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Europe
BBC Business

Burnham says nuclear sub investment will protect UK and boost jobs

Speaking ahead of a visit to Barrow-in-Furness, where four new Dreadnought-class submarines are being built, the prime minister said: "Security is not only about what we build, it is about who builds it, and who benefits from it." The project to replace existing nuclear submarines will receive £8.4bn to support progress towards getting the new vessels ready for service. Conservative shadow defence secretary James Cartlidge welcomed progress on the submarine programme but accused Burnham of "failing to commit" to fully funding defence. Burnham has said he wants to honour the UK's commitments on defence spending - including meeting a Nato target of spending 3.5% of national income by 2035. Both he and his new Chancellor, John Healey, face the tricky task of finding the extra money needed to fulfil the pledge. The Dreadnought-class submarines will replace the UK's four Vanguard-class vessels that have been in operation since 1992, carrying Trident missiles to provide a nuclear deterrent. Those Vanguard submarines are due to be retired in the 2030s, with the Dreadnoughts entering service at the same time. The project has taken 20 years to get to this stage and was first announced in 2006 by the then Labour Prime Minister, Tony Blair. A decade later, in 2016, MPs formally approved building the new submarines. Thursday's announcement of £8.4bn marks the start of what has been called the fourth phase of the project. The spending was already planned, and was included in the Defence Investment Plan, published in the final days of Sir Keir Starmer's government. The plan set out £63.6bn over the next four years for what is called the Defence Nuclear Enterprise. The bulk of the money (£47bn) will go on keeping the nuclear submarines in operation, continuing with the Dreadnoughts, starting work on what might replace them in 30 years' time, and constructing several other new submarines and upgrading the UK's naval docks and manufacturing facilities.

Burnham says nuclear sub investment will protect UK and boost jobs
North America
CNBC Finance

Paramount agrees to delay WBD acquisition to as late as June 2027 amid legal challenge

Paramount Skydance has agreed to delay its proposed acquisition of Warner Bros. Discovery to as late as June 2027 — a multi-month delay that will ultimately raise the deal price — as the tie-up faces a legal challenge. Last week, a group of state attorneys general led by California's Rob Bonta sued to block the deal over antitrust concerns. On Monday, a judge reviewing the case issued a temporary restraining order, delivering a near-term delay. Paramount had repeatedly said it intended to complete the transaction by the end of September. The agreement announced Friday says Paramount won't complete its acquisition until the court rules on the states' claims or until June 1, 2027, whichever comes first. "The result is exactly what we have sought from the outset: a direct path to a trial based on the evidence. This is the fastest and clearest way to prove that this transaction is good for competition, good for consumers, and good for creators, a conclusion dozens of competition authorities around the world have already reached," the company said. "Plaintiffs' market definitions bear no relationship to the realities of today's marketplace and cannot withstand scrutiny. We look forward to proving our case at trial." Under the terms of its agreement, Paramount will owe Warner Bros. Discovery shareholders a "ticking fee" the longer the deal is delayed, starting Sept. 30. The fee, an additional 25 cents per share, per quarter until closing, could amount to roughly $650 million in cash value every quarter. A delay as long as June 2027 could add roughly $1.7 billion to the deal price. Should the deal fall apart entirely, Paramount would owe WBD a $7 billion breakup fee. Paramount and WBD agreed to combine in February after the David Ellison-led company outbid Netflix. The $110 billion deal would bring together two major Hollywood studios, two popular streaming services and a host of TV networks. In June, the antitrust division of the U.S. Department of Justice cleared the proposed merger. Earlier this week, European antitrust regulators likewise granted their approval for the deal. But U.S. state officials have raised concerns that the tie-up would reduce competition and result in job losses in the film industry. "Our argument against this illegal merger is straightforward: When too few corporations have too much power in markets central to American life, it makes things more expensive, and it makes things worse," Bonta said in a statement Friday. "Today's agreement is great news for audiences, movie theaters, and the many people who write, build, and create the art, news, and entertainment so many of us enjoy. We are eager to continue to make our case in court and celebrate another tremendous win in our effort to ensure this unlawful merger never sees the light of day." Get this delivered to your inbox, and more info about our products and services.

Paramount agrees to delay WBD acquisition to as late as June 2027 amid legal challenge
Europe
The Guardian

BMW to cut ‘as many as 8,000 jobs’ under pressure from Chinese rivals

BMW’s headquarters in Munich. The company has started a voluntary redundancy programme agreed with employee representatives, it said. Photograph: travelstock44/AlamyView image in fullscreenBMW’s headquarters in Munich. The company has started a voluntary redundancy programme agreed with employee representatives, it said. Photograph: travelstock44/AlamyAutomotive industryBMW to cut ‘as many as 8,000 jobs’ under pressure from Chinese rivalsLayoffs will come in admin and development divisions in Germany, with production operations unaffected BMW is planning to cut as many as 8,000 jobs in Germany, according to reports, in the latest sign of Europe’s largest carmakers reducing costs under pressure from Chinese rivals. The Munich-headquartered company has started a voluntary redundancy programme agreed with employee representatives, a BMW spokesperson said on Wednesday. The company and its ​works council had agreed a severance ⁠programme targeting the administration and development ​divisions, the spokesperson said. Production operations are excluded. Germany’s carmakers have come under intense pressure in recent years with the rise of Chinese competitors that have quickly come to dominate in the electric vehicle market. Chinese manufacturers have also launched a fierce price war in their home market, which had previously been a lucrative source of export earnings for European brands including BMW. Europe’s carmakers have also had to find cash for their own transition from petrol to electric, and cope with the impact of US tariffs. Several manufacturers – including Volkswagen, Stellantis and Ford – have turned to partnerships with Chinese rivals to help them build and sell in Europe. BMW’s cuts come after Milan Nedeljković, who was previously head of production, took over as chief executive in May. A spokesperson said: “The BMW Group is proactively shaping the profound changes taking place in its operating environment. These include the technological transformation of the automotive industry, geopolitical uncertainties, changing market conditions and developments in China.” View image in fullscreenPorsche is also undergoing restructuring, with 9,000 redundancies – a fifth of its workforce – planned by 2035. Photograph: Ralph Orlowski/ReutersVolkswagen, Germany’s largest carmaker by volume, confirmed on Friday that it would cut as many as 100,000 jobs from its total workforce of 650,000. The plans include closing four factories and halving the number of models produced. Porsche, the sports car brand part-owned by Volkswagen, is also undergoing a severe restructuring. Another 5,000 job cuts were agreed this week, taking total planned redundancies to 9,000 – a fifth of its workforce – by 2035. The Stuttgart-based company reported a €1.4bn (£1.2bn) profit before tax on Wednesday, up from €1.1bn a year earlier. Porsche’s sales in China slumped by 30% to 14,500 in the first half of 2026, faster than the 17% decline across the group as a whole. Donald Trump’s withdrawal of subsidies for electric cars such as Porsche’s Taycan also hit North American sales. View image in fullscreenAston Martin reported a loss before tax of £89m in the second quarter of 2026. Photograph: Ben Birchall/PAAston Martin has also struggled in China and the US. The Warwickshire-based company’s losses grew in the first half of the year despite it saying that its turnaround efforts had improved sales.

BMW to cut ‘as many as 8,000 jobs’ under pressure from Chinese rivals
Europe
BBC Business

Andy Burnham wants to fix social care - what are the options?

ByBen ChuPolicy and analysis correspondent, BBC VerifyPublished27 July 2026Updated 1 hour agoPrime Minister Andy Burnham has said he wants major reform of the social care system in England, calling the current situation "bad for everybody". In a speech at a care home on Wednesday he announced that cross-party talks involving the Conservatives and Liberal Democrats would start later. Burnham also said he had asked Baroness Casey - who is carrying out a review of social care - to bring forward her report by a year. She will now set out her recommendations in 2027. He confirmed that her review will also look at the question of how to pay for any reforms. BBC Verify has looked at four options for approaching reform and how much they could cost. It has been estimated that around one in seven people aged 65 and over face lifetime care costs of more than £100,000. One proposal is to cap these costs with the government picking up the bill above a certain cash threshold. In 2011 a commission headed by the economist Andrew Dilnot proposed a lifetime cap of £35,000. Dilnot estimated his proposed reforms would cost between £1.3bn and £2.2bn a year. The cost today would be higher due to inflation and the ageing population. The Conservative-Liberal Democrat coalition government, led by David Cameron, accepted Dilnot's recommendations. But after the 2015 general election, which delivered a Conservative majority, Cameron delayed the implementation of the cap to 2020 over what he said were pressures on the public finances. Image source, Getty ImagesIn 2017, when Theresa May was in No 10, the Conservatives' general election manifesto proposed a different way to reform social care.

Andy Burnham wants to fix social care - what are the options?
Europe
BBC Business

I dropped out of university and built five beauty businesses. Here's how I did it

The name Marcia Kilgore might not be instantly recognisable but her Beauty Pie brand is known the world over for being an industry game-changer with its online-only subscription model. Before founding Beauty Pie in 2016, Kilgore had built other brands including luxury day spa Bliss, make-up and skincare range Soap & Glory and footwear brand FitFlop. Here the 57-year-old serial entrepreneur shares her story and the five secrets to success she learned along the way. Kilgore didn't always know she wanted to be an entrepreneur but growing up she saw first-hand the stress that financial insecurity could cause. "I remember deciding at eight-years-old that when I was my parents' age, I would never want to be stressed about my electric bill," she says. That desire shaped her approach to work and risk. "I knew that working for other people wouldn't necessarily give me the freedom I wanted and at least when you are an entrepreneur, the risk is your own." She didn't begin with a grand business plan - she moved from Canada to New York to study at Columbia University and her tuition plan fell through so she had to get a job to support herself. "You can't sit around thinking: 'What am I going to do? You have to survive. I knew I had to use the skills I had to support myself and then I would figure it out." She started working as a personal trainer and taking beauty classes in the evening. "What ended up transpiring was that I was quite good at the beauty industry job," she says and eventually she dropped out of university to pursue a career in it. Working in her salon, Kilgore says she was involved in every aspect of the business from the laundry, to performing treatments and training staff. She says that practical experience was invaluable when she later opened Bliss Spa in London in the 1990s.

I dropped out of university and built five beauty businesses. Here's how I did it
Asia
The Hindu BusinessLine

Trump says Mideast allies have reached outlines of deal to end Iran war, US to stop new strikes

President Donald Trump in a Saturday evening social media post claimed that Mideast allies have reached the parameters of a deal to end the Iran war and said that he would hold off on ordering new strikes in the five-month old conflict for now. “Based on this request, I have agreed, for the future benefit of the WORLD and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a DEAL,” Trump said. He added that Israel has agreed to join the US in the commitment to try to complete the agreement with Iran that would bring about an end to the war. Earlier Saturday, Saudi Crown Prince Mohammed bin Salman, the kingdom's de facto leader, in a phone call with Trump raised concerns about the US potentially escalating the conflict with Iran, according to a person familiar with the leaders' discussion. The discussion, which was first reported on by the news outlet Axios, came as Trump weighed whether to carry out new strikes on Iran. The Saudis, according to the person briefed on the substance of the call but not authorised to comment publicly, are concerned that if the US targets Iran's energy infrastructure or carries out massive strikes on other key infrastructure that Tehran could respond by carrying out attacks on the kingdom's and other Gulf countries' energy infrastructure. The crown prince during Saturday's call sought clarity from Trump on what potential new action he's weighing to take against Iran, the person said. A White House official, who was not authorised to comment publicly and requested anonymity, confirmed the leaders spoke on Saturday but did not offer any detail about the substance of their conversation. Saudi Arabia earlier this week joined the US in striking multiple logistics and weapons sites used by Iranian-backed militias in Iraq, but has been urging the US and Iran to get back to the negotiating table to find an endgame to the five-month old conflict. The crown prince also dispatched his brother, Saudi Defence Minister Khalid bin Salman, to Washington on Wednesday for separate meetings with Trump and Vice President JD Vance to discuss Iran strategy. And Trump met with Israeli Prime Minister Benjamin Netanyahu on Tuesday at the White House, their first in-person meeting since launching the war in February. The Israeli leader has urged Trump to continue to prosecute the war against Iran. The stakes for continued US military action are high for Trump and his party as the conflict, unpopular among many Americans, has jolted the world economy just months before critical midterm elections in November.

Trump says Mideast allies have reached outlines of deal to end Iran war, US to stop new strikes
North America
CNBC Finance

Logistics giants are racing to keep up with healthcare boom as GLP-1s highlight need for cold storage

As demand rises for specialized medications like GLP-1s, logistics companies including UPS and FedEx are adapting their strategies to be able to better ship and store those pharmaceuticals. Most injectable GLP-1 medications, including Novo Nordisk's Ozempic and Wegovy and Eli Lilly's Mounjaro and Zepbound, require refrigerated storage for shipment. The Covid pandemic put healthcare logistics at center stage in 2020, as the shipping of temperature-controlled vaccines quickly became a crucial part of keeping the virus at bay. And as more money has been poured into new pharmaceutical innovations, the transportation of those products have come under the spotlight. Logistics companies are now investing millions of dollars and strengthening dozens of temperature-controlled facilities to tap into the market. In June, UPS announced a new $48 million investment in temperature-controlled facilities as it sees a growing demand for critical treatments. According to Growth Market Reports, the demand for temperature-sensitive biologics is projected to grow at an 8.3% compound annual growth rate through 2033 and reach a market value of roughly $39.1 billion. Obesity and diabetes drugs, meanwhile, have been booming in popularity. A July Gallup poll found that 11% of Americans take GLP-1 medications for weight loss purposes in 2026, up from just 3% in 2024. But if they're not stored and shipped at the correct temperature, they risk losing their efficacy. The Food and Drug Administration has warned that improper storage during shipping can affect the medicine's quality and recommends patients do not use GLP-1 drugs that arrive "warm or with insufficient refrigeration." Other biologics, like some vaccines, insulin and antibiotics, also require specialized shipment to maintain efficacy. For logistics companies, that means ensuring the proper storage and movement every step of the way. Healthcare logistics have proven to be one of UPS' biggest opportunities. On an earnings call with analysts in April, CEO Carol Tomé said the company's global healthcare portfolio has gained market share every year since 2021, generating its first ever $3 billion healthcare revenue quarter in the first quarter of this year. UPS President of Healthcare John Bolla told CNBC that the company is seeing more healthcare companies looking for partners to keep up with the volume. "One of the biggest opportunities we see is supporting the shift toward more specialized therapies and more care delivered outside of traditional healthcare settings," Bolla said.

Logistics giants are racing to keep up with healthcare boom as GLP-1s highlight need for cold storage
Europe
BBC Business

Burnham has no scope to increase borrowing, think tank warns

Prime Minister Andy Burnham will have to raise taxes or cut spending to meet his pledges on defence and the cost of living, a major think tank has said. Burnham has announced a series of new measures since assuming office last week, including cuts to electricity bills and bringing the bus fare cap in most parts of England back down to £2. But the National Institute of Economic and Social Research (Niesr) warned the public finances will continue to be squeezed by more persistent inflation as a result of the Iran war. It questioned whether Burnham had "fully thought through" how his promises would be paid for, but said the prime minister will have to raise taxes or cut spending elsewhere. Stephen Millard, Niesr's deputy director for macroeconomics, said: "There's clearly no scope for increasing borrowing, so it is about choices." Labour's manifesto pledge was to not increase taxes for working people - including income tax, VAT and national insurance contributions - which Burnham has said he will uphold. Millard said Niesr was advocating for cost-of-living measures to be funded through higher taxes – "which could involve tax reform rather than higher marginal rates" – or spending cuts. He said: "People have talked a lot about the welfare bill – that is an obvious place to look. "The triple lock on pensions, that is very, very expensive, and will get more expensive as we age." He also pointed to potentially reforming council tax to move towards a land value tax system, or scrapping some VAT exemptions. "Once you've done all of that, then I'm afraid I would break the manifesto promise and would be looking at the income tax rate." Niesr also said on Wednesday it expects inflation to keep rising until February 2027, peaking at 3.8% before falling back to the Bank of England's 2% target.

Burnham has no scope to increase borrowing, think tank warns
Europe
BBC Business

Data centres could pay hundreds of millions in deposits for power demands

Ofgem has proposed new measures which could see developers of data centres made to pay hundreds of millions of pounds up front. The British energy regulator said a refundable fee should be charged for projects that want to connect to the network, amid mounting demand for connections to the electricity grid. It is proposing developers pay a deposit between £237,500 to £712,500 per megawatt - meaning data centres seeking 1 gigawatt (GW) of power would have to pay hundreds of millions up front, paid back if the project was completed. The proposal follows growing opposition in parts of the country to plans for new data centres, which are needed to power the artificial intelligence boom. Data centres are large buildings which house computer servers used to store and process data and run the digital services which power the internet. Ofgem has started a consultation on its proposals, which will run until 16 September. It said the amount of electricity capacity being requested by projects seeking to connect to the grid had risen from 41 GW to 125 GW in the past year, reflecting a sharp increase in demand. This is significantly more than double 2025's peak electricity demand in Britain of around 46 GW. The regulator said the projects would have to hit key milestones to keep their place in the grid connection queue, which has seen a surge in demand. An increasing number of centres have been built around the world in recent years to provide the computing power needed to train and run AI systems. Residents have raised concerns about noise, electricity demand and the large amounts of water sometimes used to cool the high-performance chips that generate vast amounts of heat. There are currently 564 data centres listed in the UK, according to the data centre map, external.

Data centres could pay hundreds of millions in deposits for power demands