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Europe
BBC Business

How to enjoy the World Cup - and keep your boss on side

With the 2026 FIFA World Cup about to get under way, many fans in England and Scotland are honing their strategy to balance late kick-offs with work the next morning. Matches are happening across the US, Canada and Mexico, with England's group games starting at 2100 and 2200 BST and Scotland's even later at 2300 and 0200. Some football fans have already strategically booked annual leave around potential knockout fixtures. Others are hoping to negotiate flexible working - later starts or working from home after late-night matches. Scotland fan Cameron Rae has already booked the Monday after the Haiti game off work so he can attend a Tartan Army fan zone at his local town hall, complete with a bar and DJ running until 4am. Pubs will be allowed to stay open until 01:00 BST for England or Scotland matches in the knockout stages that kick off between 17:00 and 21:00 and until 02:00 for kick-offs between 21:00 and 22:00. Rae says: "I booked the Monday off a while ago. I work in a garage and we're open as normal, so I probably wouldn't get away with flexible working." Fellow Scotland fan Krys Kujawa, a business analyst, thinks he can survive the late-nights without needing days off work - just about. "Haiti is early Sunday morning so there's still all of Sunday to recover," he says. "Morocco is late Friday night so you can just stay up and sleep in on Saturday. Brazil is the difficult one - that's coffee-your-way-through-work territory." In Scotland, there will be a one-off national Bank Holiday on 15 June to celebrate the national team playing in its first World Cup since 1998. All NHS Scotland staff and Scottish government employees are entitled to the day off. Local councils can choose to opt in or out and private businesses are not legally obligated to close or grant the extra holiday. Kujawa says he would have "preferred the Bank Holiday after the Brazil match" as it's a "bit of a buzzkill" knowing you have to go to work the next morning. Unions and employment experts have warned businesses to prepare for a spike in so-called "World Cup sickies". BrightHR, which monitors absences across more than one million UK employees, predicts at least 1.5 million workers will call in sick during the tournament, resulting in more than 2.3 million additional sickness absences.

How to enjoy the World Cup - and keep your boss on side
Europe
The Guardian

On China, Trump picked the right battle but the wrong strategy

Composite: The Guardian/Getty ImagesView image in fullscreen Composite: The Guardian/Getty ImagesUS economyAnalysisOn China, Trump picked the right battle but the wrong strategyEduardo PorterA long trade war looms. Trump’s scattershot protectionism, chaotic tariffs and belligerence against our natural allies guarantees that US trade policy will remain a hot mess In the months since “Liberation Day” last year, when Donald Trump let loose a volley of tariffs against imports from everywhere, countries have rushed to build new relationships in the hope of maybe circumventing the US to protect the global trading system. The European Union hurried to sign a trade agreement with South America’s Mercosur bloc that had been sitting on ice for years. China and south-east Asian nations deepened their trade agreement. The Canadian prime minister, Mark Carney, travelled to Beijing hoping to build closer ties. Hopes of rebuilding the open trade architecture are probably futile. Global trade will be shaped by an emerging new imperative, to stop China’s export juggernaut and end its lock on the supply of strategic inputs – from pharmaceutical components to critical minerals to essential chips that are vital for industries around the world. The United States will remain China’s main opponent. But other countries, in Europe and elsewhere, are also rummaging through their policy kits to evaluate their options, from tariffs and domestic subsidies to export controls. The war will come at a cost to economic wellbeing. Prices of consumer goods will rise as countries block imports from China. Manufacturers will have to cope with pricier Chinese inputs. Chinese exporters will have a harder time finding markets to place their stuff. And exporters in the US and elsewhere may be locked out of China’s market. The risk that looms high over all others is that China will, as it has done before, leverage its dominance in the critical commodities and products over which it has a near monopoly, cutting off supplies to retaliate against countries that block its products or seek to shake its dominance. Trump, of course, will not manage this well. His scattershot protectionism, raising tariffs across the board with no discernible strategy, and his belligerence against countries that would be natural allies in the brewing conflict, guarantee that American trade policy will remain a hot mess until the end of his term. Hopefully, the next administration will bring strategic thinking to the fight. It is perplexing how the global economy arrived at this spot. China accounts for about a third of the world’s manufacturing output, from only about 5% in 1995. Its share of global manufacturing exports rose from 3% to 20% over the period. It accounts for over 50% of the global exports of hundreds of manufacturing products. Even Germany, with its robust industrial pedigree, is worried that its industry may not survive the Chinese competition. China’s swelling current account surplus – officially 3.8% of its gross domestic product but up to 5% according to some analysts – has become a global threat. Economists observe there is a peaceful path out of this conundrum. Jason Furman, who chaired the US Council of Economic Advisers under president Obama, points out that as a means to improve the welfare of the Chinese, Beijing’s approach looks like a mistake. Getting the Chinese to save less and consume more – say, by building a more generous social safety net – would improve their wellbeing and bolster China’s sluggish economy without flooding the rest of the world with stuff. And yet, Furman also observes that Beijing may be aiming for a different objective: “maximizing your geopolitical dominance; not the economic welfare of your citizens”. Governments well beyond Washington believe this to be the case: China, the story goes, is not merely turbocharging exports to prop up growth. It is building an arsenal for a trade war. Beijing is doing nothing to dispel this fear. In a 2020 speech, President Xi Jinping argued that “we must tighten international production chains’ dependence on China, forming a powerful countermeasure and deterrent capability against foreigners who would artificially cut off supply.”

On China, Trump picked the right battle but the wrong strategy
Europe
The Guardian

World’s largest banks pledged $906bn to fossil fuel companies in ‘unfathomable’ increase in 2025, report finds

Climate activists, including Reverend Billy and the Stop Shopping Choir, protest against Chase’s support of Total Energies' EACOP pipeline at JPMorgan Chase headquarters in Manhattan on 29 May 2026. Photograph: Gina M Randazzo/Zuma Press Wire/ShutterstockView image in fullscreenClimate activists, including Reverend Billy and the Stop Shopping Choir, protest against Chase’s support of Total Energies' EACOP pipeline at JPMorgan Chase headquarters in Manhattan on 29 May 2026. Photograph: Gina M Randazzo/Zuma Press Wire/ShutterstockFossil fuelsWorld’s largest banks pledged $906bn to fossil fuel companies in ‘unfathomable’ increase in 2025, report findsJPMorgan Chase leads 65 banks making decisions incompatible with restraining rising temperatures, researchers say The world’s largest banks committed $906bn in financing to the fossil fuel industry last year, an “unfathomable” increase in investment locking in years more of coal, oil and gas production as the world continues to overheat, a new report has found. The surge in new fossil fuel lending, up $64bn or nearly 8% on 2024, shows that the world’s largest 65 banks are making decisions incompatible with international agreements to restrain rising global temperatures, according to the coalition of environmental groups behind the new analysis. JPMorgan Chase is again the world’s leading financier of fossil fuels, according to the annual Banking on Climate Chaos report, after pushing $58bn to the sector last year – up 13% from 2024. Bank of America committed the second largest amount to fossil fuels last year, followed by Japanese banks MUFG and Mizuho Financial. Citigroup, another US bank, rounds out the top five, with Barclays, at number eight, the highest placed British bank. View image in fullscreenThe Bank of America Tower in New York on 11 October 2025. Photograph: Bloomberg/Getty Images“Last year was the first year where we were hoping to see a continuous decrease in historical numbers, but we actually saw that increase and then that continues this year,” said Caleb Schwartz, a policy analyst at Rainforest Action Network, one of the groups behind the report. “So it’s a troubling trend.” Asked for comment about its fossil fuel lending, a JPMorgan Chase spokesperson said: “As one of the world’s largest financiers of energy, we support the full range of energy solutions and technologies, with a focus on reliability, affordability, security and long-term resilience. We believe our data reflects our activities more comprehensively and accurately than estimates by third parties.” In 2015, countries agreed in the Paris climate deal to strive to avert a breaching of 1.5C in global heating above preindustrial times, beyond which the world will suffer ever more ruinous heatwaves, floods, droughts and other climate-fueled disasters. View image in fullscreenThe Enbridge terminal and pipelines next to the Suncor energy refinery on 23 August 2023 in Alberta, Canada. Photograph: NurPhoto/Getty ImagesAvoiding such a threshold would require the near elimination of planet-heating emissions from fossil fuel production. Since the Paris agreement, however, the world’s largest banks have funnelled $8.7tn to the fossil fuel industry to dig and drill for more coal, oil and gas. Scientists now predict that the 1.5C limit will be breached imminently, with a recent string of record hot years set to be further surpassed this decade. In the wake of the US and Israel’s attack on Iran, which has escalated the global cost of oil and gas, several of the world’s largest fossil fuel companies have reported surging profits this year. “The fossil fuel incumbents are not going out with a whimper,” said Niko Lusiani, a climate and energy expert who edited this year’s report. “They are doubling down to expand an increasingly fragile, unreliable, risky energy system.”

World’s largest banks pledged $906bn to fossil fuel companies in ‘unfathomable’ increase in 2025, report finds
Europe
The Guardian

US stadium and hotel workers threaten strikes ‘to make things fair’ during World Cup

Fifa signage seen at the LA Stadium, temporarily renamed from SoFi Stadium. Photograph: Patrick T Fallon/AFP/Getty ImagesView image in fullscreenFifa signage seen at the LA Stadium, temporarily renamed from SoFi Stadium. Photograph: Patrick T Fallon/AFP/Getty ImagesWorld Cup 2026US stadium and hotel workers threaten strikes ‘to make things fair’ during World CupLow wages and fears of ICE crackdowns have set workers on edge of strike as thousands set to arrive during World Cup Hospitality and food service workers in several US cities hosting World Cup games are warning of looming labor disputes and possible strikes as the largest single sport tournament in the world gets ready to kick off on 11 June. In Los Angeles, California, cashiers, dishwashers, cooks, bartenders, concessions workers and food attendants at the SoFi stadium reached a tentative agreement on Tuesday afternoon, but the union noted it had a contractual right to walk off the job if it determines that federal immigration enforcement is threatening worker safety during the World Cup. The US’s opening match, against Paraguay, is scheduled to take place at SoFi Stadium – rebranded as the Los Angeles Stadium for the tournament – on 12 June. About 2,000 workers at SoFi Stadium represented by Unite Here Local 11 had voted 96% in favor of a strike authorization before the agreement was reached on Tuesday. Workers are seeking a new union contract with wage increases and protections from Immigration and Customs Enforcement (ICE). “We’re just trying to make things fair,” said Eva Miles, a bartender at SoFi stadium since it opened in 2021. “Without us, they don’t have a stadium. Are they going to cook? Are they going to pour those drinks? Are they going to serve these people?” Miles said she and her co-workers cannot afford to live near the stadium on the wages they are currently paid. She commutes two hours to work every day and said some co-workers have even longer journeys. “Let’s see them live on our wage, let’s see them raise a family,” added Miles. Workers are pushing for pay above $30 an hour. “I’ve been there since the beginning. I love meeting new people. I want my guests to be happy, and I want them to enjoy it and have a great experience. I know they spend a lot of money, and I know they’re spending a lot of money on this Fifa World Cup, so I don’t understand why we can’t get what we want and everybody be happy.” The unions ACLU of Southern California and LAANE have also filed a formal complaint with California privacy protection agency and the California department of justice, over Fifa’s accreditation policy that requires workers to divulge immigration information in order to work this summer’s World Cup. Enrique Fernández, the general vice-president for immigration, civil rights and diversity at Unite Here, noted many members of the union are immigrants who will be working at hospitality venues across World Cup host cities. Members of the union include immigrants from nearly 200 countries; the union traces its foundation back to the 1912 Bread and Roses strike of textile workers in Lawrence, Massachusetts, organized by immigrant founders of the union. “They experience the effects of anti-immigrant policy and rhetoric every day, and they don’t need the added stress of tracking ICE agents at their workplaces,” said Fernández. SoFi Stadium declined to comment, deferring to Legends Global, the concessionaire that employs the workers.

US stadium and hotel workers threaten strikes ‘to make things fair’ during World Cup
Europe
BBC Business

US adds BYD to list of firms with alleged Chinese military ties

The US has added several major firms from China including technology giant Alibaba and electric car maker BYD to a list of companies said to have ties with the Chinese military. The Department of Defense's list aims to alert American organisations to the risks of doing business with the Chinese firms, but their inclusion does not mean they are immediately sanctioned. The Chinese embassy in the US told the BBC that the list is "discriminatory" and said firms from China have strictly complied with the laws abroad. The BBC has contacted BYD and several firms on the list for comment. Alibaba's representatives said separately that there is no basis for their companies to have been listed. The list, known as Section 1260H, was announced in a post on the Federal Register on Monday and names some of China's top companies - a move that risks aggravating tensions between Washington and Beijing. The Pentagon list includes more than 80 "Chinese military companies" that are directly or indirectly engaged in providing commercial services for the US. Some of these businesses compete directly with major American companies in industries such as electric vehicles and artificial intelligence. For instance BYD, which does not export its cars to the US, surpassed Tesla earlier this year to become the world's top EV maker. Beijing will likely view the move as a "form of economic containment", said policy analyst Stefanie Kam from the Nanyang Technological University. China could possibly retaliate with tit-for-tat sanctions, add American firms to a list of its own or respond with some form of diplomatic pushback, Kam said. Alibaba, BYD and tech giant Baidu were among companies accused of serving as a military-civil contributor to Chinese defence operations, according to the list. The US appears to have flagged these companies for their participation in state programmes rather than based on clear evidence of contracts with the Chinese military, Kam said.

US adds BYD to list of firms with alleged Chinese military ties
Asia
The Hindu BusinessLine

Pak PM Shehbaz says final text of US-Iran peace deal agreed upon

Pakistan Prime Minister Shehbaz Sharif has said that the US and Iran have agreed on the text of a peace deal, kindling hope of a diplomatic breakthrough in the region. "Amid ongoing intense mediation efforts by Pakistan, we are fully aware of incessant misinformation campaign being waged by those who want to sabotage the peace deal," Shehbaz said in a social media post on Friday. "Setting aside the noise, we can confirm that a final, agreed upon text of the peace deal has been reached and Pakistan is now working closely with both sides to finalise the next steps," he said. The prime minister added that “peace has never been this close as it is now.” Shehbaz also tagged US President Donald Trump, Vice President JD Vance, Secretary Marco Rubio, as well as Iranian President Masoud Pezeshkian and Foreign Minister Abbas Araghchi in the post that came after a barrage of reporting on the possible deal. There was no immediate reaction from the White House or Iranian authorities on Shehbaz's assertion. Earlier, Iranian Foreign Minister Araghchi had suggested progress in the negotiations, saying the "Islamabad Memorandum of Understanding has never been closer". "Pending its finalisation, the media should refrain from entering speculation about its content. In line with our responsible and transparent approach, all details will be shared with the public in due course," he said in a social media post, without providing any details. President Trump also shared Araghchi's post on his own social media, but without giving any details about the emerging deal. Meanwhile, Vance said there is "a lot of fake information" circulating about a potential deal to reopen the Strait of Hormuz and end Iran's nuclear weapons programme. "The Iranians are not receiving any cash, and no funds are being released for simply signing a deal or attending a meeting," Vance said in a social media post. He said the proposed arrangement was structured to address the concerns of the US and its allies and that economic benefits would accrue to Iran only if it fulfilled its obligations. "This deal has the potential to remake the region and lead to lasting peace," Vance said, while cautioning against reliance on unconfirmed media reports and anonymous social media claims.

Pak PM Shehbaz says final text of US-Iran peace deal agreed upon
Asia
The Hindu BusinessLine

Iran peace deal looms while new military action flares near Strait of Hormuz

Proposed deal calls for reopening strait, U.S. lifting blockade Iran says changes still possible, nuclear talks later Israel PM says it won't be party to the agreement The United States and Iran ​signaled on Friday that an agreement to end their war was close, with a senior US administration official saying both sides had agreed on a text and that ‌Washington expects to sign an initial deal in the coming days. Iranian Foreign Minister Abbas Araqchi said that while changes in the ​deal were still possible, the tentative agreement showed his country had emerged stronger from the conflict. Hours after those remarks, US forces shot down multiple Iranian one-way attack drones heading toward the Strait of Hormuz, a source familiar with the matter told Reuters. The source, who spoke on condition of anonymity, said the drones had posed a threat to commercial traffic. US Central Command later confirmed the ‌action and said the waterway was open for transit. Iranian news agencies had reported that explosions were heard along the strait in Iran’s Sirik port and Qeshm island, which residents and local officials attributed to shots fired by Iranian forces to warn vessels attempting to cross ‌the waterway without permission from the Revolutionary Guards’ navy. The proposed memorandum of understanding calls for reopening the strait and lifting the US naval blockade ‌on ⁠Iranian ports, sources on all sides of the talks said. Negotiations over Iran’s nuclear program - US President Donald Trump’s stated rationale for starting ⁠the war - would take place afterward. The US official, speaking on condition of anonymity, told reporters that the deal met Trump’s core objectives and put negotiations “in a very, very good place.” Accounts of the draft proposal from Western, Pakistani and Iranian sources pointed to terms that could favor Iran, drawing criticism from Trump, who dismissed the reports as inaccurate. While there were minor differences in ​the details, the proposals broadly offered Tehran much of what it ‌has sought, with Trump appearing to secure little beyond the reopening of the strait, which Iran closed after the US and Israel strikes in February. Araqchi said Iran would, along with Oman, retain control of traffic through the strait, which before the war handled one-fifth of the world’s oil and gas supply. A Western source said the deal could be signed as soon as Sunday by ‌US Vice President JD Vance and Iran’s parliament speaker, Mohammad Baqer Qalibaf, with Geneva seen as the likeliest venue. The US. administration official said ​Europe had been discussed as a venue for signing but no decision had been made. Draft terms of the deal described to Reuters by multiple sources indicate the ⁠US would begin releasing billions of dollars in frozen Iranian assets and waive sanctions on its oil exports, in return for Iran opening the strait.

Iran peace deal looms while new military action flares near Strait of Hormuz
North America
CNBC Finance

Family offices bet on sports, from pickleball leagues to smart soccer balls

Last month, investment firms of the ultra wealthy went all-in on sports and played on multiple fronts. At the beginning of May, billionaire Tom Dundon's namesake family office partnered with Apollo's new sports fund to invest $225 million in Pickleball Inc., the parent company of Major League Pickleball and the PPA Tour. Dundon is already an owner of the Portland Trail Blazers NBA team and the NHL's Carolina Hurricanes. As for the major leagues, Michael Dell, as part of an investor group led by Silver Lake's Egon Durban, bought a 25% stake in the Las Vegas Raiders football team. Dell is also a minority investor in the NBA's San Antonio Spurs and the Austin Gamblers, a professional bull riding team. Family offices made 51 direct investments in companies in May, holding steady from April's deal tally, according to data provided exclusively to CNBC by Fintrx, a private wealth intelligence platform. A Goldman Sachs survey released last fall found that 25% of family offices have invested in sports or related assets like ticketing or arenas and another quarter are interested in doing so. Asides from love of the game, many investors are drawn to the sector as an inflation hedge. Student housing mogul David Adelman has used his family office to extend his reach into the sports economy. Adelman is a part-owner of the NBA's Philadelphia 76ers, English Premier League club Crystal Palace and the New Jersey Devils ice hockey team and an investor in sports merchandise giant Fanatics. In May, his investment firm Darco Capital co-led a $12 million Series A round for PlayerData along with David Blitzer's family office Bolt Ventures and venture capital firm Pentland Ventures. The UK startup makes GPS-enabled vests and soccer balls that help athletes track their performance. Adelman told CNBC that some teams in his portfolio use PlayerData products. Crystal Palace, for instance, uses the vests and smart soccer balls in training its academy players. The technology's application for athletes at all levels, including youth sports, was part of the startup's draw, according to Adelman. "What stood out to me was the ability to take something complex and make it simple, practical, and accessible," Adelman said. 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.

Family offices bet on sports, from pickleball leagues to smart soccer balls
Europe
The Guardian

UK watchdog to look at Paramount’s $110bn takeover of Warner Bros Discovery

The premiere last week of Paramount’s Scary Movie. Photograph: Jesse Grant/Getty for ParamountView image in fullscreenThe premiere last week of Paramount’s Scary Movie. Photograph: Jesse Grant/Getty for ParamountCompetition and Markets AuthorityUK watchdog to look at Paramount’s $110bn takeover of Warner Bros DiscoveryDeal to create a streaming and sports powerhouse will be scrutinised by Competition and Markets Authority The UK competition watchdog has opened an investigation into Paramount Skydance’s $110bn (£82bn) takeover of Warner Bros Discovery (WBD). The deal will create a media powerhouse controlling assets including the Paramount and HBO Max streaming services, Channel 5 and TNT Sports, which broadcasts Champions League, Premier League and the Olympics, the Hollywood studios behind franchises including Superman, Batman and Top Gun, as well as HBO, home to shows including Game of Thrones, The White Lotus and Succession. The Competition and Markets Authority (CMA) said it has opened an investigation to ascertain whether the tie-up will result in a “substantial lessening of competition” in the UK. The CMA said it will decide by 7 August whether the deal warrants a more in-depth phase 2 investigation, which can take up to five months. In February, Paramount beat Netflix to take over WBD, bringing an end to a high-stakes bidding war between the media companies. Netflix refused to increase its bid, saying that at the price offered for WBD it was “no longer financially attractive” to continue the bidding war. Paramount, which paid a $2.8bn fee to Netflix for breaking the streamer’s $82.7bn deal for WBD’s streaming and studio assets, is facing regulatory scrutiny and a backlash from critics worried about the impact on Hollywood. In April, more than 1,000 film and TV industry professionals, including Mark Ruffalo, Kristen Stewart, Ben Stiller and Joaquin Phoenix, signed an open letter protesting against the deal. “The integrity, independence and diversity of our industry would be grievously compromised,” the letter said. “Competition is essential for a healthy economy and a healthy democracy. So is thoughtful regulation and enforcement.” The US senator Elizabeth Warren has described the deal as “an antitrust disaster threatening higher prices and fewer choices for American families”. In April, David Ellison, chief executive of Paramount, told a movie theatre owners convention that he promised to continue to make a minimum of 30 films a year across the Paramount and Warner Bros film studios.

UK watchdog to look at Paramount’s $110bn takeover of Warner Bros Discovery