Europe
BBC Business

How the oil capital of the US welcomed a solar power boom

Steve Cargil's family has farmed the flat, dry land around Uvalde, a small city in southwest Texas, since 1953. Cargil, 67, had always assumed that one of his three children would eventually take it over, the way he had from his father. Cargil and his son, Ryan, had spent months nursing crops of cabbage and onions to harvest. Then a storm rolled through and destroyed them overnight. "I remember my son saying, 'Dad, I just don't know if I can do this. You do everything right, and we work so hard, and you come out one morning and it's all gone'," Cargil says. Cargil's farm was at risk of ending with him, he says, with none of his three children wanting to farm full time. For years, that left him wondering what would happen to the land, and to his own retirement, since farmers rarely have a pension to fall back on. Then in 2001 Cargil signed a deal to lease 600 acres of his land, about a quarter of the total, to a company called OCI Energy which built a vast solar farm. "Never in my wildest dreams did I think that a solar project would be on my farm," Cargil says. Looking back now, he calls it a blessing. The lease, which pays Cargil $200,000 (£150,000) a year, has let him keep his farm running through a punishing drought. He has been able to concentrate his water irrigation allowance on the land he still farms, and he has stopped losing sleep over rises in the price of things such as diesel and fertiliser. "It's changed my life." Texas, which remains the largest oil producer in the US, earlier this year overtook California to become the country's biggest generator of electricity from solar farms., external And in March of last year, more electricity was produced by solar in Texas than from coal for the first time, according to the US Energy Information Administration. On hot afternoons, when demand for power peaks, solar is now regularly supplying around a third of the electricity used across Texas, says Mark Stover, executive director of the Texas Solar and Storage Association. He says that the solar boom is being driven by two main things. Firstly, it is cheap and quick to connect solar farms to Texas' power grid, which is separate to the rest of the US. Secondly, Texas has a huge and growing appetite for electricity, driven by a burgeoning population.

How the oil capital of the US welcomed a solar power boom
Asia-Pacific
Channel NewsAsia

Najib Razak's 'solidarity fund' raises US$2.27 million, still short of US$12.27 million target: DPM Zahid

The jailed former Malaysian prime minister’s eldest son told reporters that even if his father's frozen assets were released, his family would still be unable to immediately raise the fine for Najib to serve his sentence at home as part of a royal pardon. KUALA LUMPUR: Some RM9.25 million (US$2.27 million) has been raised to help jailed former Malaysian premier Najib Razak pay a RM50 million court-imposed fine for him to serve his sentence at home as part of a royal pardon. Meanwhile, his eldest son, Nizar Najib, said that even if his father’s frozen assets were released, his family would still be unable to immediately raise the RM50 million fine. The “Najib Razak Solidarity Fund” was organised by his United Malays National Organisation (UMNO) party on Sep 18 after Malaysia’s king Sultan Ibrahim Sultan Iskandar granted Najib a conditional pardon. The pardon allows him to serve the remainder of his six-year prison term - until Aug 23, 2028 - at home, subject to the payment of the fine, among other conditions. “As of 10am, we have collected RM9.25 million so far,” Deputy Prime Minister Ahmad Zahid Hamidi, who is also UMNO president, was quoted as saying on Sunday by local news outlet The Star. Zahid was speaking to reporters on the sidelines of the 18th annual general assembly of the Malaysian Makkal Sakti Party at the World Trade Centre Kuala Lumpur. “This is still insufficient to reach the RM50 million target. Efforts are ongoing to increase the crowdfunding and we hope our friends will be able to assist us in the near future to reach the amount set by the Pardons Board.” “The amount must be settled before the house arrest can be fully implemented,” Zahid added. The fund raised RM634,000 in its first three hours and reached RM1 million about a day after it was launched. It is unclear how UMNO is currently managing the donations, with no reported details on what would happen to the money collected if the amount falls short of of RM50 million. On Saturday, Najib’s eldest son, Nizar, said that if his father’s frozen assets were released, it "might help somewhat in raising the money".

Najib Razak's 'solidarity fund' raises US$2.27 million, still short of US$12.27 million target: DPM Zahid
Europe
BBC Business

Lidl banned from selling copycat Birkenstock sandals, Dutch court rules

Lidl must stop selling copycat versions of Birkenstock's famous sandals in the Netherlands, a Dutch court has ruled. The discount supermarket chain faces a fine of €5,000 (£4,200) per day if it fails to comply and must also hand over sales data to Birkenstock, according to the ruling. Lidl must also compensate Birkenstock and pay its legal fees, with the amount to be decided in separate court decisions. Birkenstock said the judgement sent a clear message that "copycats must not be allowed to free-ride on [our] creativity and innovation". The BBC has contacted Lidl for comment. The ruling, which can still be appealed against, means Lidl cannot sell its copycat versions of Birkenstock's Arizona, Madrid, Gizeh, Boston, and Florida models across the Netherlands, after the court found the discount grocer infringed on the brand's trademark "footbed design". In November 2025, a Dutch court order stopped retailer Scapino from selling similar lookalikes in a judgment which is being appealed against. However, Birkenstock also faced a setback in Germany's highest court in early 2025. The sandals may have been cool enough for Margot Robbie to wear in the Barbie film, but the German judges ruled they were practical products rather than works of art – an outcome Birkenstock called a "missed opportunity" at the time. Following Wednesday's ruling, Birkenstock said it will "continue to defend its rights vigorously and will use all available legal means to combat imitations of its iconic products". "To protect its retail partners and consumers, Birkenstock will continue to take decisive action against copycats seeking to profit from the company's creative ideas and innovations," it added. Birkenstock is far from the only fashion brand locked in battles with mass retailers over design mimicry. Footwear giants like Dr. Martens have repeatedly taken online big-box sellers to court over boot designs, while luxury house Christian Louboutin spent years in global litigation defending its signature red soles against high-street copycats.

Lidl banned from selling copycat Birkenstock sandals, Dutch court rules
North America
CNBC Finance

Wendy's franchisee files for Chapter 11 bankruptcy protection as burger chain struggles

Meritage Hospitality, one of Wendy's largest U.S. franchisees, filed for Chapter 11 bankruptcy protection on Thursday. The filing comes as the burger chain has struggled to win over diners who have become increasingly focused on value. For six straight quarters, Wendy's has reported same-store sales declines. A revolving door of chief executives in recent years has led to muddled turnaround strategies, and the company's stock has lost two-thirds of its value over the past three years. "Because the substantial majority of Meritage's restaurant portfolio operates under Wendy's brand, those system-wide pressures have had a significant impact on the Company's financial position," Meritage said in a press release announcing the filing. At an investor conference in June, Meritage CEO Bob Schermer Jr. said that store-level earnings before interest, taxes, depreciation and amortization had plummeted 48% in 2025. Rising beef costs and increased discounts weighed on the franchisee's profits. Meritage said it filed for bankruptcy to strengthen its balance sheet, and the company plans to keep its restaurants running during the restructuring process. Meritage operates 314 Wendy's restaurants across 15 states, as well as one Bojangles location and five independently branded stores. Meritage estimated that its assets are valued at $10 million to $50 million, with liabilities within the same range, according to a filing with the U.S. Bankruptcy Court for the Western District of Michigan. Quality Is Our Recipe LLC, the legal name for Wendy's franchise business, is listed as its top unsecured creditor with a claim of $24.9 million for deferred franchise fees. 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.

Wendy's franchisee files for Chapter 11 bankruptcy protection as burger chain struggles
North America
Yahoo Finance

Midterm elections: What do equity markets typically do and what is priced?

Investing.com -- U.S. stocks have historically gained in the months following midterm elections, with the S&P 500 typically experiencing heightened volatility in September and October before stronger performance toward year-end and into the following spring, according to a UBS research note. The S&P 500 has gained an average 14.5% from the end of August through the end of March in midterm election years since 1950, with a median return of 16.4%, UBS strategists said. The period has typically sta

Midterm elections: What do equity markets typically do and what is priced?
Europe
The Guardian

McDonald’s to take on KFC and rivals as Gen Z flock to fried chicken

The fast food chain’s CEO, Chris Kempczinski, said McDonald’s current share of the chicken market was ‘high teens’, but that it was bigger and growing at twice the pace of beef. Photograph: Steve Parsons/PAView image in fullscreenThe fast food chain’s CEO, Chris Kempczinski, said McDonald’s current share of the chicken market was ‘high teens’, but that it was bigger and growing at twice the pace of beef. Photograph: Steve Parsons/PAMcDonald'sMcDonald’s to take on KFC and rivals as Gen Z flock to fried chickenFast food giant aiming to increase share of global chicken market as rising cost of beef hits profits McDonald’s is betting on fried chicken as health concerns and the rising price of beef shift dining habits. The company said that it aimed to take an extra 1.5 percentage point-share of the global chicken market by 2030, with an aim to increase its share of drinks by the same proportion. McDonald’s said the growth in chicken, a lower-priced protein, would not come at the expense of beef burger sales, saying it aimed maintain its “leadership position in beef”. Chris Kempczinski, McDonald’s chair and chief executive, told investors in May that the chain’s share of the chicken market was in the “high teens”, compared with about 45% in beef, but the chicken market was bigger and growing at twice the pace of its red meat counterpart. McDonald’s has warned that the rising cost of beef, as well as energy, was hitting profits for its franchisees. The chain also faces heavy competition from the rapid rise of chicken shop chains including Popeyes and Wingstop as well as expansion by the more established player KFC, driven particularly by the popularity of fried chicken among younger Gen Z consumers. “McDonald’s has the unmatched scale, customer insights, brand loyalty and operational capabilities to not only adapt to the next wave of change in our industry, but to turn it into an advantage,” said Kempczinski. The chain also said it would spend about $8.5bn (£6.4bn) to help franchisees with rent and improve their restaurants. The change comes amid the rapid rise in chicken shops and sales of chicken and the surging price of beef, which has risen by more than 20% in the past two years in the US and the UK, according to figures from the UK’s Agriculture and Horticulture Development Board. Peter Backman, an independent food service industry analyst, said “chicken is cheaper and perceived as healthier”. He said the rising price of beef was likely to be a “drag on the market” for burgers and offering more chicken would enable McDonald’s to sell more to its fans and “steal a bit of market share from other quick service operators”. He said higher drinks sales were probably attractive as beverages tended to be more profitable. In the UK, 39% of consumers used chicken shops in 2025 compared with 37% in 2023, according to market research firm Mintel, with Gen Z usage hitting 52%, almost matching pizza outlets at 56%. A plethora of other options, including Asian-inspired chains such as Wagamama, are also eating into the market share of burgers and pizza. Late last year Domino’s Pizza Group announced that its chief executive of two years had stepped down with immediate effect, less than two weeks after he appeared to suggest the UK may be approaching “peak pizza” and that the chain should try to broaden its menu to sell more chicken.

McDonald’s to take on KFC and rivals as Gen Z flock to fried chicken
North America
CNBC Economy

France’s wine production nears a 70-year low, leaving winemakers with tough choices

Florent Latour, CEO of the largest owner of Grand Cru vineyards in Burgundy, spent the summer praying for rain. "We felt we were so close," Latour, who's head of Maison Louis Latour, told CNBC. "Just a bit more rain would have produced a fantastic harvest on both counts, but we had to settle for quality, and about half of a harvest." His prayers — and frustrations — are being echoed across France, as a record-hot summer and severe droughts hit the country's world-famous wine industry hard. France's agriculture ministry has warned that wine production could hit a 70-year low in 2026, marking the third year of reduced output. "The 2023 vintage was decent, but yields have been pretty disastrous since the start of the decade," said Jean-Marie Cardebat, chair of wines and spirits at the INSEEC Grande École university. "We are realizing that no region in France is safe from heatwaves today." Paradoxically, the regions that suffer the most are those with more temperate climates, namely the Loire Valley and Champagne. In contrast, winemakers in the southern regions of Bordeaux and Languedoc-Roussillon reported higher harvests compared to last year. For Cardebat, also an economics professor at the University of Bordeaux, France's poor preparation in the face of climate change is a big problem. "Spain is more often affected by heatwaves and global warming; however, it is better prepared," he said. "Partly because it already has an irrigation network in place." This is rare in France, he said, and permitted only in exceptional cases. "In France, setting up such measures takes time." The impacts of climate change are heightening the debate around the strict rules that govern France's wine sector. Last year, Chateau Lafleur caused a storm by withdrawing from the prestigious Pomerol and wider Bordeaux official designations for their six wines. Owned by the Guinaudeau family, the estate said that rigid appellation (AOC) rules — which include irrigation restrictions, planting densities, and permitted grape varieties among others — prevented it from adapting quickly enough to the changing climate.

France’s wine production nears a 70-year low, leaving winemakers with tough choices
North America
CNBC Economy

Consumers hit by one-two punch of oil and rates from Iran war. The estimated bill is $1,700 per household

Consumers are facing a double-whammy of jumping oil prices and Treasury yields amid the U.S. war with Iran that is leaving them increasingly cash-strapped. Crude prices reaccelerated in recent weeks as fighting between the U.S. and Iran has ramped back up, a development that will lead to higher prices at the pump. On top of that, the 10-year Treasury yield jumped this week to its highest in 19 years, threatening to intensify affordability challenges for consumers as borrowing costs rise for items like homes and cars. "Consumers are under a lot of financial pressure," said Mark Zandi, chief economist at Moody's Analytics. The total bill per household since the U.S.-Iran conflict began is around $1,760, according to an analysis from Moody's Analytics as of Sept. 11. Zandi said $930 — or more than half — of that total bill for households comes from higher costs for energy, a category that includes pressures from rising prices on items like gasoline, diesel and jet fuel. Cumulatively, Moody's found that U.S. consumers have spent more than $121 billion extra on energy since the war began. Another $425 of that $1,760 stems from higher interest rates since the war broke out. The final $405 comes from higher military spending, which Zandi said consumers will foot the bill for through either national debt expansion or increased taxes. U.S. crude oil prices topped $105 per barrel on Tuesday, its highest closing level since mid May. Tuesday's jump came despite Energy Secretary Chris Wright's assurance to CNBC that the closure of a Saudi Arabian pipeline would only last a few days. The average gallon of gas in the U.S. exceeded $4.32 on Tuesday, up 6% month over month and 36% from a year ago, according to AAA. Labor Day travelers earlier this month faced their highest prices at the pump for the holiday on record. Per-gallon diesel prices hit all-time highs above $6 in recent days and were roughly 70% higher than the same day a year prior, per AAA. Economists have warned that companies could pass on higher costs for diesel — the fuel type largely used by truckers to transport groceries and other goods — to consumers in the form of price hikes. Slightly over 29% of respondents to the University of Michigan's closely followed consumer sentiment survey mentioned gas prices in September. That's up from around 12% and 6% readings in the same month of 2024 and 2025, respectively. Deloitte found that a 20% gain in crude oil prices translates to an estimated increase in inflation of about three-tenths of a percentage point. But that excludes knock-on impacts to prices for airfare or food, for example, which can make the overall impact on price growth higher, the consultancy said in a May report. Airfare prices have been one of the fastest-accelerating categories tracked in the Bureau of Labor Statistics' consumer price index since the war broke out. The price has jumped more than 23% in August from the same month a year before, per the latest data from the BLS released last week.

Consumers hit by one-two punch of oil and rates from Iran war. The estimated bill is $1,700 per household
Europe
BBC Business

Paramount settles lawsuit with US states, clearing way for $110bn merger with Warner Bros

Image source, Getty ImagesImage caption, A coalition of states led by California had challenged the deal, raising concerns over competition across film and television. Paramount Skydance has settled a lawsuit with a dozen US states, paving the way for its $110bn (£82.8bn) merger with Warner Bros Discovery. Under the agreement, Paramount must produce at least 30 films a year and ensure a certain percentage are produced in the US, or face penalties including selling off parts of its business. The deal clears one of the final hurdles for the merger that is set to reshape Hollywood, combining legacy studios, major streamers, and national networks under one umbrella. Announcing the settlement, California Attorney General Rob Bonta said the agreement was "not a vote of support for this merger", while Paramount's chief executive welcomed the resolution. David Ellison said that now the state attorneys general and the Writers Guild of America (WGA) concerns had been addressed, "we have complete clearance for this merger and look forward to putting these commitments into action". "Our shared aim was an outcome that best serves consumers, workers and - most importantly -the creative community so vital to the art of visual storytelling," he said. The WGA said it continues to believe the deal "will cause damage to writers and the industry at large". The guild said it was forced to settle its own lawsuit because, as a non-profit, it could not afford to fight the merger alone without government support. The studio is set to pay $17.5m into the WGA health fund, cover legal fees, and prohibit writer layoffs at CBS News Broadcast for five years. Bonta said the settlement will help boost film production in the US. Under the agreement, Paramount must release at least 30 films each year. To prevent the studio from fulfilling its annual quota with low-budget or automated content, Bonta said there were strict guardrails against "AI-generated" films.

Paramount settles lawsuit with US states, clearing way for $110bn merger with Warner Bros