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Europe
BBC Business

UK complacent about war threat, warns defence boss

Image source, Getty ImagesBySimon JackBusiness editorPublished4 hours agoThe UK has been too complacent about the risk of foreign attack, the boss of Europe's biggest defence contractor BAE Systems has warned. Dr Charles Woodburn told the BBC in an exclusive interview that the level of threat was the highest he'd seen in his lifetime. He welcomed the recent boost to defence spending but said much more would be needed to hit the government's commitment to spend 3.5% of GDP on defence by 2035. He also warned we were not far from the use of autonomous lethal weapons by countries that may not follow the UK's policy of maintaining human control. In a rare interview, Woodburn told the BBC the reality of modern warfare had "changed quite profoundly" and that UK defence spending had to change with it. He said Russia and Ukraine had become "incredibly adept" at using autonomy in the form of drones and counter drones. "It's something that we now have to really understand and make sure that we're able to provide the capabilities that can counter that and deter aggression," he said. BAE Systems unveiled a life-size model of an unmanned fighter jet in front of the new Defence Secretary Wes Streeting at the Farnborough International Air Show. Four of these so-called Collaborative Combat Aircraft will accompany a manned fighter to massively increase firepower but at just 20% of the cost of a piloted aircraft. However, Woodburn said there was still a role for the traditional battleships and submarines that BAE has been manufacturing for decades. "If you look at what our adversaries are building, they're also building significantly large platforms - aircraft, ships, submarines. And they're supplemented by some of these unmanned capabilities." It is the combination of the two that has the "winning" formula, he said. It is hardly surprising that the boss of a defence company would like to see more defence spending. But Woodburn said the UK had been complacent for some time about the level of threat it faced - particularly from Russia.

UK complacent about war threat, warns defence boss
Europe
BBC Business

UK mortgage rates rise to highest level for a month

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoUK average mortgage rates have risen back to the level of a month ago as renewed tensions in the Middle East feed through to homeowners. Lenders' funding costs have increased as markets judge that a prolonged conflict reduces the possibility of interest rate cuts by central banks. The five biggest High Street banks are among a host of lenders which have increased their interest rates on new fixed deals in recent days. Recent projections by the Bank of England suggest just over five million homeowners should expect their monthly mortgage repayments to increase by the end of 2028. Mortgage rates had been falling as a ceasefire between the US and Iran initially appeared to hold. But fresh strikes and Houthi militia attacks on oil tankers in the Red Sea reignited fears over global energy supplies. Oil prices hit $100 a barrel for the first time since May on Thursday after several days of increases, stoking fears of higher inflation and a lower likelihood of interest rate cuts. The interest rate on this kind of mortgage does not change until the deal expires, usually after two or five years, and a new one is chosen to replace it. The average rate on a new two-year fixed deal is 5.58%, according to financial information service Moneyfacts. Although it has risen consistently in recent days, it remains below the Iran war peak in April of 5.9%. A modern browser with JavaScript and a stable internet connection is required to view this interactive. The information you provided on your monthly payments would not be sufficient to pay off your mortgage within the number of years given. This calculator does not constitute financial advice. It is based on a standard mortgage repayment formula dependent on the mortgage size and length and a fixed interest rate. It should be used as a guide only and does not represent the suitability, eligibility or availability of mortgage offers for users. For exact figures, users will need to approach an official mortgage lender.

UK mortgage rates rise to highest level for a month
North America
CNBC Finance

China's Geely to make EVs at Ford plant in Spain under new joint venture

China automaker Geely will build electric vehicles at a Ford Motor plant in Spain under a new manufacturing joint venture in Europe, the companies announced Thursday. Pending regulatory approvals, the companies said the joint venture will begin operations in the first half of 2027, with the first new vehicles scheduled to roll off the line in 2028. The Valencia, Spain, plant will continue to produce the Ford Kuga in the meantime, according to a news release. The companies said Ford will own 66% of the joint venture, while Geely will have a 34% stake. The joint venture is expected to include a new electric crossover for Ford, in "addition to a new member of the Bronco family, plus two electric Geely SUVs, with production starting in 2028," the companies said. The announcement comes after months of reported talks between the two sides, as legacy automakers such as Ford attempt to compete with Chinese carmakers that have quickly been expanding into new markets outside of China for several years. "The joint venture addresses the new realities of the European market -- intense global competition, relentless cost pressure and tightening regulation -- resetting Valencia to build at the industry's emerging cost benchmark," the companies said in the release. Automakers such as Ford have historically partnered with Chinese companies for production and sales in China, however several legacy companies have been geographically broadening such tie-ups. Chrysler parent Stellantis has been expanding its yearslong partnership with China's Leapmotor into Europe, and Germany's Volkswagen has said it is open to sharing under-utilized European factories with Chinese car brands as part of a push to cut costs. Ford's new tie-up comes a day after a U.S. Senate committee approved legislation to toughen a ⁠ban on Chinese automakers entering its home country. Ford CEO Jim Farley, who has been complimentary of Chinese automakers for their speed and products, has previously said the automaker would be looking to partnerships to assist its global operations. Ford's partnership with Geely stretches back to 2010, when it sold Volvo Cars to Geely, the companies said. "We are dedicated to delivering vehicles that European customers will choose on merit: on industry leading features, on high-quality and on actively contributing to Europe's green future. Put simply: we are building cars in Europe, for Europe, alongside a trusted partner," Alex Nan, vice president of Geely, said in the release.

China's Geely to make EVs at Ford plant in Spain under new joint venture
North America
CNBC Finance

A tax break for preserving land has drawn IRS scrutiny. Here’s when it still makes sense

Congress is moving to expand a land preservation tax incentive that has spent nearly a decade under IRS scrutiny. House and Senate proposals of the farm bill would create a new program to provide funding to landowners who agree to keep forests intact rather than sell or develop them. The IRS cracked down on conservation easements after groups of investors used them to generate billions of dollars in inflated tax deductions. However, the tax strategy still has value for individuals and families who want to preserve their land and pay less to Uncle Sam, lawyers who specialize in conservation easements told CNBC. More than a dozen states offer some sort of tax credit for donating land and some, including New York, Colorado and Georgia, have aggressively expanded their conservation easement programs in recent years. "I run into people who say, 'Wow, conservation easements are bad things. They're abusive.' No, they're not. They are for a small set of people and a small set of people that are getting sucked into this by bad actors," said Florida lawyer Keith Fountain. "My clients are people who own land and love the land, and the conservation easements provide a way to get some financial benefit and to keep and own and manage that land for the right purposes forever." Conservation easements let landowners keep ownership of the property while giving up certain development rights. Typically, the owner agrees to permanently limit how the property can be used, often to preserve farmland, wildlife habitats or open space. The landowner can then donate those foregone development rights or sell them at a discount to a land trust, government agency or another qualified group. In return, the owner can claim a charitable deduction. In many cases, they can still reside on the land and use it for recreational purposes like hunting and fishing, as long as they fit the easement's restrictions. Fountain said many of his ranching clients sell conservation easements to keep land in the family and use the proceeds to pay off debt or buy out younger family members who aren't interested in ranching. By selling the easements on their land at a discount, the clients collect cash and can claim a charitable deduction for the difference between the sale price and the fair market value. The transactions targeted by the IRS involve groups of investors, not longtime individual landowners. In these so-called syndicated conservation easement deals, a promoter sells stakes in land to investors and donates the easement. By using an inflated valuation of the property's development rights, the investors are able to claim a tax deduction that exceeds what they paid for the land. In a recent example filed last week, the U.S. Tax Court slashed a $41.6 million deduction claimed by an Alabama partnership to $800,000. The court agreed with the IRS that the deduction was based on a speculative valuation of the property's potential as a limestone quarry. Congress capped conservation easement values in 2022 in order to shut down syndicated easements, but the IRS is still wading through some 1,100 cases. The agency extended a settlement offer in May in an attempt to reduce the backlog. While the government has targeted syndicated deals, individuals can still trigger an IRS audit by donating an easement. For this reason, Fountain said his clients usually choose to sell easements at a discount even though donating one can come with better tax benefits. Many lawyers refuse to advise on conservation easements altogether. However, Carolyn Schenck, former IRS national fraud counsel, told CNBC that conservation easements shouldn't be written off.

A tax break for preserving land has drawn IRS scrutiny. Here’s when it still makes sense
North America
CNBC Finance

As Honda CR-V leads U.S. sales, automaker teases new American-built pickup truck

Honda Motor on Thursday confirmed a next-generation model of its Ridgeline pickup truck will be produced in the U.S. following a temporary production stoppage later this year. The future of the midsize pickup truck has been in flux amid reports that there could be a production pause coming due to the vehicle not meeting California emissions regulations. The Japanese automaker on Thursday said there will be a temporary production stoppage for the pickup truck later this year at the Alabama plant that produces the vehicle, with assembly returning to the facility within two years, likely in 2028. "The goal is to continue to serve those customers who've been loyal to the Ridgeline," Lance Woelfer, vice president of auto sales at American Honda Motor, told CNBC. "But one of the things that we want to bring forward in the future is increased ruggedness of that vehicle, even more capability." Woelfer declined to comment on whether the more rugged capability will include the vehicle moving from a car-based production process to a more traditional truck assembly, known as "body-on-frame," which is how most trucks are built in the U.S. "That's been an important part of its history. Whether or not it's part of its future, I won't get into that," Woelfer said. "This is a step forward for the Ridgeline that I think everybody will appreciate." Expanding the capability of the Ridgeline, which is more known for smooth driving than ruggedness, could assist in expanding the vehicle's buyers. Sales of the Ridgeline were down about 3% during the first half of the year. The company has sold between roughly 41,000 and 52,000 Ridgelines annually since 2021. That compares with more than 270,000 units sold of the segment-leading Toyota Tacoma in 2025. Honda's confirmation of the new pickup comes as its CR-V compact crossover led U.S. auto sales through the first half of the year for the first time ever. CR-V sales increased roughly 6% compared with last year as the Ford F-Series pickups and Toyota Rav4 crossover, which have led sales in recent years, dealt with production bottlenecks. 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.

As Honda CR-V leads U.S. sales, automaker teases new American-built pickup truck
Asia
The Hindu BusinessLine

Sensex today | Stock Market Live: Sensex down 390 pts at open, Nifty at 23,900 as Brent Crude surges past $96

Sensex Today, Nifty 50 | Stock Market Live Updates - Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for July 23, 2026. The escalation in Iran-US war, falling rupee, rising crude oil prices and FPI selling continue to hurt market sentiment. Rising tensions in the Middle East increased the price of crude oil to beyond $92 per barrel. “Going forward, the volatility is expected to prevail in the market. The investors will keep an eye on the issues like oil, geopolitics, FII inflows, Q1 results and comments of global central banks.” Vikram Kasat, Head Advisory, PL Capital. Domestically, the spotlight will shift to the IT sector as investors await Infosys’ quarterly earnings, due after the close of trading, for fresh cues on demand trends and the sector’s outlook. Q1 Results Today Live Updates, 23rd July 2026: Get real-time Q1 FY27 earnings updates, profit growth, revenue numbers and management outlook of Infosys, IndiGo, Cipla, PVR INOX, Mphasis, IEX, Meesho, Cyient, Vishal Mega Mart, Coromandel International and more than 50 companies announcing Q1 FY27 earnings today. Top gainers of Nifty 50: Tata Consumer (0.89%), Bajaj Auto (0.80%), ONGC (0.58%), Hindalco (0.45%), Coal India (0.26%) Top losers: Dr Reddy’s Lab (-3.53%), Cipla (-1.26%), Infosys (-1.12%), Bajaj Finance (-1.08%), Tata Steel (-0.84%) At 9:16 am, Sensex dropped 348.13 points (-0.45%) to 76,406.92, Nifty shed 91.45 points (-0.38%) to 23,904.80 Silver imports to India plummet due to new licensing rules, causing supply shortages and rising local premiums amid steady demand. The Indian rupee is expected to remain under pressure through Thursday’s session as the worsening U.S.-Iran dispute fuels a further rally ‌in oil prices. The rupee is expected to trade in a 96.50-96.70 range, with risks ⁠tilted to the downside, although support from the Reserve Bank of India is likely to limit losses, a currency trader ‌at a private sector bank said. The currency settled at 96.5650 on Wednesday, hovering ‌near its weakest level in more than two ‌months.

Sensex today | Stock Market Live: Sensex down 390 pts at open, Nifty at 23,900 as Brent Crude surges past $96
Asia
The Hindu BusinessLine

SEBI proposes foreign investments, unhedged short positions for portfolio managers

SEBI has proposed a wide-ranging overhaul of the Portfolio Managers Regulations, allowing portfolio managers to invest clients’ funds in foreign securities and undertake limited unhedged short positions through exchange-traded derivatives. The Securities and Exchange Board of India (SEBI) has proposed allowing portfolio managers to invest clients’ funds in foreign securities and take unhedged short positions through equity exchange-traded derivatives as part of a comprehensive review of the SEBI (Portfolio Managers) Regulations, 2020 aimed at expanding investment avenues and aligning the regulatory framework with evolving market dynamics. The proposals have been put out for public consultation through a consultation paper on the draft SEBI (Portfolio Managers) Regulations, 2026. According to the consultation paper, portfolio managers are currently not permitted to invest client funds in foreign securities. SEBI has proposed permitting investments in listed foreign equity shares, listed foreign debt securities and overseas mutual funds or unit trusts registered with overseas regulators that invest in listed equity, listed debt securities and overseas listed Real Estate Investment Trusts (REITs). SEBI stated, “Currently, portfolio managers are not permitted to invest client funds in foreign securities....... it is proposed to allow portfolio managers to invest client funds in the following overseas securities. Listed equity shares. Listed debt securities. Overseas Funds.” It also added that this would enable investors to get access to foreign securities through a regulated investment professional landscape. The market regulator said the proposal would provide sophisticated investors and high-net-worth individuals access to overseas investment opportunities through regulated portfolio managers while bringing regulatory parity with mutual funds, Alternative Investment Funds (AIFs) and IFSC-based portfolio managers that are already permitted to undertake overseas investments. The consultation paper stated that investments in foreign securities would be governed under the Foreign Exchange Management Act (FEMA), 1999. Portfolio managers would be required to ensure compliance with applicable FEMA limits and reporting requirements. They would also have to obtain explicit positive consent from clients before making investments in foreign securities. SEBI has also proposed giving portfolio managers greater flexibility in the use of exchange-traded derivatives. Under the proposal, portfolio managers would be allowed to undertake a total exposure of up to 1.25 times a client’s assets under management (AUM). It stated, “Considering the maturing investment experience and growing demand for more diversified and personalised solutions, it is proposed to permit portfolio managers to invest clients’ funds in exchange-traded derivatives”. Within this overall limit, they would be permitted to take unhedged short exposure through equity exchange-traded derivatives of up to 50 per cent of the client’s AUM, in addition to derivative exposure used for hedging and portfolio rebalancing.

SEBI proposes foreign investments, unhedged short positions for portfolio managers
Asia-Pacific
The Straits Times

Orchard Central tenants from levels 5 to 12 to move out by end-November; space planned for office use

The tenants are on varying lease terms, with some expiring at the year end, others extended until the mall’s last day of operations, while others have leases that run beyond Nov 30. SINGAPORE – As early as March, there were murmurs among some tenants of Orchard Central mall about a feasibility study being done by their landlord, though no one knew what it was about or if tenants would be affected. Inquiries about their leases were met with delayed or holding responses from the leasing team, according to some tenants who spoke to The Straits Times the week of July 13. Then, a letter dated June 1 arrived from the mall’s landlord, Far East Organization (FEO), informing some tenants that they would have to vacate their units by Nov 30. The letter, a copy of which ST has seen, said that the landlord will be renovating and refurbishing the mall as part of an asset enhancement initiative, with works to commence on Dec 1. Tenants on the fifth to eighth floors, as well as levels 11 and 12, will be affected, according to those who spoke to ST. The mall’s carpark occupies its ninth floor. The tenants are on varying lease terms, with some expiring at the year end, others extended until the mall’s last day of operations, while others have leases that run beyond Nov 30. The Business Times reported on July 10 that Deloitte has secured a permanent space in Orchard Central, where it will occupy several upper-level floors. Deloitte said in a social media post the same day that the move will take place in 2027. Far East Organization, in a July 24 reply to ST, said its planned enhancements, subject to approval from the authorities, include fresh dining options, integration of new public art, and improved pedestrian connectivity to the future revamped Istana Park via a new pedestrian link bridge. The mall is currently approved for retail, F&B and lifestyle use. In-principle approval has been granted by the Urban Redevelopment Authority for the introduction of offices, alongside existing retail uses. Marc Boey, FEO’s executive director of property services, said the group believes the next phase of growth for Orchard Road will come from an even stronger mix of retail and lifestyle offerings, homes and workplaces across the precinct.

Orchard Central tenants from levels 5 to 12 to move out by end-November; space planned for office use
Europe
The Guardian

Donald Trump to impose 50% tariff on most Canadian goods, White House says

Donald Trump at the White House in Washington DC on 14 July 2026. Photograph: Graeme Sloan/Pool/Graeme Sloan - Pool/CNP/ShutterstockView image in fullscreenDonald Trump at the White House in Washington DC on 14 July 2026. Photograph: Graeme Sloan/Pool/Graeme Sloan - Pool/CNP/ShutterstockTrump tariffsDonald Trump to impose 50% tariff on most Canadian goods, White House saysTurmoil likely as Trump officials say Canada unfairly discriminated against US autos, alcohol and dairy products Donald Trump is imposing 50% tariffs on most Canadian goods in response to the country retaliating against previous US tariffs, the White House announced Monday, declaring Canada has unfairly discriminated against American cars, alcohol and dairy products. The tariffs will hit a wide range of products, the White House said, including wine, hockey sticks and cement. They also include goods previously protected from import taxes under the United States-Mexico-Canada (USMCA) agreement. The new tariffs will exclude energy products, fish, critical minerals and potash. They also exclude products already subject to tariffs aimed at protecting national security, such as steel and aluminum. The steep tariffs will probably unleash a new wave of economic chaos, with risks of higher inflation and further fraying of relations between two nations that had been closely woven together before Trump’s return to the White House. The Canadian prime minister, Mark Carney, said in a statement that his government has made comprehensive proposals ‌to resolve trade disputes with Washington, asserting that Trump’s past tariffs violated ‌a trade pact between the two countries. “This trade dispute has raised costs for families, particularly in the US,” he said. “Canada stands ready to engage intensively to address outstanding issues with the US to the mutual benefit of our citizens.” The White House said the tariffs will go into effect in 30 days, leaving time for possible negotiations between the two countries. Trump signed three proclamations to launch the tariffs under Section 338 of the 1930 Trade Act. Several Democratic lawmakers last year proposed repealing the section because they said Trump could use it to destabilize the economy. A White House fact sheet claims Trump is “taking action to hold Canada accountable for its continued discrimination against and unreasonable and unequal treatment of U.S. commerce that has burdened and disadvantaged hardworking Americans”. Trump claims in the proclamations that Canada discriminates against American automobiles, alcohol and cheese relative to other nations, but his argument rests in large part on retaliatory actions taken by Canada after the US president imposed tariffs on Canada under the pretext that it should do more to stop fentanyl smuggling into the US. Trump noted in his autos proclamation that Canada maintained, starting in April 2025, a 25% tariff on the imports of US motor vehicles that did not qualify for preferential treatment under the USMCA.

Donald Trump to impose 50% tariff on most Canadian goods, White House says