Europe
The Guardian

Spirit airlines is dead and a bus travel boom looks likely – but will Greyhounds ever be cool again?

‘We get this question all of the time: how can we make buses cool again?’ Photograph: Emanuel Tanjala/AlamyView image in fullscreen‘We get this question all of the time: how can we make buses cool again?’ Photograph: Emanuel Tanjala/AlamyUS newsSpirit airlines is dead and a bus travel boom looks likely – but will Greyhounds ever be cool again?For most Americans, riding a bus means abandoning expectations of basic dignity – but with an increase in ridership, that could change Alaina DemopoulosSun 28 Jun 2026 08.00 EDTLast modified on Sun 28 Jun 2026 11.09 EDTSharePrefer the Guardian on Google“It’s a grueling experience,” Greyhound bus enthusiast Miles Taylor explains. “You’re not treated very well. Everyone is yelling at you the entire time. When the bus is late, they blame you for it, like somehow you’ve done something wrong. You just get screamed at for wanting to know what’s going on, because no one says anything.” Taylor is obsessed with public transit. “I never really grew out of my little boy train phase,” the 26-year-old said. He works as a scheduler for Boston’s MBTA and runs a popular YouTube account documenting the bus trips he takes for fun in his spare time. Taylor traveled across the country by Greyhound twice; a Boston to Seattle route took 104 hours. But even he admits that America’s bus system is far from luxurious – or even comfortable. But for many it remains the only option. This week, the Wall Street Journal reported that Greyhound owes at least some of this uptick to the recent shuttering of Spirit Airlines. The low-cost carrier was once famously known as “the Greyhound of the skies,” shuttling passengers on the cheap, with absolutely no frills. View image in fullscreenA Greyhound bus in Canada. Photograph: Lloyd Sutton/AlamyAccording to the outlet, after Spirit closed, search activity for Greyhound rose 20% from the previous year. Greyhound routes that overlap with former Spirit flights have seen a 30% increase in passengers. We could be on the verge of a boom in bus travel. For most Americans, riding a Greyhound bus means abandoning many expectations of basic dignity. Passengers endure delays, and often have to wait for buses on the side of the road or at a dilapidated station. The onboard toilets rarely work and usually smell; the stranger sitting next to you may very well fall asleep on your shoulder. But in the US, a country that lags behind most developed nations for public transit infrastructure, intercity bus travel is one of the only affordable ways to get around without a car. Taylor calls Greyhound “kind of a last resort for folks”. Greyhound began as a seven-passenger car service shuttling Minnesota miners to and from work in 1914. The brand, and bus riding in general, was once a romanticised form of travel touted as an exciting way to view the American landscape. Frank Capra’s 1934 screwball comedy It Happened One Night featured its leads Clark Gable and Claudette Colbert falling in love on a Greyhound from Florida to New York. The shuttles were also a symbol of the civil rights movement, when activists rode buses into southern states to protest racial segregation. But as plane travel became cheaper, Greyhound service became neglected – with stations and buses falling into disrepair. In the early 2000s, Greyhound had filed for bankruptcy twice. After changing hands a couple of times, the buses are now owned by the German brand Flix, which operates in over 40 countries. After a storied history, the buses are now viewed by most Americans as a cheap, but incredibly unreliable, way to travel. View image in fullscreenA group of civil rights demonstrators during the March on Washington on 28 August 1963. Photograph: Estate of Roosevelt H Carter/Getty ImagesBut could that be changing? Researchers predict that bus ridership could grow 4% this year, eclipsing forecasts for the airline industry. Is there a way to make it an experience to enjoy, rather than one to endure? “The biggest driver [of this increase] is the current economics of the US,” said Kate Thompson, a vice-president at the travel search platform Wanderu. “The price of flights has increased year-to-date roughly 27%, whereas bus and train tickets have only increased around 4%. People are going to gravitate toward the average bus ticket price of $53 versus a $500 plane ticket.” Along with that, a growing number of Americans do not have drivers’ licenses. Data from the Department of Transportation shows that the number of licensed 16-year-olds has dropped 27% since 2000. “We get this question all of the time: how can we make buses cool again?” Thompson said. “It comes down to comfortability. You need to be as comfortable as you would be on a flight.”

Spirit airlines is dead and a bus travel boom looks likely – but will Greyhounds ever be cool again?
Europe
The Guardian

When it comes to taxing the super rich, there’s no need to reinvent the wheel

Supporters hold signs advocating for the Billionaire Tax Now coalition in Los Angeles, California, on 27 April 2026. Photograph: Bloomberg/Getty ImagesView image in fullscreenSupporters hold signs advocating for the Billionaire Tax Now coalition in Los Angeles, California, on 27 April 2026. Photograph: Bloomberg/Getty ImagesUS income inequalityAnalysisWhen it comes to taxing the super rich, there’s no need to reinvent the wheelEduardo PorterAny new tax on the rich won’t raise much money unless many of the exceptions and loopholes are dealt with In this new era of rampaging oligarchs, nothing may seem as satisfying as slapping a tax on Elon Musk’s new trillion-dollar fortune. What most bothers Americans about federal taxes is that billionaires don’t pay their fair share. As the race to develop artificial intelligence mints more billionaires, policymakers’ temptation to directly tax their brobdingnagian wealth is becoming unbearable. The first state out of the blocks is California, where voters in November will decide whether to impose a one-time tax of 5% on fortunes worth more than $1bn. Given the ease with which plutocrats avoid paying income taxes, the case for this sort of direct tax on their stash appears unassailable. The US government needs money for all sorts of reasons, starting with the imperative to restore one of the rich world’s most meager social safety nets and do more to mitigate America’s mushrooming income inequality. Increasing demands on the safety net by an ageing population will require considerably more money. And the prospect of an AI-laced economy with little human income to tax argues for efforts to find other sources of revenue. And yet deploying a newfangled wealth tax that has been largely abandoned across the world’s industrialized nations could actually put at risk the prospect of building the more capable state the US needs, draining political capital that would be best used to restore the decimated array of taxes it already uses. Just consider that in 2024 the richest 1% of Americans paid, on average, about 31.5% of their income in federal taxes and about 7.2% in state and local taxes. That is more than eight percentage points less than what they paid at the turn of the century. Considering that the top 1% report a total adjusted gross income of over $3tn, those eight points could add up to nearly $300bn of additional tax revenue per year. Raising more money is not particularly complicated, from a technical perspective. Rather than taxing wealth or raising income tax rates sky-high, it can be done by closing the elaborate array of holes that have been drilled into the current tax schedule by offering preferential tax treatment to specific types of income, reducing at every step the plutocracy’s tax liability. A recent analysis from the Yale Budget lab finds that the effective tax rate on the top 1% of earners can be anywhere between 45% and a miserly 3%, depending on how they make a living. A straightforward way to increase tax revenues is to restore some fairness to a system that allows vast discrepancies in the ways different forms of income are taxed. In 2024, only three of the advanced economies in the Organization for Economic Cooperation and Development (OECD) – those of Norway, Spain and Switzerland – collected any revenue from recurrent wealth taxes. That is down from 12 countries in 1990. And none of the four collect much. In 2024, only the Swiss raised more than 1% of GDP. There are practical problems with wealth taxes, starting with how to value certain types of wealth, such as a privately held business, and how to tax owners who may not own liquid assets to meet obligations. Wealth taxes have been found to encourage capital flight and discourage entrepreneurship. They tend to penalize people with safer investments, which have low returns. An OECD study concluded that “from both an efficiency and equity perspective, there are limited arguments for having a net wealth tax in addition to broad-based personal capital income taxes and well-designed inheritance and gift taxes”. Moreover, taxing wealth is politically perilous, raising the objection that it amounts to double taxation: a tax on savings from income that has already been taxed. There are better tested ways to tax capital, though, starting with the estate tax, which has been eviscerated by multiple “reforms” over the last 25 years. In 1972, 6.5% of decedents paid estate taxes. By 2021, the share had fallen to less than 0.1%. The revenue it generated dropped from 0.4% to 0.08% of GDP, despite the massive accumulation of inheritable wealth over the period.

When it comes to taxing the super rich, there’s no need to reinvent the wheel
Europe
BBC Business

Got the tennis bug? How to play sport without paying

ByKevin PeacheyCost of living correspondentPublished4 hours agoAs fans queue up at Wimbledon in the hope of securing a ticket to watch some of the biggest names in sport, many tennis lovers face another challenge. Trying to book a court to play at this time of year can be as hard as returning a professonal tennis player's serve. And families trying to be healthy, active and entertained by any sports often face another hurdle - money. "Record numbers of adults and children are active, and cost should never be a barrier," says Simon Hayes, chief executive of Sport England, which is responsible for growing participation in grassroots sport. "But the reality is that for many people and families, amid rising bills, it's increasingly a concern - particularly in the communities which face the greatest challenges. Image source, Getty ImagesFootball - with the men's World Cup currently giving it unrivalled prominence - is often held up as a mass participation sport because it is so cheap to play. However, the well-versed ball and jumpers for goalposts claims may ignore the cost to families of kit, club fees and transport to matches. Tennis has faced a more complex reputation, with some considering it to have been an elitist sport. But anyone wanting to try tennis, without the costs of hiring a court or any of the equipment, can attend free sessions - often on Saturday mornings - as part of a Lawn Tennis Association scheme. Anyone can search for a park near you running the sessions, external, although not every area of the UK is covered. Beyond tennis, there are a host of leisure centres which offer free fitness class taster sessions, external. Cricket is another high-profile summer sport. The Chance to Shine charity runs hundreds of free street cricket sessions, external around the country throughout the year - often within walking distance of children living in poorer areas.

Got the tennis bug? How to play sport without paying
North America
CNBC Finance

JPMorgan Chase unveils $50 billion buyback, Goldman Sachs raises dividend after Fed stress test

JPMorgan Chase on Wednesday unveiled a new $50 billion share repurchase program and raised its quarterly dividend after the Federal Reserve found the industry remained well capitalized under its annual stress test. The biggest U.S. bank by assets said it will increase its quarterly dividend 10% to $1.65 per share, subject to board approval, and authorized the buyback program effective July 1. "The Board's intended dividend increase is supported by our consistent investment in our business and strong financial performance," JPMorgan CEO Jamie Dimon said in a statement. "As always, we are prepared for a wide range of scenarios, including the hypothetical 2026 supervisory severely adverse scenario." Goldman Sachs likewise increased its quarterly payouts, saying that its dividend will rise 11% to $5 per share, citing the firm's strong earnings and capital position. Wells Fargo said it expects to raise its dividend by 11% to 50 cents per share, while Morgan Stanley boosted its payout 15% to $1.15 per share, while also reauthorizing a $20 billion buyback program. Bank of America CEO Brian Moynihan said in a statement that the bank will make an announcement on the firm's dividend next month. The announcements followed the release of the Federal Reserve's annual stress test, which found that all 32 large banks remained above their minimum capital requirements even after a hypothetical recession generating more than $708 billion in projected losses across the industry. Unlike in previous years, however, the results will not affect banks' capital requirements. The Fed said earlier this year it would keep stress capital buffers unchanged through 2027 while it overhauls the testing methodology, meaning banks entered Wednesday with a clear understanding of their capital requirements. While analysts had expected the exercise to have little immediate impact, in a sign of confidence, banks opted to proceed with payout increases, despite the regulatory limbo. In a note ahead of the results, KBW described this year's stress test as "going through the motions," arguing that investors are more focused on the pending Basel III Endgame proposal expected later this year than on the Fed's annual exercise. 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.

JPMorgan Chase unveils $50 billion buyback, Goldman Sachs raises dividend after Fed stress test
North America
CNBC Finance

TikTok and YouTube are reinventing sports viewership. Broadcasters are taking note

As the New York Knicks clinched their first championship in 53 years and the NBA notched its highest Finals series ratings since 1998, professional basketball was inking another record. The five-game series between the Knicks and the San Antonio Spurs generated "15 billion views and counting on social media, the most ever for an NBA Finals and nearly triple the previous record set in 2025," according to the NBA. Game 5 alone generated more than 4 billion views on social media platforms, breaking the record set three days prior by Game 4. It's emblematic of an intensifying battleground in live sports as professional leagues seek to reach new and younger fans and media consumption shifts online. TV and streaming platforms have been attracting some of the biggest audiences for live sports this year. The NBA Finals series claimed an average of 20.6 million viewers per game on Disney's ABC and ESPN networks. And yet social platforms like TikTok and Google's YouTube are claiming a disproportionate amount of viewing time for Generations Z and Alpha — often at no cost. That's left the sports leagues and live rights holders weighing whether to go all in on social as a funnel for future audiences or to reinforce the walled garden of subscription programming to offset rising broadcast fees. "It's always a question of what the leagues are doing versus what the rights holders want to do," said Jonathan Miller, a former Fox Corp. and NBA executive who currently serves as chief executive of Integrated Media, which specializes in digital media investments. "Reaching and cultivating the youth sports base is a major priority and focus of the leagues themselves," Miller said. "In today's fragmented landscape, it is no longer a luxury to have a young base, it is a necessity to ensure a healthy future." For years YouTube has snagged the biggest share of streaming viewership, according to Nielsen's monthly report known as "The Gauge." Rather than watching live games in their entirety, consumers are increasingly watching sports clips, highlights, athlete-made videos and creator content on social platforms. According to S&P Global's 2025 "State of U.S. sports viewing" report, 68% of sports viewers reported watching live games on TV or through streaming; 38% reported watching highlights, interviews and other clips on social media, YouTube and other platforms; and 12% said they interact with social media accounts or fan forums for professional players, teams or leagues. "What we're seeing today is the evolution of consumption," said Adam Kelly, president of global sports marketing agency IMG. The TKO Group-owned firm packages and sells media rights and brand rights as well as providing consultancy on some of the biggest TV deals globally.

TikTok and YouTube are reinventing sports viewership. Broadcasters are taking note
Asia
The Economic Times

Equity mutual funds delivered up to 8% return last week; international funds led. Check top 10 performers

Equity mutual funds delivered up to 8% return last week (June 29 to July 4), with sectoral and thematic funds leading the return chart, particularly international funds. Here are the top 10 performers (Source: ACE MF) Nippon India Taiwan Equity Fund, an international fund, delivered the highest return of around 7.86% in the said time period. Edelweiss US Technology Equity FOF and Motilal Oswal Digital India Fund delivered returns of 4.91% and 4.72%, respectively, in the said period. Edelweiss Europe Dynamic Equity Offshore Fund, an international fund, delivered a return of 4.20% in the said time period. Axis Greater China Equity FoF and Edelweiss Greater China Equity Offshore Fund gave 4.20% and 4.12% returns, respectively, in the said time period. HDFC Consumption Fund, a consumption theme-based fund, delivered a return of 3.80% in the said time period. Nippon India Japan Equity Fund, an international fund, delivered a return of 3.44% in the said time period. The other 599 funds in the said time period delivered returns ranging between 2.73% and 3.41% in the same time period.

Equity mutual funds delivered up to 8% return last week; international funds led. Check top 10 performers
Europe
The Guardian

Elizabeth Warren says ‘tsunami of anger’ could prompt reversal of Trump era mega mergers

Elizabeth Warren alongside Chuck Schumer at the US Capitol on Wednesday. Photograph: Douliery Olivier/ABACA/ShutterstockView image in fullscreenElizabeth Warren alongside Chuck Schumer at the US Capitol on Wednesday. Photograph: Douliery Olivier/ABACA/ShutterstockElizabeth WarrenElizabeth Warren says ‘tsunami of anger’ could prompt reversal of Trump-era mega mergersExclusive: US Senator suggests architects behind ‘frenzy’ of blockbuster corporate deals have ‘badly miscalculated’ Democratic senator Elizabeth Warren has warned that corporate mergers approved by the Trump administration – including a pending deal that would put two of America’s largest news outlets under the control of a family sympathetic to the president – could be undone by a future administration. “After 2028, we’ll have new players in Washington, and everyone who’s engaged in this merger frenzy right now is aware of that,” Warren said in an interview. “The deals that are being cut today are occurring in the shadow of a coming political tsunami of anger against these giant corporations that think they can mow through one industry after another and run up prices and suck out profits and never be held accountable.” “By 2028” – the year of the next presidential election – “they may find out they have badly miscalculated,” Warren said. The Massachusetts senator’s comments come after the justice department earlier this month approved the $111bn merger of Warner Bros Discovery, the parent company of CNN and HBO, and Paramount Skydance, which includes CBS News and is controlled by the Ellison family. The deal has prompted concerns that Larry Ellison, a longtime associate of Donald Trump, and his son, David, could reorient CNN’s coverage to be favorable to the president. After gaining control of CBS News in the merger last year that created Paramount Skydance, David Ellison appointed as editor-in-chief Bari Weiss, a conservative commentator who had no experience in television. The news network has since been plagued by allegations of political bias, including at 60 Minutes, the most watched show in television news. At CNN, the looming prospect of the Ellisons gaining control of that network and potentially installing Weiss in a leadership role has sparked concerns inside the network. Warren warned that if the networks are indeed combined under the Ellisons, it would mean “there’s one ultimate decision-maker who decides what’s important and what’s not” at two of the country’s biggest news outlets. “A bigger problem is that Ellison himself wants to inject a tilt into the news, and that means, where Americans turn for news, they can depend less and less on hearing independent, unbiased reports, and increasingly hearing a predigested version of the world that is comfortable for the new management of these news outfits,” she said. State attorneys general have reportedly planned a lawsuit over the deal, but have yet to announce it. Warren said she “wouldn’t draw a lot of inferences” from the delay, because bringing such a case requires significant resources and coordination among states as they decide “how they’re going to to pool their efforts to go up against a giant like Ellison”. Beyond media, the Trump administration has also approved Nippon Steel’s $14.9bn acquisition of US Steel; Omnicom’s $13.5bn acquisition of Interpublic to create the world’s largest advertising agency; and a $35bn deal between Capital One and Discover Financial.

Elizabeth Warren says ‘tsunami of anger’ could prompt reversal of Trump era mega mergers
Asia
The Hindu BusinessLine

Investors looking for shelter from AI storm are turning to India

After losing out big on the global AI rally, Indian equities are regaining the attention of investors seeking to weather the latest market turbulence. With the artificial intelligence frenzy roiling benchmark gauges from Asia to the US, the NSE Nifty 50 Index is becoming a safe haven of sorts for global investors. In the first half of the year, it moved 1% or more on just about one-third of the days — less than the MSCI Emerging Markets Index and barely more than the S&P 500 Index. India’s lack of AI plays has been a hurdle most of the year as investors turned to markets like South Korea and Taiwan that delivered stellar returns. But with concerns mounting over the sustainability of that trade, interest in India is slowly coming back. In June, the Nifty 50 outperformed the MSCI Emerging Markets Index by the most since November, while foreign outflows were the smallest in four months. “India’s calm comes down to one thing: It sits outside the AI trade,” said Maxence Visseau, chief investment officer of Arkevium Capital in Dubai. His firm is neutral on the market and uses it as a diversifier, he said. “India works as an AI hedge inside the EM complex.” Indian equities remain some of the world’s worst performers this year, but the tide is starting to turn as the rupee stabilizes after hitting a record low and oil gains that tanked shares of refiners and airlines recede on easing tensions in the Middle East. That’s reduced inflation concerns and brightened prospects for India’s economic growth, according to a government report at the end of June. At the same time, market players are getting more upbeat about the upcoming earnings season, which Tata Consultancy Services Ltd. kicks off on Thursday. “The fall in commodity prices has altered the macro outlook for India almost overnight,” said Sandip Sabharwal, founder of research house Asksandipsabharwal.com in Mumbai. “Lower commodity prices, improving capital flows and stable interest rates create an environment where earnings upgrades are likely to exceed downgrades over the coming quarters.” In a note to clients, Morgan Stanley analysts including Ridham Desai wrote last month that India has become a “much larger macro asset class.” The less volatile inflation data in recent years support equity valuations and turn the market into one of defensive growth that can withstand global shocks better than it used to, they said. Over the past decade, the Nifty 50 almost tripled, delivering annual gains of more than 10% on six separate years. The benchmark index logged 38 sessions with moves of 1% or more in either direction in the first six months of 2026, compared with 59 for MSCI’s emerging-market and Asian gauges and 32 for the S&P 500. South Korea’s Kospi index was off the charts, with 79 days of fluctuations of at least 1% — or two-thirds of the days in 2026. Meanwhile, the India NSE Volatility Index dropped for a third straight month in June, falling below its one-year average and reaching its lowest level since February on Friday. That’s a far cry from April, when the gauge of option prices was at a one-year high relative to the Cboe Volatility Index, shortly after the Nifty 50 tanked to a low. Kruti Shah, a quantitative analyst at Equirus Securities, sees a “bullish undertone” in the Nifty 50 and favors call spreads to bet on more gains, adding that the upcoming earnings season may offer some positive surprises. “India was held back earlier this year by higher energy prices, elevated valuations and limited exposure to the AI trade,” said Ben Powell, chief investment strategist for the Middle East and Asia Pacific at BlackRock Investment Institute. “As those pressures have eased, investors may look beyond AI-heavy markets. That could put India back on investors’ radar as a differentiated opportunity within emerging markets.”

Investors looking for shelter from AI storm are turning to India
Europe
The Guardian

Oil price falls to pre-Iran war levels as more tankers exit strait of Hormuz

Cargo ships in the Gulf, near the strait of Hormuz. Photograph: ReutersView image in fullscreenCargo ships in the Gulf, near the strait of Hormuz. Photograph: ReutersOilOil price falls to pre-Iran war levels as more tankers exit strait of HormuzFears of long-lasting energy crunch ‘slinking away’ as vessel traffic doubled in 24 hours to highest level since late February Oil prices have fallen below levels last seen before the Iran war started in late February as more oil tankers exited the strait of Hormuz. Brent crude, the global benchmark, fell to a low of $72.24 a barrel on Thursday, slightly lower than the day before the US and Israel launched missile attacks on Tehran on 28 February. Prices have fallen more than 20% this month. Brent crude for August delivery was ‌trading lower than that for September, which ‌was priced at $73.59, signalling ample short-term supply. Vessel traffic in the strait, a vital shipping passage, doubled over the previous 24 hours to its highest level since late February, according to CNN and MarineTraffic data. Ipek Ozkardeskaya, senior analyst at Swissquote, said news that vessels are now transiting the strait of Hormuz with their satellite signals switched on had helped push down the oil price. She added: “A combination of strategic inventory releases, a collapse in demand from top buyer China and a substantial number of tankers quietly leaving the Persian Gulf “dark” had contributed to a small oversupply in some important markets.” Susannah Streeter, chief investment strategist at the Wealth Club, said: “Fears of a long-lasting global energy crunch induced by the Iran conflict are slinking away, with oil prices sinking back towards pre-crisis levels. Instead of relief coursing through European markets, there’s still a big dose of caution as the knock-on effects of the record-breaking heatwave collide with concerns about weak growth across the region.” A Liberian-registered oil tanker made its way out of the strait on Thursday using a new route close to Oman that has been promoted by a UN maritime agency, despite threats from Iran’s Revolutionary Guards. Tensions are rising again between Iran and the US over the terms of their interim accord. In a memorandum of understanding signed last week, both agreed to a 60-day period while they try to negotiate a permanent peace deal. A big threat to the deal is Lebanon. Israel launched an airstrike that killed two people in southern Lebanon on Wednesday, the country’s state-run news agency said. It was Israel’s first airstrike in the country since the latest ceasefire took effect on Saturday. Streeter said: “There’s still a long way to go to clear the backlog and fully meet demand, but with oil-producing nations turning on the taps and repairs to infrastructure ongoing, oil prices are on the decline. Energy-efficiency measures adopted during the crisis, coupled with fears of slowing global growth, are contributing to the bearish outlook for the sector.

Oil price falls to pre-Iran war levels as more tankers exit strait of Hormuz