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Europe
BBC Business

As more US business owners retire many are selling up to their staff

Staff at Softstar Shoes in Oregon have discovered a newfound enthusiasm for eking out resources and growing profits. It started in January when the shoemaker became owned by its 30-strong workforce. Former sole owner and chief executive Tricia Salcido had decided to sell the business to the employees, because at age 56 she is starting to plan for her future retirement. Salcido, who for next few years is staying on as chief financial officer, says that colleagues are now offering lots of suggestions for how to best run aspects of the business. "I'm getting personal emails from employees saying, 'well, have you thought about this idea?'," she says. These are business insights that weren't forthcoming before!" Salcido is among a small but growing number of business owners in the US said to be choosing to entrust their ventures to employees, rather than sell to an outside buyer. One 2025 study said that up to 600 US firms are now being sold to their workers per year, with investment funds available to help finance the deals rising 78% to $865m last year from $500m in 2024, an indication of more businesses making the transfer. As well as motivating staff – who share in the risks and rewards of ownership – research shows that employee-owned companies can be more productive, less likely to make staff redundant, and that they pay higher wages. For Salcido, it was a way to preserve local jobs and prevent her firm's artisan shoemaking from being taken out of the US – which she was convinced would happen under a cost-cutting corporate buyer. "It's something you put your life's work into… most small business owners really care," she says. A huge number of other US entrepreneurs are in the same boat as Salcido – they are approaching retirement age, and therefore having to decide what to do with their businesses. The "baby boomer" owners of about six million American small and medium-sized companies will retire between now and 2035, says a report this year from business consulting firm McKinsey. Some commentators have dubbed this a "silver tsunami".

As more US business owners retire many are selling up to their staff
Europe
BBC Business

Surge in scams as fraudsters use AI to target people

Cases of fraud in the UK have surged with criminals using AI to manipulate people and even marrying victims of romance scams to steal more money. More than four million cases in which money was lost were reported last year - the equivalent of nearly eight on average every minute, according to new figures. The total has increased by more than one million in two years, with almost £1.3bn stolen by scammers in 2025, according to an annual report by UK Finance. The enormous scale of the problem could only be tackled if tech companies stepped up monitoring and security of their platforms, the banking trade body said. Banks said fraud posed "a national security threat" given the impact on victims and the huge sums stolen by organised criminals. Fraudsters also use fake profiles on social media and dating sites to meet, groom and ultimately steal from victims who believe they are in a loving relationship. UK Finance said examples even included a fraudster marrying a victim to continue stealing money. "The impact goes beyond financial loss; it can cause huge emotional harm, leaving victims burdened by guilt and shame, which is why we must tackle the problem at its source to protect consumers," said Paul Davis, head of economic crime at Barclays. Experts believe the majority of scams are unreported, so do not even register in the statistics. Scammers are so embedded that the first four men matched with Julie Osgood when she tried out a dating site were all potential fraudsters, the 60-year-old recently told the BBC. She spotted the problem before being tricked, but many thousands of others were not so lucky. Kirsty Guest, a florist from North Yorkshire, was scammed out of £80,000 after meeting a man on a dating app, who called himself Patrick. The relationship developed over months, but was based on a lie, because "Patrick" was a scammer using photos of another, completely innocent, man.

Surge in scams as fraudsters use AI to target people
North America
CNBC Finance

World Cup travel boost hasn't materialized for U.S. businesses — yet

The 2026 World Cup is expected to bring a wave of global soccer fans to North America. But the travel boom is shaping up to look less like one uniform surge and more like a city-by-city, match-by-match test of pricing power. "Demand is real and positive, but it's not evenly distributed across host cities," said Jay Wardle, president of travel data intelligence company Sojern. New flight-booking data from Sojern shows most U.S. and Canadian host cities are seeing year-over-year gains for the tournament window, led by Houston and Dallas. But Seattle and all three Mexican host cities are trailing last year's pace. The tournament kicks off Thursday in Mexico City and runs through mid-July, ending with the final at New York New Jersey Stadium — better known as MetLife Stadium — in East Rutherford, New Jersey. It is the biggest World Cup ever, with 48 teams, 104 matches and games across the United States, Canada and Mexico. For hotels, restaurants, airlines, ride-sharing companies and host cities, the pitch has been straightforward: more teams, more games, more fans and more spending. But Deutsche Bank said even if it brings 1.2 million international fans to North America, the overall economic impact will likely be limited in a U.S. economy of this size — amounting to a short-term GDP lift of roughly 0.05% if FIFA's estimate is reached. The financial bonanza is likely to be split unevenly among cities, hotels, restaurants and other tourism-dependent businesses. Airbnb said it is expecting its best event ever, surpassing the 2024 Paris Olympics. The company expects to benefit from families and groups looking for larger accommodations or lower per-person costs. It could also benefit from how long travelers are staying. Sojern's data shows more than three-quarters of World Cup travelers plan to spend six to 12 nights at their destination. "We're pretty enthusiastic about the impact of FIFA as we look at booking patterns coming into the summer," Marriott CEO Tony Capuano told CNBC. "We're seeing really strong demand patterns in both FIFA and non-FIFA cities in the U.S." Capuano said Marriott expects the World Cup to lift U.S. revenue per available room by about 40 basis points. Marriott, the world's largest hotel chain, said it's particularly well-positioned because of its brand recognition and rewards ecosystem.

World Cup travel boost hasn't materialized for U.S. businesses — yet
Asia
The Economic Times

Equity mutual funds fell upto 6% last week. Check top 5 laggards

Equity mutual funds corrected upto 6% in the last week (June 15 to June 19) and international funds were among the worst performers. Here are the top five laggards (Source: ACE MF) Hang Seng fell the most at 3.69%. S&P 500 and Nasdaq were down 0.71% and 0.62% respectively. Dow Jones was down 0.20%. iNifty 50 and BSE Sensex were up 0.66% and 0.70%. DSP World Mining Overseas Equity Omni FoF delivered the highest negative return of around 5.81% in the said period. The other funds in the said time period delivered returns ranging between a negative 2.44% to positive 4.62% in the said time period.

Equity mutual funds fell upto 6% last week. Check top 5 laggards
Asia
The Hindu BusinessLine

How small investors can gain global exposure without international mutual funds

Dedicated international funds have been among the better-performing diversification options for Indian investors, but many of them are not easy to access today. With industry-level overseas investment limits largely exhausted, several schemes have suspended or restricted fresh inflows. For investors still looking for global exposure, the workaround may lie within domestic equity-oriented schemes themselves. Over the past year, while the Nifty 100 Total Return Index delivered virtually flat returns, some international funds generated very attractive returns. Major global indices also posted strong gains in rupee terms, with the S&P 500 returning 25 per cent, the Shanghai Composite 21 per cent, the Nikkei-225 83 per cent and Brazil’s Ibovespa 21 per cent. However, gaining exposure to overseas markets through dedicated international funds is not straightforward. The RBI has capped the mutual fund industry’s overseas investments at $7 billion, with an additional $1-billion limit for overseas ETFs. As these limits have largely been exhausted, many international funds have suspended or restricted fresh subscriptions. Consequently, among the 66 dedicated international funds available, only a handful remain open for investments at any given time. This makes it difficult for investors to access overseas opportunities. Interestingly, several domestic equity schemes, which are required to maintain at least 65 per cent exposure to Indian equities, have quietly built meaningful allocations to overseas stocks. Currently, 40 such schemes hold overseas exposure of up to 29 per cent of their portfolios. Together, the overseas allocation of these schemes stood at ₹35,941 crore, compared with ₹84,142 crore managed by dedicated international funds. They span categories such as flexi-cap, value, contra, multi-asset and aggressive hybrid funds, as well as sectoral and thematic strategies focussed on technology, healthcare, innovation and commodities. Here, we analysed the portfolio composition, performance and suitability of 24 domestic mutual fund schemes that allocate at least 5 per cent of their assets to overseas equities. Among flexi-cap funds, Parag Parikh Flexi Cap had 12 per cent of its assets, or ₹17,070 crore, invested in overseas equities as of May 2026. It has been one of the category’s most consistent long-term performers. Its value-oriented investment approach, strategic international allocation and timely cash calls have helped it emerge as a category leader. Historically, the fund invested up to 30 per cent of its portfolio overseas, though the allocation varies based on market conditions and regulatory constraints. Over the past three years, its international allocation has declined from 30 per cent to 12 per cent. The overseas portfolio is primarily concentrated in leading US technology companies such as Alphabet, Amazon, Facebook and Microsoft. The fund’s five-year annualised return of 14 per cent is ahead of the category average of 12 per cent. However, the fund’s strong return cannot be attributed to overseas exposure alone. SBI Focused Fund held 12 per cent of its assets, or ₹5,545 crore, in overseas equities. The fund has tactically maintained international exposure between 5 per cent and 15 per cent over the past five years. Its current overseas portfolio is concentrated in two holdings — Alphabet and EPAM Systems. The fund’s five-year annualised return of 13 per cent exceeds the category average of 12 per cent. DSP Value Fund held 15 per cent of its assets, or ₹274 crore, in overseas equities. Its international portfolio is diversified across sectors such as technology, healthcare, industrials and energy, and across regions including the US, Europe, China, Taiwan and Canada. Key overseas holdings include Amazon, Microsoft and NVIDIA. Over five years, it has delivered an annualised return of 14 per cent, in line with the category average. Two schemes, Franklin India Dividend Yield and Aditya Birla Sun Life Dividend Yield, held overseas allocations of 11 per cent and 5 per cent respectively. Franklin India Dividend Yield Fund’s international allocation has ranged between 11 per cent and 19 per cent over the past five years. It primarily invests in dividend-yielding stocks in emerging markets such as China, South Korea and Taiwan. Aditya Birla Sun Life Dividend Yield Fund, on the other hand, favours the US and global companies such as Starbucks, L’Oréal and Microsoft. Over the past five years, these funds have delivered annualised returns of 14 per cent and 15 per cent respectively, compared with the category average of 15 per cent. SBI Children’s Fund-Investment is the only scheme in the children’s fund category with overseas exposure. It allocated 15 per cent of its assets, or ₹974 crore, to international equities. Its overseas portfolio includes Alphabet, ReNew Energy Global and EPAM Systems. Structured as a hybrid fund, it has delivered a strong five-year annualised return of 24 per cent. However, the fund’s strong return cannot be attributed to overseas exposure alone, given its broader hybrid portfolio.

How small investors can gain global exposure without international mutual funds
Europe
The Guardian

US justice department approves $111bn merger of Paramount and Warner Bros Discovery

David Zaslav, CEO and president of Warner Bros Discovery (left) in 2025, and the Paramount CEO, David Ellison, in 2026. Composite: The Hollywood Reporter via Getty Images, Zuffa LLCView image in fullscreenDavid Zaslav, CEO and president of Warner Bros Discovery (left) in 2025, and the Paramount CEO, David Ellison, in 2026. Composite: The Hollywood Reporter via Getty Images, Zuffa LLCTrump administrationUS justice department approves $111bn merger of Paramount and Warner Bros DiscoveryDeal still under UK scrutiny with new investigation, and could face lawsuit from state attorneys general Donald Trump’s Department of Justice has decided to approve the $111bn merger of Paramount Skydance, controlled by the Ellison family, and Warner Bros Discovery, the parent company of networks like CNN and HBO. The deal was approved by the justice department’s anti-trust division after months of review, and despite the concerns of many people in the entertainment and media industries who believe it will hurt competition by reducing the number of film studios and – most likely – merging two news networks, Paramount’s CBS News and CNN. “The Division has completed its analysis of the proposed merger of Paramount and Warner Bros and determined based on the evidence received in its investigation that the transaction is not likely to result in harm to competition or American consumers, including with respect to: (1) streaming video on demand (“SVOD”); (2) linear television; and (3) studio development, production, or distribution of films for theatrical release,” the agency said on Friday evening. While the US government’s approval is a major win for the deal, hurdles remain. Earlier this week, the UK competition watchdog opened an investigation into the merger to determine whether it will result in a “substantial lessening of competition” in the UK. The Competition and Markets Authority (CMA) set a 7 August deadline to determine whether the merger requires a more in-depth review. In addition to reviewing the deal, European regulators are investigating the funding behind the merger; three sovereign-wealth funds in the Gulf have committed a combined $24bn. Both reviews have July deadlines. Paramount denied the lessening of competition in its statement Friday evening: “We are grateful for the Department of Justice’s thorough review of this transaction, as well as the work of the other agencies that have completed their reviews and provided clearance to date. This deal is pro-competitive, resulting in a stronger company better positioned to compete against dominant technology platforms in an industry increasingly defined by intense competition for audiences, talent, technology, and investment. We remain focused on completing the transaction as soon as possible and delivering its benefits to consumers, creators, and the entertainment industry as a whole.” On Tuesday, regulators in Australia approved the deal, after determining that it “is unlikely to have the effect of substantially lessening competition in relation to the wholesale supply of films for theatrical release in Australia”, according to a filing with the Securities and Exchange Commission that listed numerous other countries that have blessed the merger. Journalists at CBS News and CNN have expressed concerns about the possibility of the networks being merged, which would probably entail significant job cuts, as the companies have promised $6bn in synergies from the deal. There is also long-held concern from some staffers at CNN about the possibility of David Ellison and his father Larry, a longtime Trump associate, reorienting the network in an editorial direction more favorable to the president. (David Ellison pledged in March that CNN’s editorial independence would be protected, but there is speculation that he could choose to put CBS News’s embattled editor-in-chief, Bari Weiss, in charge of the cable network.) There is also still a possibility of a coalition of US state attorneys general filing a lawsuit to try to block the merger, something that could reportedly happen in the next few weeks and would probably be led by the California attorney general, Rob Bonta. Bonta, on Friday evening, posted on social media, “The merger of Warner Bros and Paramount is not a done deal and remains under investigation by my office.” Politico first reported that Trump’s justice department had decided to approve the merger. “Over the course of a rigorous eight-month investigation led by the Division’s career staff, the Division received from the Parties over two million documents from over 80 custodians, substantial productions of data, as well as extensive documents, data, and advocacy from third parties across the media and entertainment ecosystem,” the justice department said.

US justice department approves $111bn merger of Paramount and Warner Bros Discovery
North America
CNBC Finance

SpaceX employee group creates low-fee wealth management option with Choreo for post-IPO

A group of current and former SpaceX employees who joined forces to manage their post-IPO wealth has created a new, low-fee advisory option with Choreo, according to people familiar with the agreement. The employee group has more than 100 members and represents potential wealth of between $1 billion and $5 billion, according to the people, who spoke on the condition of anonymity to discuss confidential agreements. What began as an informal chat forum focused on philanthropy has grown into a broader effort to create more efficiencies and better access to financial advice using their combined wealth from their post-initial public offering windfalls, the people told CNBC. A small team representing the group evaluated potential firms and created a new wealth management offering with Choreo that members can opt into. Choreo, a Chicago-based registered investment advisor, says on its website it has more than $28 billion in assets under management and advisement, 40-plus offices, and 200 wealth advisors. Details and specific terms remain confidential, yet the sources told CNBC there will be a minimum annual fee or an annual management fee of under 0.5% of assets under management. Any fee below 0.5% could undercut the industry standard of between 0.5% and 1%. The Choreo fee structure is for a long-term agreement rather than a one-time promotional offer. The deal marks a bold experiment in the wealth management industry that could shift the balance of power from advisory firms to wealthy groups of investors. Wealth management firms have typically set their fees based on an individual's or family's wealth levels, offering a sliding scale based on investible assets. By joining forces, the SpaceX employees and alumni employees are proving they can use their collective financial scale to secure an option for better terms. The agreement also highlights the unprecedented power of the SpaceX IPO — establishing vast numbers of newly minted millionaires who were paid in stock as well as creating one of the most sought-after liquidity prizes in the wealth management industry. The vast majority of SpaceX employees – many of them engineers who were paid below-market salaries in return for stock – have never had large wealth to manage. By reducing fees, members of the SpaceX group hope to be able to devote more of their fortunes from the SpaceX IPO to philanthropy, the people said. In the forum, many of the SpaceXers have been sharing advice and contacts on how best to use their new wealth to give back to their communities, the people familiar said. Some indicated they are considering creating scholarships and funding for the colleges and universities where they were trained and educated. Others have said they want to fund new programs that give children better access to engineering, science and math programs. Employees of Anthropic, which recently filed confidential plans to go public, are also in discussions with advisory firms about a potential collective option, the people familiar told CNBC. Get this delivered to your inbox, and more info about our products and services.

SpaceX employee group creates low-fee wealth management option with Choreo for post-IPO
Europe
BBC Business

UK electric car sales target set to be weakened

The UK government is set to water down its target for how many new cars that are sold need to be electric vehicles (EVs). Under the current rules, 80% of all new cars sold in the UK need to be EVs by 2030, but car makers and trade unions have been lobbying government for years to reduce the target because of concerns over costs and jobs. Meanwhile, sustainability groups say any weakening of the target will threaten the UK's long-term electrification and climate goals. The government will hold a consultation on what the new 2030 target should be, meaning it could take months before it is decided, but numbers ranging from 50% to 70% are under consideration. A ban on sale of new petrol and diesel vehicles by 2030 was first announced by former prime minister Boris Johnson in 2020 and pushed back to 2035 by Rishi Sunak when he was prime minister. Alongside this change, Sunak introduced phased targets for EV sales in the UK, known as the Zero Emission Vehicles (ZEV) mandate. Under the ZEV mandate, the percentage of new car sales that need to be EVs increases each year. The target was 28% for 2025, 33% for 2026, and so on until it reaches 80% by 2030. Labour has pledged in its manifesto to bring the petrol and diesel ban back to 2030. Meanwhile, a policy review on the separate ZEV mandate had been expected early next year but the industry has pushed for it to happen sooner. Downing Street is expected to meet with the UK car industry this week to discuss the shift in policy, which was first reported by the Sunday Times. Labour has previously accused the Conservative government of "moving goalposts on phase out dates". Companies that fail to hit the ZEV mandate face a fine of £15,000 per car. They also have the option of buying credits from rivals who have sold more electric cars than they needed to. To sell their quota of EVs, many car makers use discounts. This has cost the industry more than £10bn over the past two years, according to the Society of Motor Manufacturers and Traders (SMMT). The SMMT told the BBC that "unless there is urgent relief of the mandate, which is still running well ahead of demand and about to ramp up, then the cost will be in jobs, investments and the viability of some businesses".

UK electric car sales target set to be weakened
North America
CNBC Economy

Consumer prices rose 4.2% annually in May, highest in three years

Inflation accelerated in May as rising energy costs contributed to pain for consumers, though underlying pressures were less intense. The consumer price index, a broad gauge of goods and services costs across the U.S. economy, rose at a seasonally adjusted 0.5% for the month, putting the annual inflation rate at 4.2%, the Bureau of Labor Statistics reported Wednesday. Both numbers were in line with the Dow Jones consensus though the monthly number was 0.1 percentage point below the April reading. Inflation climbed above 4% for the first time in three years, though the increase met expectations amid concerns over how much the surge in energy prices would impact the economy. The level was the highest since April 2023 and above the 3.8% reading from April. However, stripping out volatile food and energy prices, the so-called core CPI accelerated 0.2% for the month and 2.9% from a year ago. While the annual rate was in line with the forecast, the monthly gain was below the 0.3% estimate and less than the 0.4% April increase. "Americans are getting squeezed financially by inflation that's back at a 3-year high," said Heather Long, chief economist at Navy Federal Credit Union. "The frustration for many Americans is that so many of the basics are up in price right now -- gas, food, electricity, and medical care are all clear pain points that are above 3% inflation. Ending the war in Iran will help to moderate inflation, but the worst is likely still to come for rising food prices." The report arrives at a sensitive time for markets and policymakers as Federal Reserve officials contemplate their next move on interest rates. Markets largely expect the rate-setting Federal Open Market Committee to remain on hold when the decision is released June 17, but investors will be looking for signs of how concerned officials are over the inflation surge. With the U.S. caught in ongoing hostilities with Iran, concerns are rising that the surge in oil prices could spread to other energy-sensitive parts of the economy. Markets were rattled again Wednesday when President Donald Trump warned that Iran will "pay the price" for not taking a peace deal. Stock market futures held in negative territory but were off their lows after the CPI release while Treasury yields were flat. The report indicated that much of the inflation surge came from a 3.9% jump in energy prices, putting the 12-month increase at 23.5%. Core commodities prices actually posted a 0.1% decline on the month, indicating muted tariff pressures. "Washington economic officials are going to redouble their efforts to tell Americans there isn't a cost-of-living crisis," said Chris Rupkey, chief economist at Fwdbonds. "The sky isn't falling after all and the inflation risks for core consumer goods are in retreat for now." Food accelerated just 0.2% and shelter costs, a key input for Fed policy, rose 0.3%, half the gain of April. Shelter, which makes up more than one-third of the CPI weighting, rose 3.4% annually. Elsewhere, transportation services fell 0.6%, a potential indicator that high energy costs were not filtering into other areas. Similarly, services less energy services, also an indicator of whether higher oil costs were bleeding through, increased 0.3% after rising 0.5% in April.

Consumer prices rose 4.2% annually in May, highest in three years