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Europe
BBC Business

Thames Water lenders offer 'golden share' to head off nationalisation

Thames Water's main lenders are offering the government a "golden share" and more control for local authorities in a bid to stop the troubled supplier from being nationalised. The government recently rejected a previous rescue proposal, and the BBC understands the lenders are preparing a legal challenge in case the new Andy Burnham-led government takes the firm into public hands. The "golden share" would give the government veto powers over major decisions such as mergers. The lenders are also proposing giving local authorities greater involvement in the firm, similar to the relationship between United Utilities and Greater Manchester agreed when Burnham was the city's mayor. In his first speech as prime minister on Monday, Burnham said he wanted to see greater public control of "life's essentials". Sources close to the creditors have told the BBC that in the event of full nationalisation they would pursue payment in full of the outstanding debts, as has happened in previous cases, which could leave the government with a multi-billion-pound bill. The London & Valley Water (L&VW ) consortium of lenders had already proposed a £10bn deal to prevent Thames Water from entering administration. It would involve writing off nearly half of its debt and injecting new cash in return for leniency on future pollution fines. The deal was rejected by the government in June, with then-environment secretary Emma Reynolds saying it did not do enough for consumers or the environment. Sources close to the new deal said the creditors had sweetened it with hundreds of millions in new money on top of the existing offer. A golden share would give the government veto power over major decisions such as mergers and acquisitions. Golden shares are seen as a way for the government to retain a stake in companies of national significance or importance, such as Royal Mail or Rolls Royce. A government spokesperson said Thames Water "remains financially stable, but we stand ready for all eventualities, including applying for a Special Administration Regime [SAR] if that were to become necessary". "The government will always act in the national interest on these issues," they added.

Thames Water lenders offer 'golden share' to head off nationalisation
Europe
BBC Business

VAT to be cut from household electricity bills in October

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished21 July 2026, 06:20 BSTUpdated 1 hour agoVAT will be cut from household electricity bills, the government has announced, as part of new Prime Minister Andy Burnham's pledge to help with the cost of living. The reduction from 5% VAT to zero will come into effect on 1 October, saving a typical household about £45 a year. Ministers said it would be funded by savings from the cancellation of the digital ID programme, which was going to cost £1.8bn over the next three years. The government estimated it will cost £850m this financial year. But Labour's Darren Jones, who was sacked as chief secretary to the prime minister on Monday, accused the government of announcing an unfunded tax cut. Jonathan Reynolds, the new business secretary, said the cut would give people some "breathing space". He said it was funded until "the end of the financial year" in March 2027 and any changes beyond that would have to be announced in the next Budget. Suppliers have been told the VAT reduction should be passed on to all household customers, including those on fixed tariffs, as was the case when some charges were taken off bills in April. The cut will take effect in England, Scotland and Wales, but equivalent funding would be given to Northern Ireland, which is regulated differently, the government said. The reduction could not be automatically be applied in Northern Ireland due to EU rules limiting the range of goods which can be sold without VAT. Following Brexit, England, Scotland and Wales are not bound by these restrictions. Small businesses who qualify for the domestic energy VAT relief and are not registered for VAT, as well as charities and residential care homes eligible for the reduced rate, will also benefit. Cutting VAT is a relatively basic tool to reduce an energy bill - with larger households likely to save more as they use more electricity. However, some vulnerable households are also high electricity users, such as for running medical equipment.

VAT to be cut from household electricity bills in October
Asia
The Hindu BusinessLine

Trump’s new tariffs are likely here to stay, and more are coming

US President Donald Trump had ​no time for lengthy tariff investigations when he returned to office last year, wanting to hammer trading partners right away to wring concessions. What followed was a chaotic start to a trade agenda ‌that was eventually upended by a stinging Supreme Court defeat this year. Now he and his team are moving into a new ​phase to build a more durable US tariff wall using more traditional and court-tested trade laws, those he had little patience for 18 months ⁠ago. His latest global tariff salvo — duties of 10 per cent or 12.5 per cent on 60 countries over allegedly weak enforcement of forced-labour bans — marks the first of numerous tariff actions to be unveiled in the months ahead. They include probes into excess industrial capacity, alleged intellectual property theft by Vietnam, and national security protections for strategic industries from semiconductors to robotics and industrial machinery. “We’re at the end of ‌the beginning of the Trump tariff agenda,” said Dan Ujczo, associate general counsel at Canadian oil producer Cenovus Energy, who specializes in US-Canada trade. “Within the next few weeks, and certainly by the end of the summer, we will see large parts of President Trump’s trade policy fully in effect.” This could ‌bring more clarity and certainty for businesses on Trump’s ultimate tariff structure, along with dread in foreign trade ministries that they may have to cough up ‌more concessions ⁠to protect access to a $3.4 trillion US import market. Trump’s new anti-forced labour duties imposed under Section 301 of the Trade Act of 1974, ⁠the unfair trade practices statute used against China during his first term, almost directly replace a global 10 per cent temporary tariff that expired on Friday. They cover 99.4 per cent of US imports, the US Trade Representative’s office said. This rebuilds part of Trump’s signature “Liberation Day” tariffs of 10 per cent-50 per cent on nearly every country, which the US Supreme Court struck down as illegal under an untested national emergencies law Trump used to impose them. Another part of the ​baseline tariffs is likely to be rebuilt by another Section 301 investigation ‌into excess industrial capacity, targeting 16 big trading partners, including China, the EU, Japan, South Korea, Mexico and Vietnam. That ongoing probe targets industrial subsidies and other export-focused policies. Amid a wider uproar over Trump’s move, some viewed it as largely maintaining the status quo. Mark Bissell, CEO of Michigan-based vacuum maker Bissell Inc, said the newest tariffs were largely what the company anticipated and it hadn’t frontloaded inventory from China and elsewhere to try to beat them. “We continued to run the business based ‌on the belief that the tariffs would stay in the 10-15 per cent range,” Bissell said in an email to Reuters. Trump’s gamble on quick but untested ​tariffs right out of the gate did four things. It heaped added costs onto retailers and other import-dependent industries; it brought dozens of trading partners to the negotiating table, yielding concessions for lower rates; it prompted swift retaliation and tariff escalation from China that led to a delicate ⁠truce; and it filled US fiscal coffers with hundreds of billions of dollars. The Liberation Day tariffs alone yielded $166 billion in revenue, a major offset to a growing federal deficit, but refunds to importers have now turned those collections negative. The 150-day temporary tariffs, based on a law meant to quell balance-of-payments crises, have added $31 billion in assessed revenue through July 5. ‌But if a federal court ruling against them stands, that money, too, is subject to refund.

Trump’s new tariffs are likely here to stay, and more are coming
Europe
BBC Business

'I can't afford to turn the oven on': 7.4m households struggling to buy essentials

Four years into the cost of living crisis, almost two-thirds of low-income families say they struggle to buy essentials such as clothes, heating and food, according to anti-poverty charity the Joseph Rowntree Foundation (JRF). A record 62% of low-income families were unable to afford an essential item in the past six months, the charity found - the equivalent of 7.4m households, up from 7.1 million a year ago. Almost half of those surveyed had skipped a meal or cut portion sizes to save money. Newly appointed Prime Minister Andy Burnham has promised to set out how he will "give people some breathing space, help with the cost of living," including cutting VAT on electricity bills from October. Elaine Yates, 77, says money worries mean she "can't remember" the last time she used her oven to cook a hot meal. "I don't look after myself. I can't remember the last time I put the oven on. I have got an air fryer that I probably used about three weeks ago. "I had two slices of toast yesterday and two Weetabix and fruit is all I've had to eat today." The pensioner lives by herself in rural Northamptonshire after being widowed five years ago. Following 20 years as a full-time carer for her husband, her finances are "extremely tight", so she has felt particularly vulnerable to price rises since he passed away. "It's really hard times, not just for me, but for thousands of others. My car costs me an arm and a leg. The fuel prices are rocketing up again, and I live in a village, so I need a car because I've got arthritis and I can't walk very far. I spend about £50 a week on petrol, which is more than my food bill." Elaine often gives lifts to others in her village who don't have transport, only to find herself unable to shop alongside them. "I've got one friend who buys clothes and I sit outside the shop because I can't afford to go in," she says. "I can't remember the last time I treated myself." In the winter, Elaine rarely turns the heating on, and when she does she keeps the thermostat at a low 13C.

'I can't afford to turn the oven on': 7.4m households struggling to buy essentials
Asia
The Hindu BusinessLine

India placed in lower tariff tier at 10% under US Section 301 measures on forced labour: Govt

The government on Saturday said the US has kept India in lower tariff bracket of 10 per cent under its Section 301 measures on alleged forced labour concerns. The United States Trade Representative (USTR) on July 23 announced the final measures under Section 301 of the US Trade Act, 1974. USTR has imposed an additional 10 per cent tariffs on imports from India. The US had initially proposed a 12.5 per cent tariffs. India remained closely engaged with USTR throughout the investigation via detailed written submissions and in-person consultations, including participation in public hearings. "As a result of these sustained efforts, India has been placed in the lower tier of additional tariffs under the final measures, providing a relative advantage to Indian exports in key sectors," the commerce ministry said in a statement. A substantial share of India's exports to the United States, which currently attract zero additional duties, such as generic pharmaceuticals, smartphones and certain other specified products, continue to remain outside the scope of the additional 10 per cent duty, it said. Further, products already covered under Section 232 measures, including steel, aluminium and auto parts, are not subject to the additional 10 per cent duty. Section 232 duties are applicable broadly to all countries with limited exceptions. "On account of these exemptions, an estimated 45 per cent of India's exports to the United States remain outside the purview of the additional 10 per cent Section 301 duty," the ministry said. The remaining 55 per cent of exports will attract the additional 10 per cent duty, where India's tariff incidence is comparatively lower than that for most other economies covered by the investigation. It also said the textile-specific mechanism referenced in the final measures is yet to be established and operationalised and India continues to engage with the US on this matter as part of the ongoing negotiations for the Bilateral Trade Agreement. "The government remains committed to working with the US towards the early conclusion of the India-US Bilateral Trade Agreement, as announced on 2nd February 2026 and in accordance with the Joint Statement issued on 7th February 2026," it said.

India placed in lower tariff tier at 10% under US Section 301 measures on forced labour: Govt
North America
CNBC Finance

Taco Bell says it has removed lettuce linked to cyclosporiasis outbreak from its restaurants

Taco Bell has removed lettuce linked to a cyclosporiasis outbreak from restaurants, it said Friday. The outbreak has currently affected more than 1,600 people across five states, according to the Centers for Disease Control and Prevention. The infection resembles a serious stomach bug and often begins showing up two to three weeks after people become infected by the parasite, according to the CDC. No deaths have been reported. On Thursday, the agency said its investigation into the source linked the outbreak to shredded iceberg lettuce served at Taco Bell locations in Indiana, Kentucky, Michigan, Ohio and West Virginia. The U.S. Food and Drug Administration is working with the supplier to determine if the lettuce was sent elsewhere, as well. "Based on ongoing conversations with public health officials, and out of an abundance of caution, Taco Bell worked swiftly to voluntarily remove the product from restaurants and the affected ingredient has been removed from our supply chain nationwide," Taco Bell said. Taco Bell's parent company, Yum Brands, saw its stock sink nearly 7% over the past five days as the company grappled with the health scare. Other food companies that sell fresh lettuce also saw their shares drop, like salad chain Sweetgreen, which plunged nearly 13% this week, and fast casual chain Cava, which sank more than 3%. Shares of Sweetgreen and Cava rose more than 17% and about 2% on Friday, respectively, due to apparent relief that the CDC did not identify their ingredients as potential sources of cyclosporiasis. While Taco Bell or other restaurant chains may take a temporary sales hit as headlines about the outbreak swirl, particularly in the states most affected by it, analysts said any dips in revenue or stock prices likely will not be prolonged. Even so, it remains to be seen whether the CDC identifies any other restaurant chains as possible sources of the outbreak. According to reports, the affected lettuce at Taco Bell may be traced back to supplier Taylor Farms, which distributes the product to many restaurant chains and sells directly in most grocery stores. Taylor Farms, the same company linked to the McDonald's E. Coli outbreak in 2024, said in a Friday statement that it has removed all iceberg lettuce sourced from central Mexico. The company added that none of its branded salads or kits are associated with the outbreak. "While the FDA traceback is indicating a specific independent farm, which represents less than 1% of the U.S.'s iceberg lettuce supply, as the potential source of the outbreak, we have removed all iceberg lettuce from the region indefinitely," the company said. Sweetgreen and other restaurant companies issued statements this week saying that they did not believe their ingredients were affected. The salad chain said it does not use iceberg lettuce on its menu. "From the outset of the investigation, we have been in close contact with our suppliers to determine whether any ingredients in our supply chain have been identified as part of the investigation. To date, none have been," the company said. Chipotle, which did not see as much stock movement this week, said in a Friday statement that shredded iceberg lettuce is not served at its locations, and it does not believe its ingredients are associated with the outbreak.

Taco Bell says it has removed lettuce linked to cyclosporiasis outbreak from its restaurants
Europe
BBC Business

Boost youth jobs by cutting employers' national insurance, MPs urge

Image source, Getty ImagesByMitchell LabiakBusiness reporterPublished4 hours agoEmployer national insurance (NI) contributions for all under-25s should be cut to boost job opportunities for young people, a group of MPs has urged. The Work and Pensions Committee said it has heard "overwhelming evidence" that rising employment costs, including from employer NI, were reducing training and job vacancies, particularly for young people. Over one million 16 to 24-year-olds are not in education, employment, or training (known as Neet). The committee said an employer NI cut for all under-25s would tackle this "travesty". The government said it was determined to create opportunities for young people, reform education and support people to stay and progress in work. The previous government, which introduced NI increases for businesses last year, said at the time they were making the right choice to fund public services. In its 2024 election manifesto, Labour said it would not raise taxes on "working people", specifically income tax, NI, or VAT. Critics have argued that the employer NI raise ultimately affects workers by limiting job opportunities. Some employers have argued it has become more difficult to hire young people due to higher minimum wages and increased taxes, such as employer National Insurance contributions, although the Institute for Fiscal Studies (IFS) found there is no clear evidence, external that higher minimum wages have been a "major driver" of young people becoming Neets. In April last year, the rate that employers pay in NI contributions rose from 13.8% to 15% and the threshold at which they start paying the tax on each employee's salary fell from £9,100 per year to £5,000. However, the employment allowance, which is amount employers can claim back from their NI bill, rose from £5,000 to £10,500. The committee said employer NI had hit the retail and hospitality sector, which it said tends to employ young people, particularly hard. It added that there was a "gap" between the government's employment strategy for under-21s and their strategy for under-25s.

Boost youth jobs by cutting employers' national insurance, MPs urge
Asia
The Hindu BusinessLine

Sensex today | Stock Market Live: Sensex jumps over 580 points, Nifty nears 23,950 on global rally and softer crude

Sensex Today, Nifty 50 | Stock Market Live Updates - Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 27th July 2026. Indian equities began the week on a strong note, buoyed by a global market rally and softer crude oil prices following the US and Iran’s decision to pause military strikes. However, analysts expect volatility to remain elevated amid Tuesday’s monthly F&O expiry, persistent FII short positions and lingering geopolitical uncertainty. Benchmark indices opened on a firm note, with the Sensex climbing 584.05 points, or 0.77%, to 76,643.82 at 9.16 a.m. after opening at 76,608.98 against the previous close of 76,059.77. The Nifty 50 advanced 154.75 points, or 0.65%, to 23,922.20. Derivatives data suggest a cautious market, with India VIX rising to 14.03 and the technical setup continuing to favour a sell-on-rise strategy. Analysts see immediate support around the 23,700 level, while a break below 23,650 could trigger further downside. A decisive close above 24,000–24,130 is needed to improve the near-term outlook Investors will closely monitor crude oil prices, developments in the US-Iran conflict, foreign portfolio investor flows and the Q1 FY27 earnings season for direction. Defensive sectors such as FMCG continue to attract institutional buying, while broader mid-cap stocks remain under pressure. * Opening cue: Gift Nifty at around 23,950 indicates a mildly positive start, supported by easing crude oil prices and improved global sentiment following the US-Iran pause in hostilities. * Immediate resistance: 24,000-24,130 remains the key hurdle. A decisive close above this zone could revive bullish momentum and open the way towards 24,250-24,400. * Key support: 23,700 is the immediate support, with stronger support at 23,650. A break below 23,650 could trigger a deeper correction towards 23,515-23,325. * Derivatives view: FIIs continue to hold sizeable index short positions, while elevated India VIX (14.03) and monthly F&O expiry on Tuesday point to heightened volatility. Short covering is yet to emerge. * Market strategy: Analysts continue to favour a sell-on-rise approach until Nifty decisively reclaims the 24,000-24,130 zone. Stock-specific opportunities are likely to dominate amid the Q1 earnings season.

Sensex today | Stock Market Live: Sensex jumps over 580 points, Nifty nears 23,950 on global rally and softer crude
Europe
The Guardian

Trump has normalized crypto. Is it the path to the next financial collapse? | Eduardo Porter

A Bitcoin conference in Las Vegas, Nevada, on 29 May 2025. Photograph: Ronda Churchill/Bloomberg via Getty ImagesView image in fullscreenA Bitcoin conference in Las Vegas, Nevada, on 29 May 2025. Photograph: Ronda Churchill/Bloomberg via Getty ImagesUS economyTrump has normalized crypto. Is it the path to the next financial collapse?Eduardo PorterCheerleading by the president, who made $1.2bn last year off uninsured currency, does not bode well for US economy The scale of the graft is decidedly off the charts, but the revelation that Donald Trump raked in a personal fortune of $2.2bn during his first year in office should come as no surprise. The president didn’t even try to hide his venality. Not only did he refuse to sell businesses and put assets in a blind trust, as other presidents have done to limit opportunities for self-dealing; the quid pro quos with foreign governments and assorted magnates were exposed for all to see. It is troubling that the president of the United States would so nonchalantly deploy his official powers to profit from dealings with money launderers and Middle Eastern princes. It is perhaps more so that the supposedly robust checks and balances upholding American governance proved powerless to stop him. (Here’s waiting for the supreme court to define Trump’s dealings as “official acts” in order to exonerate him.) What’s most worrying, at the moment, though, is the extent to which Trump put at risk the stability of the United States economy. His business dealings are not little grifts that are harmless to America. Trump’s most lucrative maneuver – which netted him $1.2bn – came from the cryptocurrency industry. The pro quo from Washington included getting regulators off crypto’s case and plugging the currency into the formal financial system. That is likely to prove immensely costly to us all. Seventeen years since bitcoin emerged on the scene, crypto hasn’t yet found a purpose other than to pay for crime, allow countries like Russia and Iran to avoid American sanctions and provide volatile assets for fools and gamblers to bet their savings on – like Dutch tulips in the 17th century, though not as pretty. Trump once said crypto was a “scam”. That was before the industry piled gobs of money into his presidential campaign and, notably, before he took a personal stake in the business. He launched the crypto company “World Liberty Financial” (of which he sold 49% to an investment firm tied to the United Arab Emirates for $500m) and issued his memecoin $Trump, which cost naive, Maga-friendly investors nearly $4bn but netted the president more than $600m. Trump nixed the crypto-enforcement program at the Securities and Exchange Commission – aborting crypto-related lawsuits and investigations – and gutted the unit in charge of overseeing the industry. The Department of Justice announced it would pull back investigations and prosecutions of money laundering and other shenanigans against crypto-related platforms. Then, campaign coffers seeded with generous contributions from the industry, 206 Republicans and 102 Democrats in Congress passed the Genius Act, which Trump aggressively promoted, that entangled crypto in the regular banking system, where your and my savings live. Banks and non-banks – even retailers like Walmart – can now issue their own “stablecoin”, a type of cryptocurrency, pegged at a fixed value of $1, that today is used almost exclusively to buy and sell riskier crypto assets like bitcoin. Unlike bank accounts, stablecoin holdings are not insured by the FDIC. Issuers will guarantee their value by investing all the proceeds in high-quality assets, like treasury bills. The promise is that this will broaden their use outside of the speculative crypto space and allow them to be a payment platform that cheaply executes transactions in real time on a decentralized electronic ledger. This could mean quicker and cheaper international transfers, for instance. The financiers are piling in. As of early June, there were 233 stablecoins available on the crypto market. Mastercard is buying up crypto businesses and accepting settlements in stablecoin. Big banks like Citi and JPMorgan hope to defend their business from crypto upstarts by setting up their own crypto deposit infrastructure and launching their own coins. Brokers are allowing customers to invest with stablecoin. And Trump is pushing hard for swift passage of the Clarity Act,which would offer regulation-light legal cover for the broader universe of crypto businesses to issue and support trading in more speculative assets like bitcoin.

Trump has normalized crypto. Is it the path to the next financial collapse? | Eduardo Porter