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Europe
BBC Business

Three quarters of workers not on track for 'moderate' pension income, report suggests

Too many people face a "cliff-edge drop in income" when they retire, with more than three quarters not on course to save enough for a "moderate" lifestyle, a pensions trade body has warned. A new report by Pensions UK suggested what it termed a moderate lifestyle cost £32,700 for one person and £45,400 for two - but estimated just 23% of the working population were on course to reach such a level. Rising bills have pushed up the cost of retirement, it said, adding to calls for action to boost retirement savings. According to the report, a minimum retirement lifestyle costs around £13,900 annually for a one-person household and £22,500 for two people. Meanwhile, a comfortable lifestyle in retirement is estimated to cost £45,400 for a single person and £62,700 for a couple. Pensions UK said only 9% of workers were in line to get to that level. The trade body estimates the level of income needed to have a minimum, moderate or comfortable standard of living as a pensioner each year. The calculations are developed and maintained independently by the Centre for Research in Social Policy at Loughborough University. They are intended as a guide for those planning their retirement savings. The minimum standard is calculated to include money for a couple's weekly groceries, a week's holiday in the UK, eating out about once a month and some affordable leisure activities about twice a week. Some 82% of the working population would reach the minimum standard, the report said. "Far fewer will go beyond that. That is out of step with what people expect for their future. Without action, too many risk facing a cliff-edge drop in income when they stop work," said Zoe Alexander, from Pensions UK. The incomes needed had increased compared with a year ago, primarily as a result of the rising cost of food and socialising, the report said. The increases were broadly in line with rising prices, as measured by inflation, though housing costs are excluded.

Three quarters of workers not on track for 'moderate' pension income, report suggests
Europe
BBC Business

Puffin and bumblebee among 18 creatures shortlisted to feature on banknotes

Eighteen animals, birds and insects have been shortlisted to appear on future banknotes - and the public can have their say on which creatures feature. The wildlife beauty contest gives the colourful kingfisher and common frog an equal chance of a place on the next series of Bank of England notes. The replacement of historical characters, particularly Sir Winston Churchill, with British wildlife sent political leaders into a frenzy of condemnation earlier this year. But now people have a month to offer their views about which species of wildlife should be honoured on the £5, £10, £20 and £50 notes. The shortlist, chosen by a panel of wildlife experts, excluded household pets. People will be able to vote for up to six of their favourites from the shortlist. In a bid to prevent the otherwise inevitable Stoaty McStoatface jokes, those voting will not be able to nominate any alternatives. "I very much hope the public will enjoy engaging in our consultation to choose the animals to feature on our next series of banknotes," said Victoria Cleland, the Bank's chief cashier, whose signature appears on banknotes. "The shortlisted animals demonstrate the rich variety of wildlife we have to celebrate in the UK." The new banknotes will each feature one animal or bird, but the public will be able to select up to two of their favourites from each of three categories on the shortlist before the deadline of the end of 3 July. The mammals are: the bottlenose dolphin, the brown hare, the European hedgehog, the grey seal, the pine martin and the red fox. The second category of birds feature: the Atlantic puffin, the barn owl, the common kingfisher, the Eurasian curlew, the great spotted woodpecker, and the white-tailed eagle. The final section of amphibians, insects and fish, has: the Atlantic salmon, the basking shark, the buff-tailed bumblebee, the common frog, the Emperor dragonfly, and the marsh fritillary butterfly.

Puffin and bumblebee among 18 creatures shortlisted to feature on banknotes
Asia-Pacific
Channel NewsAsia

AirAsia reviewing policy after family with cerebral palsy child removed from flight due to 'safety requirements'

The woman said that her daughter had flown with AirAsia before, and questioned if that meant the policy was breached during those earlier flights. Malaysian carrier AirAsia has said that it is reviewing its policy after a family with a child with cerebral palsy was removed from its flight. (Photos: Facebook/Syarifah Ella Wan Wahab) SINGAPORE: Malaysian carrier AirAsia has said that it is reviewing its policy after a family with a child with cerebral palsy was offloaded from its flight.The decision made at the time was based on "applicable safety requirements relating to the suitability of the child restraint device presented for use on board", the airline said on Wednesday (Jun 3) in response to CNA's queries. The airline is currently "reviewing its policies and procedures relating to specialised child restraint devices to ensure greater clarity and consistency", said Captain Saravanan Subramaniam, AirAsia X's chief safety and quality officer. A woman posted a complaint on Facebook on May 28, claiming her family was removed from a Singapore to Kuching flight on May 26 due to the use of a "special aircraft/car seat" for her daughter, who has quadriplegic cerebral palsy. In her Facebook post, Syarifah Ella Wan Wahab said she and her family, consisting of herself, her husband, three children and a helper were already seated inside the plane when they were informed by a ground staff and crew member that the pilot in command had decided to deny the use of her daughter’s FAA-approved seat and requested that the entire family disembark from the flight. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less She said in her post that the seat had been declared upon check-in at Changi Airport and the ground staff were fully aware of her daughter's condition, with staff even asking about the seat's weight and her child's medical condition. "I fully acknowledge and respect that the pilot in command holds final authority concerning onboard safety decisions. "However, what deeply affected us was the manner in which the situation was communicated and handled," she said in her post. The woman also said in her post that no clear explanation was provided at the time regarding the specific safety concern or operational factor that led to the decision and was repeatedly told that it was AirAsia's policy."Only after repeated requests for clarification did crew members state that the child must be between six months and 3 years old and must not exceed 18kg," she said. In her post, Ms Syarifah also questioned the policy, and said that her child needed the seat due to medical reasons and not because she was a "small child".She also said that her daughter had flown with AirAsia before, and questioned if it meant that the policy was breached during those earlier flights. According to her, after her family disembarked, they were informed that arrangements could be made for the next available flight to Kuching. However, they were also told they could again be offloaded if the next Pilot in Command rejected them as well.

AirAsia reviewing policy after family with cerebral palsy child removed from flight due to 'safety requirements'
Europe
The Guardian

Federal workers experiencing ‘PTSD-like symptoms’ after unlawful firings by Trump administration

Employees walk out of the US Department of State headquarters on 11 July 2025, in Washington DC. Photograph: Anna Moneymaker/Getty ImagesView image in fullscreenEmployees walk out of the US Department of State headquarters on 11 July 2025, in Washington DC. Photograph: Anna Moneymaker/Getty ImagesBusiness Federal workers experiencing ‘PTSD-like symptoms’ after unlawful firings by Trump administrationIn survey of more than 300 fired probationary employees, 95% reported continuing mental health effects US federal workers laid off by the Trump administration say they are experiencing mental health effects, including PTSD-like symptoms, from losing their jobs, according to a new survey. More than 300 fired probationary employees were surveyed, with 95% reporting ongoing mental health effects, according to 27UNIHTED, a network of former National Institute of Health (NIH) employees. Nearly half said they were experiencing PTSD-like symptoms, and a quarter are taking new medications to manage symptoms. Survey respondents were located across 43 states and the US Virgin Islands and had worked in 12 different departments across 15 agencies, bureaus and subgroups. The employees are a tiny fraction of the more than 300,000 federal workers who were laid off or pushed to resign or retire since the start of Donald Trump’s second term. More than 25,000 workers were laid off in the middle of their probationary period, meaning they had started their positions within a year or two when they were abruptly fired. Brier Ryver worked as a park ranger at the Crystal River national wildlife refuge, Florida’s only wildlife refuge for manatees, when she was fired along with other federal probationary employees. She was in the midst of a six weeks education program teaching children when another probationary colleague was terminated. She was temporarily reinstated in March 2025 but was ultimately fired again that May. “I love that job, so I went back to it, but the instability was very apparent,” Ryver said. “Even now, still talking to people who are still reinstated, it still feels like they’re waiting for the other shoe to drop.” A federal judge ruled in September that the firing of federal probationary employees was unlawful, though the federal government was not required to reinstate terminated employees. The judge overseeing the case noted concerns that the supreme court would overrule the relief if he ordered reinstatement of the fired workers. Ryver noted the firings had set a precedent that could allow the federal government to fire employees on a whim despite civil service protections. “These unlawful terminations that should have never happened in the first place have had deep personal impacts,” Ryver said. “I still have PTSD-like symptoms in my own life that are impacting my ability to work, and although I’m in a different role now, it’s still at the back of my mind, what happened to us.” Christa Reynolds worked as a contractor for the NIH for eight years before taking a role at the agency as a program analyst.

Federal workers experiencing ‘PTSD-like symptoms’ after unlawful firings by Trump administration
Asia-Pacific
Channel NewsAsia

Thai PM calls for urgent talks with Malaysia after shrimp import ban sparks concerns for farmers’ livelihoods

Prime Minister Anutin Charnvirakul has instructed his ministers to seek a bilateral trade solution with Malaysia. Thailand's Prime Minister Anutin Charnvirakul delivers his government's policy statement to parliament in Bangkok, Thailand, on Apr 9, 2026. (Photo: Reuters/Athit Perawongmetha) KUALA LUMPUR: Thai Prime Minister Anutin Charnvirakul has called for immediate talks with Malaysia following its temporary import ban of five Thai shrimp species as part of tighter controls on Thai fishery products. Anutin issued the directive in a Cabinet meeting on Tuesday (Jun 2) and warned that prolonged restrictions could hurt the livelihoods of shrimp farmers, exporters and the wider seafood supply chain, said Thai government spokesperson Ratchada Thanadirek. "If the issue is allowed to persist, it could affect farm-gate shrimp prices and the incomes of small-scale farmers," she said in a statement after the Cabinet meeting on Tuesday, quoted by Malaysian national news platform Bernama. Ratchada added that Anutin had told various ministers in his Cabinet, including the commerce minister and agriculture and cooperatives minister, to hold urgent discussions with Malaysian authorities to seek a bilateral trade solution while protecting Thai farmers. Thailand's commerce minister is Suphajee Suthumpun, who is also serving as deputy prime minister, while the agriculture and cooperatives minister is Suriya Jungrungreangkit. "The prime minister emphasised that this issue must not become a burden borne solely by farmers, as the shrimp industry supports an entire supply chain, including farms, collectors, processing plants, exporters and a large workforce," Ratchada was quoted as saying by local news outlets. Ratchada said that relevant agencies had been directed to cushion restriction impacts, including by stabilising farm-gate prices, managing any surplus domestic supply and accelerating efforts to secure alternative export markets. The farm-gate price is the price that covers the producer's costs and profit before exporting. Thailand exports about 6,000 tonnes to 8,000 tonnes of shrimp to Malaysia each year, accounting for about 5 per cent of total Thai shrimp exports. The ban could cost Thailand over 4 billion baht (US$122.1 million) a year, reported Thai news outlet Bangkok Post. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less Malaysia’s temporary ban sparked concerns among Thailand’s shrimp production sector. (File photo: iStock) Malaysia is a convenient export market as Thai producers do not need to transport goods to its Central region - where trade is primarily handled and distributed - and Malaysia is able to absorb output from aquaculture and coastal fisheries, which are located in the south of Thailand.

Thai PM calls for urgent talks with Malaysia after shrimp import ban sparks concerns for farmers’ livelihoods
Europe
BBC Business

Microsoft testing wearable AI gadget aimed at office workers

Microsoft is developing new wearable technology with an artificial intelligence (AI) enabled gadget. During its yearly conference for technology developers, Microsoft executive Steven Bathiche showed off two "concepts" that the company has developed for hardware products intended for people who often use AI tools in their work. One device was a small portable cube with a touch and voice-activated screen, meant for a desk. The other was "a wearable access badge," Bathiche said, to hang around the neck or on a belt loop, giving quick access to AI-driven work Satya Nadella, Microsoft chief executive, said such gadgets represented a "new form factor" for technology devices. While Microsoft did not say it would bring either of these products to market, it said current pilots with the devices "will inform how these form factors can be built" in the future. The company developed a wearable headset, called the Hololens, akin to the Meta Quest or Apple's Vision Pro headsets. The Hololens was even set to be sold to the US Army in a contract worth billions of dollars. But after almost a decade of development, and ongoing issues during testing by the military, Microsoft said in 2024 it would stop producing Hololens. Google is also having a second go at wearables, as that company recently said it would try again with "smart glasses" more than a decade after its notorious Google Glass flop. In a video demonstrating Microsoft's AI-driven access badge and desktop device, part of what Nadella called Project Solara, people doing mainly office work were shown tapping the screens on both devices in order to see and connect to work being done by AI agents. Agents are essentially AI bots doing tasks somewhat autonomously. Such agents are widely used by technology workers, assisting in their writing of software code, for instance. The advancement of this kind of AI assistance has been cited widely by major tech executives in a recent wave of layoffs that have impacted many thousands of workers.

Microsoft testing wearable AI gadget aimed at office workers
North America
CNBC Economy

Inflation hits 3.2% in the euro zone as Iran war pushes energy costs higher

Euro zone inflation rose to an estimated 3.2% in May, driven by double-digit energy price growth, official data showed on Tuesday. The print, which was in line with forecasts in a Reuters poll of economists, is expected to lock in expectations of an interest rate hike at next week's European Central Bank meeting. Energy costs represented the highest annual rate of inflation in May, according to the flash data, with prices rising by 10.9% — a slight rise from the euro zone's 10.8% energy price growth recorded the previous month. Services inflation rose to 3.5% from 3% in April, while food, alcohol and tobacco prices cooled to 2% from 2.4% the previous month. Inflation rates also varied drastically between individual markets. Germany, Europe's biggest economy, saw annual inflation fall to 2.7% in May from 2.9% in April. But Greece and Lithuania's annual inflation rates rose above 5% last month. In France, annual inflation rose from 2.5% in April to 2.8% in May. Tuesday's print showed inflation in Europe is continuing to rise above the European Central Bank's 2% target as oil and gas prices remain elevated in the wake of the U.S.-Iran war. Inflation in the euro zone jumped to 3% in April, up from 2.6% in March. Prior to the outbreak of the conflict in Iran, inflation in the euro area had dipped below the 2% threshold. Europe is particularly vulnerable to energy shocks as a major net energy importer. Markets are currently pricing in a 94% chance of the ECB hiking its key interest rate by 25 basis points at its meeting later this month, according to LSEG data. Following the data release, the euro was flat against the dollar at around $1.164. The yield on Germany's 10-year bund, broadly seen as a benchmark for the euro zone, fell by 6 basis points. Carsten Brzeski, global head of macro at ING, said in a note on Tuesday morning that the May inflation data paves the way for an ECB rate hike next week. "A week ahead of the next ECB meeting, this is the expected uptick in inflation that will motivate the central bank to decide on an 'insurance' hike," he said.

Inflation hits 3.2% in the euro zone as Iran war pushes energy costs higher
North America
CNBC

Ulta shares pop as beauty retailer beats Wall Street expectations and hikes earnings outlook

Ulta Beauty on Tuesday reported quarterly results that beat on the top and bottom lines and hiked its earnings outlook as the retailer saw a strong start to its fiscal year. For the three-month period ended May 2, Ulta saw net sales increase roughly 11% compared to the year-ago period. It reported comparable sales rose 5.3%, compared to StreetAccount estimates of up 4.6%. Ulta reaffirmed its full-year same-store sales and revenue projections, but raised its full-year EPS guidance to between $28.36 and $28.80. Its previous outlook was earnings per share between $28.05 and $28.55. "Fiscal 2026 is off to a strong start driven by broad-based growth across all channels and major categories," CEO Kecia Steelman said in a statement. "Our results demonstrate the strengths of our model, focused execution of our talented associates and the effectiveness of our strategy in an uncertain macroeconomic landscape." On a call with analysts on Tuesday, Steelman said the launch of Ulta's TikTok Shop, with a focus on Ulta-specific products, during the quarter contributed to its success. The company also launched more than 20 new brands during the quarter, including Selena Gomez's popular makeup brand, Rare Beauty. The company said its strongest category for the quarter was fragrances, increasing from 11% to 12% of total revenue. The earnings come as consumer confidence takes a dip amid soaring gas prices and rising inflation, leading to a pullback in discretionary spending. "We are operating from a position of strength in this environment and have multiple levers to satisfy guests' value needs," Steelman said on the call. 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.

Ulta shares pop as beauty retailer beats Wall Street expectations and hikes earnings outlook
North America
CNBC

Victoria's Secret shares spike 40% after big earnings beat, raised sales outlook

Shoppers may be feeling gloomy about high prices at the pump, but they're still shelling out for new bras and underwear at Victoria's Secret. The lingerie retailer raised its full-year guidance on Tuesday after blowing past earnings estimates in its fiscal first quarter, citing lower tariff costs and more customers willing to spend full price on its products. Shares of Victoria's Secret closed 47% higher. There was "very consistent, double-digit [sales] increases across Victoria's Secret, Pink, beauty channels, digital, stores and international, all very positive," CEO Hillary Super told CNBC in an interview. "Supercharging bras being one of our most important initiatives, double-digit [comparable sales growth] there, and I think the loyalty that bras creates and the anchor that it is in the business is just so important." Super added the company grew sales with "significantly" fewer promotions and gained market share during the quarter, particularly with shoppers ages 18 to 24. During the first quarter, some retailers saw strong growth that they attributed partially to higher tax refunds. While Victoria's Secret finance chief Scott Sekella said some customers used that extra stimulus to go shopping at its stores, it was a "normal amount," and trends have remained consistent so far this quarter, even with tax refunds having dried up for many people. Victoria's Secret is now expecting full-year sales to be between $7.03 billion and $7.13 billion, up from a previous range of between $6.85 billion to $6.95 billion and well ahead of estimates of $6.99 billion, according to LSEG. The company also raised its full-year guidance for adjusted opening income by more than $100 million. It's now expecting adjusted operating income to be between $550 million and $580 million, up from a previous range of between $430 million to $460 million. Sekella said the company hiked its outlook because better-than-expected sales led to stronger leverage on fixed costs, and it also factored in lower tariff rates now that many of President Donald Trump's sweeping duties have been ruled illegal. "All of this is predicated on the Q1 that we had, the momentum we see into Q2 and how we feel about our back half launches," said Sekella. The company also issued rosy guidance for the current quarter, even as some peers released conservative outlooks as they monitor whether consumers pull back on spending without the boost from tax refunds. It said it's expecting sales to be between $1.59 billion and $1.62 billion, beating expectations of $1.56 billion, according to LSEG. The company's reported net income for the three-month period that ended May 2 was $47.7 million, or 56 cents per share, compared with a loss of $1.66 million, or 2 cents per share, a year earlier. Excluding one-time restructuring costs, Victoria's Secret saw earnings per share of 60 cents. Sales rose to $1.56 billion, up about 15% from $1.35 billion a year earlier. Comparable sales, including stores and e-commerce revenue, grew 13%, beating expectations of 11.4%, according to StreetAccount.

Victoria's Secret shares spike 40% after big earnings beat, raised sales outlook