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North America
CNBC Finance

Yum Brands sells Pizza Hut to private equity firm LongRange Capital and Yum China for $2.7 billion

Yum Brands on Tuesday announced it is selling Pizza Hut to private equity firm LongRange Capital for roughly $1.5 billion. The deal excludes the pizza chain's locations in mainland China; Yum China will acquire those in a separate transaction for about $1.2 billion. The deals cap off years of struggles for Pizza Hut, which has weighed on Yum's overall financial performance. In the U.S., the pizza chain has transitioned from the sit-down format and salad bars of yore to focus on delivery and carryout — far behind the curve. Rival Domino's Pizza has gobbled up market share from Pizza Hut for years; third-party delivery apps like DoorDash have further stolen sales from the chain. In November, Yum said it was exploring strategic options for Pizza Hut. On Tuesday, the company said its leadership team and board determined that selling Pizza Hut would provide "the strongest path" to maximize shareholder value and give the pizza chain an ownership structure "tailored to its distinct markets, competitive strengths and long-term priorities." Across both deals, Yum expects to receive about $2.3 billion in net proceeds after taxes, closing adjustments and fees, excluding a possible earnout of $75 million by 2030 from LongRange. Yum also anticipates one-time expenses of about $85 million during the rest of 2026 tied to the transactions. The company's management will provide more details about the financial impact of the transactions during Yum's second-quarter conference call on July 30. Yum expects the sales to close in the third quarter, subject to regulatory approval. Brothers Dan and Frank Carney founded Pizza Hut in 1958 in Wichita, Kansas. A year later, they were franchising the concept. In 1969, Pizza Hut went public. Just two years later, it was the biggest pizza chain in the world, although it lost that title in 2017 to Domino's. The deal severs Pizza Hut's decades-long ties to Taco Bell and KFC, its sister brands in Yum's portfolio. PepsiCo bought Pizza Hut in 1977, marking the beverage giant's entry into the restaurant business. By 1986, it also owned Taco Bell and KFC. When Pepsi spun off its restaurant unit in 1997, the holding company was dubbed Tricon Global Restaurants — later renamed to Yum. At the end of 2025, Pizza Hut had nearly 20,000 locations across 108 countries and territories and reported $12.8 billion in annual system sales, according to regulatory filings from Yum. The U.S. is its biggest market, representing about 40% of its system sales, followed by China with roughly 20% of its system sales. Correction: The headline was updated to reflect that the $2.7 billion sale value includes deals with both LongRange Capital and Yum China.

Yum Brands sells Pizza Hut to private equity firm LongRange Capital and Yum China for $2.7 billion
Europe
The Guardian

Datacenters driving US clean energy growth while still threatening climate

Rural Michigan residents rally against the $7 billion Stargate data center planned on southeast Michigan farm land. Protesters say the Data Center is being fast tracked by DTE Energy, the large electric utility, and that it could raise residential electricity rates and endanger the water supply. 1 December 2025 Photograph: UCG/Universal Images Group/Getty ImagesView image in fullscreenRural Michigan residents rally against the $7 billion Stargate data center planned on southeast Michigan farm land. Protesters say the Data Center is being fast tracked by DTE Energy, the large electric utility, and that it could raise residential electricity rates and endanger the water supply. 1 December 2025 Photograph: UCG/Universal Images Group/Getty ImagesDatacentersDatacenters driving US clean energy growth while still threatening climateAs datacenters’ connections to electric grids are held up, big tech is forced to throw money at producing its own power Datacenters are driving unprecedented growth in the US clean energy industry, paradoxically boosting a sector that was sputtering before the artificial intelligence boom even as AI’s rollout creates immense environmental challenges. However, observers caution that while the centers are propelling wind, solar, and other clean energy companies, datacenters remain a climate nightmare. Utilities across the US are racing to build new fossil-fuel plants to accommodate the facilities, or are keeping ageing gas and coal plants online to meet the staggering demands of datacenters. In Michigan and other states, the centers have effectively derailed the grids’ planned transitions to renewable energy. The gas industry is powering much of the datacenter boom, including fracking firms and pipeline companies. Some gas companies are building new plants solely to serve datacenters, and the industry has the added benefit of the Trump administration’s support. However, supply chain snags, regulatory delays, energy generation shortages and other issues are holding up datacenters’ connections to the electric grid by as much as 12 years, and the delay is forcing big tech to throw huge sums of money at producing its own power through the quickest and cheapest alternatives – battery storage, solar, wind, fuel cells, and similar technology. “It is unquestionable that the increase in electricity sales is driving an increase in renewables,” said Douglas Jester, a clean energy consultant with 5 Lakes Energy who works in upper midwest utility regulatory cases. “It’s right to think about it as a paradox.” The clean energy industry boomed in 2020 as the pandemic drove down interest rates and Joe Biden’s administration made historic investments in working toward decarbonizing the nation. But it faltered as inflation hit, projects became expensive and energy demand remained flat. Then came the second Trump administration - hostile to Biden’s plans and the clean energy movement, it canceled the government programs that had helped wind, solar, and electric vehicles. Most clean energy companies’ stocks steadily plummeted in value from their early 2021 peaks through early 2025, when many began to spike along with datacenter demand. The IShares Global Clean Energy ETF, which includes about 100 clean energy stocks, fell by around 80% between late 2021 and early 2025, but is up about 52% over the last year. The industry is also being propelled by increasing electricity demand globally in other industries like oil and gas exploration, as well as the sharply falling costs for solar panels, batteries, and other renewable infrastructure, said Lucas Davis, a UC Berkeley energy economist. But not all clean energy segments are benefitting equally. Datacenters are spurring the development of batteries and solar geared toward powering datacenters onsite. But it is having little direct benefit on home rooftop solar. Among companies at the leading edge is Nextpower, a utility-scale solar infrastructure producer, which just reported 20% year-over growth and recently purchased datacenter battery producer Prevalon.

Datacenters driving US clean energy growth while still threatening climate
Europe
The Guardian

Oil price hits lowest since early March despite doubts over how quickly strait of Hormuz will reopen – business live

The oil price has dropped to its lowest level in almost 15 weeks, despite uncertainty over how quickly the strait of Hormuz will reopen. Brent crude has fallen by almost 2.5% today to just over $81 a barrel, adding to Monday’s 4.75% drop. That’s its lowest level since 4 March, the first week of the Iran war. Oil traders are calculating that the reopening of the strait of Hormuz will lead to a rise in oil supplies from the Middle East, after Donald Trump said the vital waterway will reopen once the US and Iran have signed an initial memorandum of understanding. Economists are warning, though, that it will take time for traffic through the strait to return to normal, as some production facilities need to be reopened, or repaired, and some oil and gas tankers are in the wrong places. The head of the world’s biggest tanker operator, Mitsui OSK Lines, has told the Financial Times that ahipowners will not resume transit through the Strait of Hormuz for weeks until they are confident that the US-Iran deal is “material”. Bosses of the world’s biggest shipping companies want to see more than just an agreement in place, mines need to be swept, and all hostilities must end, before tankers with hundreds of millions of dollars’ worth of cargo will be able to traverse the Strait without fear of a flare up in tensions that could close the Strait mid-voyage. Thus, even if a deal is signed to end the US/Iran war, the situation is not without its challenges. Brent crude remains above $80 per barrel, and it is unlikely to fall below this level until we start to see cargo ships successfully get through the Strait.

Oil price hits lowest since early March despite doubts over how quickly strait of Hormuz will reopen – business live
Europe
BBC Business

Warning over 'fragile' public finances as borrowing rises

The UK borrowed £23.3bn in May, according to official figures, up almost a third on the same month last year. May's borrowing figure — the difference between spending and income from taxes — was £5.6bn higher than forecast by the Office for Budget Responsibility (OBR), the independent fiscal watchdog. "The big picture is that the public finances are fragile," said Capital Economics deputy chief UK economist Ruth Gregory. She said this would constrain whoever is Prime Minister. Greater Manchester mayor Andy Burnham was elected MP for Makerfield in a by-election, paving the way for him to launch a leadership challenge against the Prime Minister. "Spending on debt interest, public services, investment and benefits all increased in May 2026, compared with last May," ONS statistician Tom Davies said. The OBR forecast was made in March, at which point the impact of the war in the Middle East had not yet become clear. The Office for National Statistics (ONS) said interest payable on government debt jumped to £11.7bn – the highest ever recorded in any May. Danni Hewson, head of financial analysis at AJ Bell, said that much of the jump in borrowing costs was the result of higher inflation. Inflation jumped when the Iran conflict broke out and is expected to rise further due to the knock-on effects of higher oil prices. Hewson said: "Long-term borrowing costs have been creeping up and will be monitored closely if the anticipated Labour leadership contest gets under way. "Burnham has drafted in economic heavyweights to help shore up his credentials and has pledged to follow the existing fiscal rules, which includes not borrowing to fund day-to-day spending." Susannah Streeter, chief investment strategist at Wealth Club, said investors seem to have priced in the likelihood of a Labour leadership challenge.

Warning over 'fragile' public finances as borrowing rises
Europe
The Guardian

Bank of Japan raises interest rates to 31-year high … of 1%

The Bank of Japan raised its short-term policy rate by a quarter of one percentage point, to 1% from 0.75%. Photograph: Franck Robichon/EPAView image in fullscreenThe Bank of Japan raised its short-term policy rate by a quarter of one percentage point, to 1% from 0.75%. Photograph: Franck Robichon/EPAInterest ratesBank of Japan raises interest rates to 31-year high … of 1%Country acts amid Iran war inflation pressures, but US Fed and Bank of England expected to hold rates The Bank of Japan (BoJ) has raised interest rates to a 31-year high as it tries to dampen inflationary pressures created by the Iran war. Policymakers in Tokyo raised the BoJ’s short-term policy rate by a quarter of one percentage point, to 1% from 0.75%, and warned that companies were passing on rising oil costs to each other at a “relatively fast pace”. The BoJ decided to tighten monetary policy despite a fall in the oil price in the past few days as Washington and Tehran agreed the basic structure of a peace deal, and also despite Japan’s annual core inflation having fallen to a four-year low of 1.4% ​in April. The central bank’s governor, Shinichi Uchida, told a press conference in Tokyo that the signing of a memorandum by the US and Iran to end the Middle East conflict was “a welcome move”. He said there was uncertainty about how quickly oil supplies would rise. “Compared with the previous meeting, the risk of a sharp deterioration in the economy has diminished. On the other hand, price rises are broadening, and there is a risk that underlying inflation may deviate from our target,” Uchida said. “With underlying inflation approaching 2%, it’s important to ensure we achieve our target stably.” The BoJ also said the risk of Japan’s economy deteriorating sharply from the Middle East conflict had diminished. It cited the government’s relief package to help households facing high fuel costs. Tuesday’s rate rise has lifted Japan’s borrowing costs to their highest since 1995, when the BoJ was midway through lowering interest rates after a bubble in property and asset prices burst. Susannah Streeter, the chief investment strategist at Wealth Club, said: “The move – increasing the short-term policy rate to 1% from 0.75% – was widely expected, but it’s a step-change in monetary policy for Japan, given it pushes borrowing costs to levels not seen since 1995. There was some relief that the move wasn’t more hawkish, with even a 50-basis-point hike having been mooted.” In 1973, the BoJ raised rates as high as 9% as it tried to combat inflationary pressures from the Opec oil embargo. But by 2016 the BoJ was implementing a negative interest rate policy as it tried to drag Japan out of a long deflationary slump that followed the end of its asset boom in the late 1980s. Tokyo’s stock market closed at a new record high after the Nikkei share index hit 70,000 points for the first time during Tuesday’s session. The Nikkei has soared by a third so far this year. The BoJ is the second G7 bank to raise borrowing costs since the Iran war began. Last week the European Central Bank lifted its main interest rates. The US Federal Reserve and the Bank of England are expected to leave borrowing costs unchanged at their monetary policy meetings this week.

Bank of Japan raises interest rates to 31-year high … of 1%
Asia
The Economic Times

ITC, HUL among 10 FMCG stocks that have tumbled up to 31% in 2026. How many do you have?

The FMCG sector has had a subdued run in 2026, with the index declining 10% on a year-to-date basis as geopolitical disruptions stemming from the Iran war and inflationary pressures during April and May dented investor sentiment. Here are top laggards from the sector. Britannia Industries has had a challenging year so far, with the stock declining 13.30% YTD. Colgate-Palmolive India has remained under pressure in 2026, slipping 4.11% YTD. Dabur India has seen a sharp correction this year, with the stock falling 15.74% YTD. Godrej Consumer Products has also struggled to gain traction, declining 15.87% YTD. Hindustan Unilever has delivered a relatively resilient performance compared with peers, though the stock is still down 6.15% YTD. Procter & Gamble Hygiene and Health Care has witnessed heavy selling pressure, with the stock plunging 30.62% YTD. Tata Consumer Products has remained under pressure this year, declining 5.27% YTD. United Breweries has faced significant headwinds, with the stock falling 18.09% YTD. United Spirits has shown relative resilience despite market volatility, slipping 4.20% YTD. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

ITC, HUL among 10 FMCG stocks that have tumbled up to 31% in 2026. How many do you have?
Asia
The Economic Times

Up to 42% upside! 9 stocks Jefferies, Motilal Oswal, others started coverage on. Do you own any?

A host of domestic and global brokerages have initiated coverage on select Indian stocks across sectors such as power, textiles and metals. Analysts remain bullish on names like Meesho and Vedanta Aluminium, projecting strong upside from current levels. Here are 9 stocks that recently saw fresh coverage. CLSA initiated coverage on the stock with an Outperform rating and a target price of Rs 540, implying over 16% upside from the previous close. The brokerage highlighted support from a higher-for-longer aluminium cycle and strong operational tailwinds. Citi started coverage with a Buy rating and a target price of Rs 210, indicating around 12% upside. It highlighted Meesho’s strong positioning in India’s e-commerce expansion beyond Tier-1 cities, its large long-tail seller network, zero-commission logistics model, and simplified advertising platform. The company now has over 264 million annual transacting users (up 33% YoY) and a seller base exceeding 950,000 (up 87% YoY). Jefferies initiated coverage with a Hold rating and a target price of Rs 6,000, implying about 19% upside. It values the stock at 65x FY28 earnings and expects strong EPS growth of 35–36% CAGR over FY26–29E, though it sees stronger compounding in peers like Hitachi and Siemens. Motilal Oswal assigned a Buy rating with a target price of Rs 1,110, implying 29% upside. The brokerage expects benefits from capacity expansion in India and improved Africa operations after AGOA renewal. It forecasts revenue, EBITDA and PAT CAGR of 18%, 33% and 73%, respectively. Motilal Oswal initiated coverage with a Buy rating and a target price of Rs 670, implying 42% upside. It highlighted a strategic shift towards a garment-led model and expects growth support from advanced materials. It forecasts revenue, EBITDA and PAT CAGR of 15%, 23% and 29%. Motilal Oswal values the stock at Rs 2,300, implying 11% upside, with a Buy call. Growth is expected to be driven by capacity expansion across India, Bangladesh, Vietnam and Indonesia, with revenue, EBITDA and PAT CAGR of 14%, 25% and 29%. Motilal Oswal gave a Buy rating with a target price of Rs 550, implying 27% upside. The brokerage expects strong momentum in utility bedding and domestic bed linen segments, with revenue, EBITDA and PAT CAGR of 20%, 44% and 90%. Motilal Oswal assigned a Buy rating with a target price of Rs 200, implying 18% upside. It expects mid-teen revenue growth driven by the home textiles segment, supported by lower tariffs and potential trade agreements with the UK and EU. It forecasts revenue, EBITDA and PAT CAGR of 14%, 43% and 97%. Equirus initiated coverage with a target price of Rs 3,117, implying 29% upside. It highlighted strong growth potential in India’s luxury market, expected to expand from $10 billion in FY25 to $30 billion by FY30, driven by rising affluent households and wealth creation. (Recommendations, suggestions, views and opinions expressed are those of the experts and do not represent the views of The Economic Times.)

Up to 42% upside! 9 stocks Jefferies, Motilal Oswal, others started coverage on. Do you own any?
Europe
BBC Business

Japan raises interest rate to highest since 1995

Japan's central bank has increased its main interest rate to a new 31-year-high after a surge in global energy prices. On Tuesday, the Bank of Japan (BOJ) raised its so-called policy rate to 1% from 0.75% - its highest level since 1995. The decision comes as some other central banks have raised interest rates this year as the Iran war pushed up the cost of living. Japan's interest rates were cut aggressively in the 1990s to combat the fallout from a collapse in prices of assets like property and shares. They had been near zero for two decades as prices fell and growth stagnated. The bank has been gradually raising its rate since March 2024 - at the time it was the country's first hike in 17 years. "After twenty years of deflation, Japan is now in an inflationary upcycle," Japan economist Jesper Koll told the BBC. "Emergency/crisis management monetary policy is no longer needed and the BOJ wants to get back to a normal monetary policy," he added. The BOJ has been under pressure to cool inflation, which was extremely low in the country until relatively recently. Higher energy prices have fuelled inflation, adding pressure on countries like Japan that depend heavily on oil and gas from the Middle East. Japan's wholesale prices climbed by more than 6% in May from a year earlier, rising at the fastest pace in three years. But the country's overall inflation rate, which was 1.4% in April, currently sits below the BOJ's target level of 2%. The BOJ faces a tricky trade-off: Raising interest rates could help lower inflation but higher rates also make borrowing costlier, increasing expenses for the government and businesses.

Japan raises interest rate to highest since 1995
North America
CNBC Finance

Fox to buy streaming device maker Roku for $22 billion

Fox Corp. has reached an agreement to acquire Roku for roughly $22 billion, marking another chapter in media consolidation as the industry grapples with several changes and challenges. On Monday Fox announced it would acquire Roku for $160 per share. Fox's stock was trading down about 13% in premarket trading, while Roku was up about 2%. The combination will bring together Fox's news and sports channels, as well as its free ad-supported streamer Tubi with Roku, the maker of streaming devices and also the home of The Roku Channel, a service similar to Tubi. The proposed acquisition comes about seven years after Fox's last major deal, when it shed its entertainment assets in a $71 billion deal with Disney. Since then, Fox's portfolio has primarily been made up of its TV channels, namely broadcast network Fox, which has been airing the FIFA World Cup since last week, and Fox News Channel on cable. In 2020 Fox acquired Tubi for $440 million. That service had long been its answer to the streaming wars, prior to the announcement of Fox One, its direct-to-consumer option that launched last year. 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.

Fox to buy streaming device maker Roku for $22 billion