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Europe
BBC Business

Can you keep your kids off school or refuse to work during a heatwave?

Image source, Getty ImagesImage caption, There is no law in the UK that says a given temperature is too hot or too cold to work. The Met Office has issued a rare red warning for extreme heat covering parts of England and Wales later this week. Temperatures will increase significantly in the next few days and could hit 40C in places by Wednesday and Thursday. The warning comes into place at 09:00 on Wednesday and will last until 21:00 on Thursday for central, southern and south-east England, and parts of south Wales. Several schools in the area impacted by the red weather warning have already said they will be closing early, with some closing entirely, during the worst of the weather this week. There is no legal maximum temperature for classrooms - and the government does not normally advise schools to close. Instead, it says schools can usually be managed safely and that keeping children in school is important. Teaching unions have recommended that schools should aim to keep indoor temperatures at a maximum of 26C. School leaders will keep a close eye on temperatures and will refer to their risk assessments. They will also watch for pupils becoming tired more quickly, especially those who are vulnerable. If a head teacher does decide to close a school, they will need to talk to the chair of governors and their academy trust or employer first. Some parents may already have had a message from their schools saying uniform rules are being relaxed and children can instead wear PE kits. Schools can also look at changing start and finish times to avoid the worst of the heat. Lessons may be moved to cooler areas of the school and the Department of Health and Social Care (DHSC) recommends children should not take part in vigorous physical activity when it is very hot, so PE lessons maybe be a bit more sedentary than normal.

Can you keep your kids off school or refuse to work during a heatwave?
North America
CNBC Economy

Hormuz relief may not ease the economic toll that's already 'baked in,' analysts warn

Early signs that the Strait of Hormuz is reopening have eased the most acute threat to global energy supplies, but economic damages from the nearly four months of war will take months to unwind, analysts warned. The U.S. and Iran signed a memorandum Thursday to open the Strait of Hormuz, ending a war that has upended global energy supply chains, pushed inflation higher and dented the outlook for growth. But even if shipping through the strait normalizes, higher inflation has already been largely "baked in" across many economies, Simon MacAdam, deputy chief global economist at Capital Economics, said in a note this week. "It can take many months for higher energy and fertiliser prices to be passed along food supply chains to end-consumers," MacAdam said. Prices of natural gas piped to households typically lag the upstream market by around three months, he said. Oil prices retreated to around $80 a barrel on Friday, down from a peak of $118 in March when the war was at its height. Goldman Sachs cut its oil price forecast Tuesday, projecting Brent to average $80 in late 2026 and $75 in 2027, citing a faster-than-expected recovery in Persian Gulf crude flows. Higher energy costs and upstream supply disruptions would take longer to feed through to the downstream food and energy sectors. A backlog of vessels waiting to transit the Strait of Hormuz could further delay a full recovery in freight flows. The World Bank, which last week lowered its global economic growth forecast to 2.5%, the slowest pace since the pandemic, expects global inflation to climb to 4% this year, up from 3.3% in 2025, even if disruptions to oil flows ease in the coming weeks. Fertilizer prices could jump as much as 38% this year as supply disruptions and shortages of key inputs from the Gulf ripple through agricultural markets, it said. Europe could face particular pressure because natural gas storage levels remain historically low, MacAdam said, expecting inflation in Europe and Japan to rise by an additional 3 to 4 percentage points as U.S. liquefied natural gas export prices move higher. The European Central Bank was the first major central bank to raise interest rates last week, its first tightening move in nearly three years. Meanwhile, the Fed, under new Chairman Kevin Warsh, left short-term interest rates unchanged on Wednesday but raised its forecast for personal consumption expenditures inflation to 3.6% by December, from 2.7% projected in March. Nine of the 18 voting members expect at least one rate hike before the end of this year. The trajectory underscores how the Hormuz crisis has altered the calculus for central banks trying to balance slowing growth against rising inflation.

Hormuz relief may not ease the economic toll that's already 'baked in,' analysts warn
Europe
The Guardian

ABC encourages viewers to back network amid FCC investigations

JD Vance appears on The View. Photograph: Lou Rocco/American Broadcasting Companies, Inc./APView image in fullscreenJD Vance appears on The View. Photograph: Lou Rocco/American Broadcasting Companies, Inc./APABCABC encourages viewers to back network amid FCC investigationsNetwork launches ad on The View, which is target of one of two FCC investigations currently seeking public comment The television network ABC is seeking the public’s backing as it faces simultaneous investigations from the Brendan Carr-led Federal Communications Commission (FCC). The media regulator has two pending inquiries into ABC – one focuses on the daytime talkshow The View, and the other is a broader challenge into whether the network should be able to renew licenses for the eight local television stations it owns. The investigation into whether The View has violated a rule requiring equal time for political candidates is accepting public comments until 22 June, while the commission is accepting petitions to deny ABC’s licenses until 29 June. Ads encouraging the public to voice support for the network to the FCC will begin airing on Monday during commercial breaks on The View, the network said. Targeted advertisements focused on the license renewal will also be shown in the eight local markets that have ABC-owned stations, including New York, Los Angeles and Chicago. The ads, which will air on The View until 6 July, will also be published online. The network decided to air the campaign as a way to ensure that the public is aware of the investigations, which are convoluted and have no clear time horizon. Some of ABC’s licenses were not scheduled to expire until 2031, and critics of Carr’s conduct suggest that it is “open season” on the network, which is regularly criticized by Donald Trump and has previously settled a lawsuit he filed against it for $16m. The 20-second advertising spot begins with a clip from the late Barbara Walters, talking about why she founded the show in 1997. “I had this idea for a show: different women, different points of view,” she says. Then, a narrator tells viewers: “The View has welcomed your favorite guests and covered the issues you care about for nearly 3o years. Now, the FCC wants to control who is allowed to appear on the show. Viewers, use your voice.” The ad targeting viewers of ABC’s local station in New York encourages the city’s residents to “use your voice” in supporting the license renewal. “No one supports your community like ABC7 - sharing your stories, bringing us together. Channel 7 has proudly served you for more than 75 years ... Now the FCC is questioning our commitment to the community.” In a statement, an FCC spokesperson dismissed ABC’s advertising campaign: “Disney wants the FCC to classify ‘The View’ as a ‘bona fide news program.’ And it has chosen to run a campaign of misinformation to make its case – misleading viewers about the law. That is a choice.”

ABC encourages viewers to back network amid FCC investigations
Asia
The Hindu BusinessLine

TVS Motor steps up R&D spends in FY26 focus on electrification, connected platforms, and AI

TVS Motor Company is steadily stepping up its research and development (R&D) investment, which has risen from ₹645 crore in FY24 to ₹1,025 crore in FY25 and further to ₹1,254 crore in FY26. “We are investing ₹1,254 crore annually in R&D, with more than 2,000 engineers working at the intersection of electrification, connected platforms and AI-driven design,” Chairman and Managing Director Sudarshan Venu said in his remarks as part of the company’s 2025-26 annual report. The R&D push has helped TVS Motor’s expansion into new product categories, advancing its ambitions in electrification and premiumisation, and has also helped reduce carbon footprint. “As energy price shocks cause uncertainty, EV adoption will likely rise. The companies that understand how electric vehicles will define mobility in the future will lead that shift. Your Company is already there,” Venu said. During FY26, the company launched the Apache RTX 300 adventure motorcycle, the Orbiter electric scooter, the NTorQ 150 hyper-scooter and refreshed versions of the Apache and iQube range. In commercial mobility, it introduced the King Kargo HD EV and CNG variants to strengthen urban cargo and logistics. More than 97 per cent of energy across TVS Motor’s Indian operations came from renewable sources this year, Venu said, adding that they avoided over 76,000 tonnes of carbon emissions. TVS’ global R&D network now spans centres in Hosur, Bologna, Jakarta and Solihull. The acquisition of Italy-based Engines Engineering S.p.A. during the year has further strengthened its capabilities in premium motorcycle engineering and vehicle design. The company reported record sales of 5.89 million vehicles in FY26, with revenue rising to ₹47,270 crore and EBITDA increasing to ₹6,079 crore, cementing its position as the world’s third-largest two-wheeler manufacturer. The company is cautiously outlook about future demand as India remains as one of the fastest‑growing major economies with GDP growth projected in the range of 6.0-6.5 per cent, while navigating macroeconomic challenges. The possibility of an El Niño event could weigh on monsoon patterns and may have broader implications for India’s economy, the company noted. FY27 is also likely to be the year TVS Motor gets closer to positioning Norton as a globally competitive premium motorcycle brand. Norton is gearing up to introduce a differentiated product portfolio in FY 2026-27, comprising the all-new Manx, Manx R, Atlas and Atlas GT, marking a new phase in the brand’s product renaissance and global repositioning.

TVS Motor steps up R&D spends in FY26 focus on electrification, connected platforms, and AI
Europe
The Guardian

‘Every time you turn around, there’s a new price increase’: US small-business optimism plummets

A restaurant window in Medford, Massachusetts, on 25 January 2023. Photograph: Brian Snyder/ReutersView image in fullscreenA restaurant window in Medford, Massachusetts, on 25 January 2023. Photograph: Brian Snyder/ReutersUS news‘Every time you turn around, there’s a new price increase’: US small-business optimism plummetsAt the same time, 29% of small-business owners also report having open positions they can’t fill Amid rising fuel prices and inflation across the US, confidence among small-business owners has declined in recent weeks as many continue to grapple with higher costs and economic uncertainty. View image in fullscreenRoger, in Sevierville, Tennessee. Photograph: The GuardianAccording to the National Federation of Independent Business, its Small Business Optimism Index fell by 0.6 points to 95.3 in May. At the same time, 29% of small-business owners reported having open positions they could not fill – the lowest level since the Covid-19 pandemic. In May, 13% of owners said labor quality was their biggest issue, while 14% identified labor costs as their primary challenge. Beyond workforce pressures, several small-business owners said that inflation and rising fuel costs are further squeezing already thin margins. For Barrett Willits, the 58-year-old owner of Barry’s Blind Factory in Huntsville, Alabama, the challenges are coming from multiple directions. His business, which has operated for 33 years and sells directly to consumers, has been hit by declining sales and rising supply-chain costs. “Sales are down, market share is down. Our suppliers have been bought out by a hedge fund that also owns Heinz. They shut down American-staffed manufacturing outlets and shifted production to Mexico. So now our shipments travel thousands of miles to us when they used to travel 100 miles. Every time you turn around, there is a new price increase, a new shipping rate, a new surcharge,” he said. View image in fullscreenGeoffrey, a plumber who employs two workers. Photograph: The GuardianFor Willits, the biggest concern is the impact rising costs are having on consumer demand. Higher fuel costs are also taking a toll on businesses that rely on travel. Tina Spears, a 73-year-old pet sitter in Anchorage, Alaska, says recent increases in gas prices due to the US and Israel’s war on Iran have affected her business. “I’m a cat sitter, and I drive to visit my clients. The gas prices exploded after this senseless war and my business has really been affected by the money I have to spend in order to get to the cats I visit. I raised my rates, which helps a little, but how high can I go when everything else is so expensive?” she said. The impact of rising costs extends beyond transportation. For Roger, a 62-year-old bed-and-breakfast owner in Sevierville, Tennessee, he has to work extra hard to maintain quality while keeping prices stable for guests. “While I continue to source local and high-quality ingredients for breakfasts, I have worked harder to minimize waste and to manage costs. I chose not to increase rates this year, and through implementation of yield management pricing, my average nightly rate has decreased slightly, but the increased occupancy has more than compensated,” he said.

‘Every time you turn around, there’s a new price increase’: US small-business optimism plummets
Europe
BBC Business

Alan Greenspan, architect of the modern American economy, dies aged 100

Former US Federal Reserve chair Alan Greenspan has died aged 100, his wife has said. NBC News correspondent Andrea Mitchell said in a statement reported by her employer that her husband had died from complications of Parkinson's Disease. Mitchell's statement said Greenspan was "a giant of a man who helped shape the US economy for decades under presidents of both parties, but was always honest in acknowledging his mistakes". For nearly 20 years, Alan Greenspan was charged with safeguarding the US economy and keeping the dollar sound. As chairman of the Federal Reserve from 1987-2006, a post described as the second most important after the presidency, he presided over the longest sustained period of US economic growth in a generation. Described as the "God in the machine" of American finance, Greenspan declined all requests for interviews during his time at the Fed. The media and the money markets hung on his few public statements, and a sign in his office said simply, "the buck starts here". But critics argue that an over-reliance on easy credit fuelled the dot-com bubble of the late 1990s and caused the sub-prime mortgage crisis of 2008. The Fed said Greenspan's policies and economic thinking "left a lasting mark on this institution, on the broader field of economics, and on the country". In a statement on Monday, the central bank said: "He brought rigorous analytical discipline to monetary policymaking and helped establish the credibility that remains one of the Federal Reserve's most important assets." The Fed said his legacy lives on at the institution through the economist he mentored and inspired as chairman. Alan Greenspan was born in New York City on 6 March 1926. His mother, who worked in a furniture store, brought him up single-handed.

Alan Greenspan, architect of the modern American economy, dies aged 100
North America
CNBC Finance

CarMax shares fall after used car retailer reports earnings beats, CEO details turnaround plan

Shares of CarMax fell 9% Wednesday after the company beat Wall Street's quarterly earnings expectations and its new CEO detailed a high-level turnaround strategy for the company. Despite the beats, questions remain about the company's ability to grow and cut costs under the plan as it faces tougher market conditions. The used-vehicle retailer reported margin pressure and declining gross profit per retail used vehicle. CarMax's total gross profit was $854.4 million, down 4.4% compared with last year's first fiscal quarter. Retail used vehicle gross profit decreased 9.5% and retail gross profit per used unit was $2,177, down $230 from last year's all-time record, the company said. Its net revenue was up 6.2% compared with nearly $7.6 billion a year earlier. CarMax reported net earnings of $185.6 million, down 11.8% from $210.4 million in the same period last year. Shares of CarMax are still up roughly 25% this year, including a roughly 16% increase since Keith Barr, a former CEO of InterContinental Hotels Group, began leading the company on March 16. Barr said he will release more details of his plan — which is expected to take multiple years to execute — in late fall, but he noted that leadership is "super confident about it." "Our new strategy is focused on great offerings, easy experience, adding value, running lean, all of which, again, will drive sustainable long-term growth, which will create value for our shareholders," he told CNBC during an interview. Barr said he has spent his first three months at CarMax better learning the car business, understanding the company's operations and determining potential growth and cost-cutting areas, while aiming to streamline the car-buying processes for customers. "There's definitely significant opportunity for growth here by having a really integrated, growth-oriented strategy that leverages technology, that leverages our scale, that leverages our stores, that will provide sustainable growth, too," he said. His initial quick changes have included making tweaks to CarMax's website, such as showing monthly payments; implementing an artificial intelligence call agent service; and trying to better streamline a customer's experience from online to in-store. Barr was brought in following massive share declines that led to pressure for former CEO Bill Nash to step down in November. Shares of CarMax's largest competitor, Carvana, also were more than 7% lower during midday trading Wednesday, which coincided with the online vehicle retailer disclosing plans for its new franchised Stellantis stores. Carvana's plan includes using the franchise stores to service vehicles and offer test drives, but it will still exclusively sell its vehicles online, even if customers are at the stores.

CarMax shares fall after used car retailer reports earnings beats, CEO details turnaround plan
Europe
BBC Business

EasyJet says US bidder trying to buy it 'on the cheap' as it rejects £4.7bn offer

EasyJet has rejected a takeover offer worth £4.74bn from US investment firm Castlelake, accusing it of trying to buy the airline "on the cheap". The carrier's comments came after Castlelake said it had made three takeover approaches to the airline this month, all of which had been rejected. The US firm has now made details of its latest offer public to allow shareholders to assess the proposal. Under stock market rules, Castlelake has until Friday to make a firm offer or walk away. EasyJet is one of Europe's largest airlines, and last year carried more than 90 million passengers. It operates across 38 countries on more than 1,200 routes. The carrier repeated its accusation that Castlelake's offer was "highly opportunistic", arguing that its share price had been "temporarily depressed" partly due to the impact of Iran war on the travel sector. Under Castlelake's latest offer, the airline's shareholders would receive 625p per share, a 24% premium to last Friday's closing price. The US firm- which already owns a stake of about 2.14% in EasyJet through the funds it manages - said its latest bid "offers compelling value" to the carrier's shareholders. "Following the rejection of three proposals by the EasyJet Board, and given its unwillingness to engage meaningfully, Castlelake is announcing this Third Proposal to enable EasyJet shareholders to consider its merits," Castlelake said. "Castlelake's ambition is to support EasyJet as a stronger, more resilient European airline under European control, respecting EasyJet's valuable airline assets and continuing to sustain its network." European Union regulations stipulate that EasyJet must be majority-owned by EU citizens. Castlelake said it had proposed an ownership structure which was a "deliverable solution to ensure compliance with all applicable regulatory requirements." This will involve Castlelake going into partnership with two EU nationals, businessmen Peter Bellew and Mark Breen. They will own an EU-based company which will have majority control of the airline. Peter Bellew is a former chief operating officer of EasyJet, who has also held the same role at Ryanair. He left EasyJet in 2022, after a turbulent period in which staff shortages led to major disruption, including a large number of cancellations.

EasyJet says US bidder trying to buy it 'on the cheap' as it rejects £4.7bn offer
Europe
BBC Business

Millions in UK could claim share of £3bn after Apple case given green light

Image source, Getty ImagesByLaura CressTechnology reporterPublished23 June 2026, 00:02 BSTA class action lawsuit which could entitle millions in the UK to a share of a £3bn claim against Apple is set to proceed to trial. Consumer group Which? has accused the tech giant of "trapping" users into its cloud service. It says 40 million iCloud customers could be entitled to roughly £77 each if successful. Consumers who used iCloud between November 2018 and June 2026 and were living in the UK on 8 June will be included in the claim unless they opt out. Apple has previously called the claims unfounded, saying no customer is required to use the iCloud service, with alternatives available, and that it "strongly disagrees" with the decision and plans to appeal. Apple users get a small amount of free storage, but once that runs out they are encouraged to pay for iCloud to back up photos, videos, messages, contacts and other content from their devices. Apple does not give rival storage services full access to its devices, saying this is for security reasons - although it also means iCloud has more features than non-Apple alternatives. Which? claims that since 2015 Apple has effectively locked users into its services and overcharged them as a result. The consumer group filed its claim against Apple at the Competition Appeal Tribunal on behalf of affected consumers in November 2024. Anabel Hoult, Which?'s chief executive, said the group wanted to make clear that no company "no matter how powerful, can get away with abusing its position". She added the green light from the Competition Appeal Tribunal meant Which? was "one step closer to getting consumers the redress we believe they are owed from Apple". "This should send a strong message to any other companies using anti-competitive tactics," she said. Consumers who used iCloud between 8 November 2018 and 8 June 2026 and were living in the UK on 8 June 2026 will be included in the claim unless they opt out.

Millions in UK could claim share of £3bn after Apple case given green light