the elimination on Instagram and Facebook of like counts for users younger than 18, a ban on teenagers sending or receiving nudity through the platforms, and limiting push notifications from the apps to certain hours of the day.

If Meta loses this trial, Instagram and Facebook could change forever
Europe
BBC Business

How switching your bank account could earn you up to £220

Image source, Getty ImagesByJemma CrewBusiness reporter Published17 August 2026, 00:14 BSTMany of us have been with the same bank for years, potentially missing out on hundreds of pounds that rivals are offering us to move to them. Whether it's loyalty, laziness, or fear it'll be a faff that keeps us from switching, banks are competing to change our mind. More than five banks are currently offering incentives to switch - with the largest bonus £220. Plus, if you've got savings, you could get a better interest rate - and therefore a greater return on your money. Almost two thirds of British savers have been with their bank for more than a decade, new research from Hargreaves Lansdown suggests. Its survey, of 3,000 British adults in August, found 34% have moved their money in the last 12 months. It estimates staying put costs British savers around £12bn in missed interest every year, based on analysis of Financial Conduct Authority data. Simon Belsham, Hargreaves Lansdown's chief client officer, says doing nothing might be easy but "often leads to poor returns". "Millions leave their cash with the same bank by default and that inertia is worth a fortune to banks, while costing British savers billions of pounds a year. "Savers clearly care about rates: when they move their money, the overwhelming reason is to secure a better return. "What holds them back is the effort of repeatedly finding, opening and juggling different accounts." People are "incredibly loyal" to their bank which is why competitors need to offer sweeteners, says Sarah Coles, head of personal finance at AJ Bell.

How switching your bank account could earn you up to £220