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Europe
BBC Business

UK pint prices up 36% since last World Cup – here's why

The price of a pint in UK pubs has risen sharply since the last World Cup, outpacing inflation. So what's behind the increase – and where is the money going? With millions of England and Scotland fans expected to flock to pubs over the next six weeks, many may be wondering why beer prices have climbed so steeply since Harry Kane led England out at Qatar 2022. On average, the price of a pint has risen by about £1.50 – an increase of 36% – over the past four years. By comparison, overall inflation over the same period was around 16%. Nathan Freeman, landlord of a sports bar in Bristol, said: "Everything going into the pint has gone up, to be honest with you." Nathan and his brother Ronnie Freeman run the Industry bar on Gloucester Road in Bristol. Four years ago, it was packed with fans watching England play at the World Cup in Qatar. "It's a big deal for us," Nathan said. "The place will be rammed, the bar will be busy, we just need England to put on a good run for us – quarter-finals at least." But since Gareth Southgate coached his last match in 2024 - this time after the European Championships - the Freemans' business has faced a series of rising costs. Recovering from the Covid pandemic, the brothers then faced the spike in energy bills from the Russian invasion of Ukraine. Then the Chancellor put up national insurance contributions on their staff, widening the net to capture virtually every part-time bar worker. "Every hurdle we've jumped, there's been something else round the corner waiting for us," Nathan explained. Like a striker attempting to weave around defenders in the box, the brothers have had to dodge and weave to stay upright and it has meant some tough decisions.

UK pint prices up 36% since last World Cup – here's why
North America
CNBC Finance

GM eyes new battery chemistry to grow AI data center, energy storage business

General Motors is expanding efforts to capitalize on the expected growth of energy storage and data centers by promoting different battery cell chemistries, while also offering more support for its electric vehicle owners to combat higher energy costs. The Detroit automaker detailed plans Tuesday to increase its vehicle-to-grid capabilities — in which a vehicle can provide energy to the electric grid — for its EV customers and develop next-generation sodium-ion batteries that GM's battery leader said "will reshape grid-scale energy storage." Both moves are meant to address concerns about rising energy costs amid an artificial intelligence boom. The stock market has speculated that vast sums of money will be spent on infrastructure to support a big data center buildout. "Sodium-ion-powered energy storage systems have the potential to operate without active cooling and with much less system complexity," Kurt Kelty, GM's vice president of battery and sustainability, said Tuesday in a blog post. "In large energy storage systems, that matters." Not having to cool the battery cells could lead to lower upfront costs as well as operating costs, the automaker said. GM is partnering with Denver-based startup Peak Energy on sodium-ion battery cell development, after the company already demonstrated how the chemistry can "translate into lower costs and greater reliability," Kelty said. The automaker expects the tie-up with Peak Energy will produce sodium-ion cells for customer use after 2028. The leadership team of Peak Energy — which was founded in 2023 — includes former employees of Tesla, Lockheed Martin and battery developer Northvolt, according to its website. A GM spokesman declined to comment on details or cost of the partnership with Peak Energy. Along with developing new sodium-ion battery cells, GM said it is continuing work on reusing its large EV batteries for energy storage systems with companies such as Redwood Materials and producing lower-cost lithium iron phosphate, or LFP, battery cells through a joint venture with LG Energy Solution. LFP batteries are viewed as a quick way for companies to take advantage of existing battery capacity, while GM said it sees the sodium-ion battery cells as a future solution for such systems. "Our next-generation sodium-ion cell development will drive energy density higher, with the potential to outperform more mature chemistries, including LFP, over time. In a market increasingly shaped by cost pressure, energy demand growth, and geopolitical risk, that's a real differentiator," Kelty said.

GM eyes new battery chemistry to grow AI data center, energy storage business
North America
CNBC Economy

The May inflation numbers are due out Wednesday morning. Here's what to expect

Inflation numbers out Wednesday are expected to cross another unpleasant threshold as the cost of living continues to climb for U.S. consumers. If the Wall Street consensus is correct, the consumer price index is expected to show inflation running at a 4.2% annual rate off an expected 0.5% monthly gain in May. That would mark the first time the CPI has passed 4% since May 2023 and would be the highest reading since April of that year. Of course, much of the rise in the headline number, which was at just 2.4% a year ago, can be attributed to the surge in energy costs resulting from the Iran war. However, even core prices, which exclude food and energy, are projected to post a 2.9% annual reading after rising 0.3% in May, according to Dow Jones. Worries are accelerating that the burst of inflation is broadening, as the jump in oil prices starts to spread through the economy and raise expectations that inflation isn't dissipating anytime soon. "It's not just an oil story, it's a money supply story, and it's increasingly an AI story," said Liz Ann Sonders, chief investment strategist at Charles Schwab. "So this is a broader inflation problem than just energy, meaning that we probably still have somewhat sticky inflation." Sonders added that "a lot of this skittishness" from investors is about inflation, so "something worse than expected probably doesn't sit well with the equity market." The Trump administration has made the case that inflation will come down quickly once the fighting in the Middle East settles down. However, Sonders advised against counting on that with so much damage already done to supply. "Even if there would be a quick resolution to the war, you probably wouldn't see oil prices come down to prior lows, because there's been so much disruption to production," she said. "That's not something that a switch can just be turned back on." Get this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

The May inflation numbers are due out Wednesday morning. Here's what to expect
Europe
BBC Business

Bill debt soars but many don't know help is available

Billions of pounds are owed to water, broadband, and energy companies by customers - the majority of whom are unaware that support is available. More than £7bn in bills and charges was owed by March last year, the UK's spending watchdog said, but estimates suggest that total has grown since. One pensioner told the BBC the credit on her energy meter often ran out three or four days before she received her pension, but she said her energy supplier had been helpful after she let them know she was struggling. Most people did not know repayment plans and cheaper social tariffs were available to those in debt, the National Audit Office (NAO) said. Only a third of eligible broadband customers and 39% of water customers who were struggling to pay their bills were aware of social tariffs, the NAO added. These are generally discounted packages on essential bills, such as water, energy and broadband, often available to people on benefits or who are struggling to pay. They can vary between suppliers. The NAO said energy customers on repayment plans owed £1,000 less on average than those in debt who were without. "Regulators have made progress to support consumers, but they're not keeping up with the pressure now facing millions of households," said Gareth Davies, head of the NAO. "With debt rising sharply, it's more important than ever to make regulation work so that people know what support is available and can contact essential providers when they need to." Its report looked at the work of the three regulators in these sectors – Ofgem, Ofcom, and Ofwat. The watchdog said household energy debt had jumped following Russia's invasion of Ukraine, rising by 118% since 2021. It said regulators could still improve how they identified vulnerable customers and promoted the support available.

Bill debt soars but many don't know help is available
Europe
BBC Business

World's largest chipmaker does not rule out price rises as costs increase

The world's largest chipmaker has told the BBC that inflation is pushing up the cost of doing business, and did not rule out price rises. Taiwan Semiconductor Manufacturing Company (TSMC) makes the most advanced chips designed by companies such as Nvidia, AMD and Apple, so any increase in pricing could ripple through to the cost of AI infrastructure, and potentially over time, the prices customers pay for their electronic devices. However, the firm's chief financial officer, Wendell Huang, said it would not introduce sudden "fourfold, fivefold" price rises. "We reflect our value," he said, pointing to its "technology leadership" and "manufacturing excellence". In an exclusive and wide-ranging interview, Huang also denied that the AI boom was a bubble and that the firm's global expansion was due to geopolitical pressure. The global chip industry and TSMC sit at the centre of escalating US-China trade tensions, with Washington pressing leading chipmakers to expand production in the US to secure critical supply chains. Taiwan, the US ally and self-governed island that Beijing claims, produces the majority of the world's most advanced chips, the tiny processors that sit inside smartphones, laptops and AI data centres. Chinese President Xi Jinping warned at a recent summit with US President Donald Trump that mishandling Taiwan could put the relationship between the two superpowers in an "extremely dangerous situation". The BBC travelled to Hsinchu Science Park, a dense cluster of fabrication plants or "fabs" south of the capital Taipei, for TSMC's annual shareholder meeting and for a rare interview with Huang. TSMC is expanding manufacturing in the US, Germany and Japan as well as in Taiwan itself, but Huang pushed back against the idea that this was a response to pressure from either Washington or Beijing. "We go out of Taiwan to build capacity based on customers' demand. The customers want us to go there. It's not the request of government," he said. But on the question of where the world's most advanced chips will be made, Huang was clear: the most cutting-edge production will remain in Taiwan. Moving the manufacturing ecosystem to the US, he said, would take "five or 10 years, or even longer" - a timeline that directly challenges the ambitions of US industrial policy, which has pushed TSMC to commit $165bn to its Arizona operations.

World's largest chipmaker does not rule out price rises as costs increase
North America
CNBC Finance

SpaceX employee group creates low-fee wealth management option with Choreo for post-IPO

A group of current and former SpaceX employees who joined forces to manage their post-IPO wealth has created a new, low-fee advisory option with Choreo, according to people familiar with the agreement. The employee group has more than 100 members and represents potential wealth of between $1 billion and $5 billion, according to the people, who spoke on the condition of anonymity to discuss confidential agreements. What began as an informal chat forum focused on philanthropy has grown into a broader effort to create more efficiencies and better access to financial advice using their combined wealth from their post-initial public offering windfalls, the people told CNBC. A small team representing the group evaluated potential firms and created a new wealth management offering with Choreo that members can opt into. Choreo, a Chicago-based registered investment advisor, says on its website it has more than $28 billion in assets under management and advisement, 40-plus offices, and 200 wealth advisors. Details and specific terms remain confidential, yet the sources told CNBC there will be a minimum annual fee or an annual management fee of under 0.5% of assets under management. Any fee below 0.5% could undercut the industry standard of between 0.5% and 1%. The Choreo fee structure is for a long-term agreement rather than a one-time promotional offer. The deal marks a bold experiment in the wealth management industry that could shift the balance of power from advisory firms to wealthy groups of investors. Wealth management firms have typically set their fees based on an individual's or family's wealth levels, offering a sliding scale based on investible assets. By joining forces, the SpaceX employees and alumni employees are proving they can use their collective financial scale to secure an option for better terms. The agreement also highlights the unprecedented power of the SpaceX IPO — establishing vast numbers of newly minted millionaires who were paid in stock as well as creating one of the most sought-after liquidity prizes in the wealth management industry. The vast majority of SpaceX employees – many of them engineers who were paid below-market salaries in return for stock – have never had large wealth to manage. By reducing fees, members of the SpaceX group hope to be able to devote more of their fortunes from the SpaceX IPO to philanthropy, the people said. In the forum, many of the SpaceXers have been sharing advice and contacts on how best to use their new wealth to give back to their communities, the people familiar said. Some indicated they are considering creating scholarships and funding for the colleges and universities where they were trained and educated. Others have said they want to fund new programs that give children better access to engineering, science and math programs. Employees of Anthropic, which recently filed confidential plans to go public, are also in discussions with advisory firms about a potential collective option, the people familiar told CNBC. Get this delivered to your inbox, and more info about our products and services.

SpaceX employee group creates low-fee wealth management option with Choreo for post-IPO
North America
CNBC Finance

5 takeaways from airline CEOs' biggest annual gathering

RIO DE JANEIRO — Hundreds of airline leaders gathered in Brazil this week at the International Air Transport Association's annual assembly to discuss high fuel costs, sharply lower profits, engine reliability issues and elusive emission reduction goals, among other things. Toward the end of the assembly in Rio de Janeiro, news broke that Iran and Israel traded strikes for the first time since a ceasefire went into effect in April. For airline executives who have faced ongoing turmoil since the first U.S. and Israeli strikes on Iran on Feb. 28, it seemed like just one more blip in the whipsawing chaos of 2026. Those airline leaders' stance so far has been to wait and see. Fuel costs have more than doubled in some places since the beginning of the Iran war, as the Strait of Hormuz, a key shipping lane, has been effectively closed for much of the time. IATA said airlines globally are absorbing a $100 billion increase in their fuel costs this year, which along with airspace closures due to Middle East attacks curtailing travel, will likely halve airline profits this year. Willie Walsh, the outgoing director general of the organization, said net profits will fall from $45 billion in 2025 to $23 billion in 2026, and that net margins would drop from 4.2% last year to 2% this year. While fares are up, airlines haven't been able to cover the full fuel bill this year, so profits will take a hit. Etihad Airways, based in Abu Dhabi, in the United Arab Emirates, initially felt the effect of the Middle East turmoil this year with lower demand. But Antonoaldo Neves, group chief executive officer of Etihad Aviation Group, said in an interview that the number of tickets are about the same as pre-conflict, seasonally adjusted. United Airlines CEO Scott Kirby, who runs the second-most profitable airline in the U.S., said customers continue to book, even though fares are up about 20% and could rise further if fuel costs continue to increase. He said the resilient bookings surprised even him. "I think the economy is stronger than people think," he told CNBC in an interview. The U.S. is also more insulated from oil supply shocks than other regions because it produces so much. Summer bookings are strong, and airlines are also getting better at managing capacity with high fuel prices, cutting more unprofitable routes and reducing frequencies. The big question remains what happens after the main summer and fall peaks. "That bodes well for a strong northern summer peak season," Walsh said of current trends. "The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity." "If prices will remain the same, yeah, for sure, less people be able to afford to travel," said Kamil Al-Awadhi, former Kuwait Airways CEO and IATA's vice president for Africa and the Middle East.

5 takeaways from airline CEOs' biggest annual gathering
Europe
BBC Business

Illegal mini-marts to shut for up to 12 months under law change prompted by BBC

Illegal mini-marts, barbers and vape shops could be shut for up to a year under new powers announced by the government, following lengthy investigative reporting by BBC News into organised crime on British high streets. We have exposed drug gangs, child sexual exploitation, money laundering and immigration crime linked to shops selling illegal cigarettes, vapes and drugs. As the law stands in England and Wales, authorities can only close a shop for three months, with an option to extend closure to six months using anti-social behaviour legislation. The government's planned change will double the potential closure time. Making the announcement, Home Secretary Shabana Mahmood praised the BBC's reporting, saying that people felt high streets were being taken over by "organised crime [and] immigration criminality". The government was "not prepared to tolerate it", she said. This type of criminality "makes people lose faith, not just in their local area but in democracy, in what our country is, and we can't let that happen", she added. The Home Office says the extended closures will give investigators more time to gather evidence, pursue prosecutions and identify business owners, while preventing rogue operators from simply reopening and resuming illegal activity. The news has been welcomed by Trading Standards officers, who have repeatedly told us they lack the necessary powers to tackle the problem. "Closure orders are a key enforcement tool... for tackling 'dodgy shops'" says John Herriman, chief executive of the Chartered Trading Standards Institute (CTSI). There is "almost universal support" from his profession for the new measures, he adds. Other Trading Standards officers told us it would become less financially viable for unscrupulous business owners to simply sit out closure orders, and it would force landlords to pay more attention to who they are renting to. For nine months, we have repeatedly asked the home secretary for an interview to discuss what we had found. Last week, we were invited to join Mahmood on police raids of mini-marts on Soho Road in the Handsworth area of Birmingham - a high street bordering her own constituency.

Illegal mini-marts to shut for up to 12 months under law change prompted by BBC
North America
CNBC Finance

As LIV Golf faces a Saudi funding cliff, CEO says to take PIF 'at their word'

LIV Golf CEO Scott O'Neil told CNBC Tuesday that as a funding cliff approaches, the organization has to trust Saudi Arabia's Public Investment Fund will back the golf venture through the rest of the season as it has promised. "I can say they've been terrific partners so far, and you have to take an incredible organization like PIF at their word," O'Neil said. "They've been very public about funding us through the season, so we are full steam ahead." PIF is set to pull its funding from the golf league at the end of 2026 schedule, CNBC reported in late April. PIF Chairman Yasir Al-Rumayyan also stepped down from his position as LIV Golf chairman. The organization began an investor roadshow last month, seeking to raise up to $350 million from stakeholders to continue its operations. But recent media reports suggested PIF could pull its money earlier than planned, raising doubts about whether the league could even finish out its season. When asked about those reports, O'Neil said the players, management and advisors are "locked in." Asked if he can guarantee that the four remaining tournaments on this year's schedule will take place, O'Neil said that what he "can guarantee is a heck of a return if you come invest in this business." He added that the organization now needs to be "disciplined and very, very value-creative" in order to be sustainable. "I think we have a very, very special opportunity to create tremendous value," O'Neil said. So far, O'Neil said, he's had five formal meetings to discuss interest in funding the organization, with 18 more planned for this week. He said the response has "been positive" and that he hopes to end the fundraising process this summer. "While we have incredible business momentum, what we don't have is a lot of time, so we're very urgently out there talking to those who are interested," he said. Get this delivered to your inbox, and more info about our products and services.

As LIV Golf faces a Saudi funding cliff, CEO says to take PIF 'at their word'