Latest Developments

Europe
The Guardian

Trump has normalized crypto. Is it the path to the next financial collapse? | Eduardo Porter

A Bitcoin conference in Las Vegas, Nevada, on 29 May 2025. Photograph: Ronda Churchill/Bloomberg via Getty ImagesView image in fullscreenA Bitcoin conference in Las Vegas, Nevada, on 29 May 2025. Photograph: Ronda Churchill/Bloomberg via Getty ImagesUS economyTrump has normalized crypto. Is it the path to the next financial collapse?Eduardo PorterCheerleading by the president, who made $1.2bn last year off uninsured currency, does not bode well for US economy The scale of the graft is decidedly off the charts, but the revelation that Donald Trump raked in a personal fortune of $2.2bn during his first year in office should come as no surprise. The president didn’t even try to hide his venality. Not only did he refuse to sell businesses and put assets in a blind trust, as other presidents have done to limit opportunities for self-dealing; the quid pro quos with foreign governments and assorted magnates were exposed for all to see. It is troubling that the president of the United States would so nonchalantly deploy his official powers to profit from dealings with money launderers and Middle Eastern princes. It is perhaps more so that the supposedly robust checks and balances upholding American governance proved powerless to stop him. (Here’s waiting for the supreme court to define Trump’s dealings as “official acts” in order to exonerate him.) What’s most worrying, at the moment, though, is the extent to which Trump put at risk the stability of the United States economy. His business dealings are not little grifts that are harmless to America. Trump’s most lucrative maneuver – which netted him $1.2bn – came from the cryptocurrency industry. The pro quo from Washington included getting regulators off crypto’s case and plugging the currency into the formal financial system. That is likely to prove immensely costly to us all. Seventeen years since bitcoin emerged on the scene, crypto hasn’t yet found a purpose other than to pay for crime, allow countries like Russia and Iran to avoid American sanctions and provide volatile assets for fools and gamblers to bet their savings on – like Dutch tulips in the 17th century, though not as pretty. Trump once said crypto was a “scam”. That was before the industry piled gobs of money into his presidential campaign and, notably, before he took a personal stake in the business. He launched the crypto company “World Liberty Financial” (of which he sold 49% to an investment firm tied to the United Arab Emirates for $500m) and issued his memecoin $Trump, which cost naive, Maga-friendly investors nearly $4bn but netted the president more than $600m. Trump nixed the crypto-enforcement program at the Securities and Exchange Commission – aborting crypto-related lawsuits and investigations – and gutted the unit in charge of overseeing the industry. The Department of Justice announced it would pull back investigations and prosecutions of money laundering and other shenanigans against crypto-related platforms. Then, campaign coffers seeded with generous contributions from the industry, 206 Republicans and 102 Democrats in Congress passed the Genius Act, which Trump aggressively promoted, that entangled crypto in the regular banking system, where your and my savings live. Banks and non-banks – even retailers like Walmart – can now issue their own “stablecoin”, a type of cryptocurrency, pegged at a fixed value of $1, that today is used almost exclusively to buy and sell riskier crypto assets like bitcoin. Unlike bank accounts, stablecoin holdings are not insured by the FDIC. Issuers will guarantee their value by investing all the proceeds in high-quality assets, like treasury bills. The promise is that this will broaden their use outside of the speculative crypto space and allow them to be a payment platform that cheaply executes transactions in real time on a decentralized electronic ledger. This could mean quicker and cheaper international transfers, for instance. The financiers are piling in. As of early June, there were 233 stablecoins available on the crypto market. Mastercard is buying up crypto businesses and accepting settlements in stablecoin. Big banks like Citi and JPMorgan hope to defend their business from crypto upstarts by setting up their own crypto deposit infrastructure and launching their own coins. Brokers are allowing customers to invest with stablecoin. And Trump is pushing hard for swift passage of the Clarity Act,which would offer regulation-light legal cover for the broader universe of crypto businesses to issue and support trading in more speculative assets like bitcoin.

Trump has normalized crypto. Is it the path to the next financial collapse? | Eduardo Porter
North America
CNBC Finance

The FDA made a big reversal in its cyclosporiasis probe, but it still thinks iceberg lettuce is to blame

The Food and Drug Administration's reversal on a key piece of its cyclosporiasis investigation has sparked confusion in the U.S., but the agency said Monday that it has not changed its main conclusions about the outbreak. The agency said Sunday a test that indicated a sample of iceberg lettuce supplied by Taylor Farms de Mexico carried the cyclospora parasite was a false positive. However, that only applies to one specific shipment of lettuce supplied by the company, which the agency does not believe was the vehicle that sickened more than 1,600 people and potentially thousands of others. In a Monday clarification, the agency said its false positive does not change its prior conclusion that the outbreak is linked to shredded iceberg lettuce from central Mexico supplied by Taylor Farms, which was also served at some Taco Bell locations. The agency is still advising Americans not to eat recalled iceberg lettuce. "FDA's traceback investigation and outbreak data continue to converge on shredded iceberg lettuce from Taylor Farms locations in central Mexico," it said in a statement. "FDA will continue to work with federal and state partners to investigate this multistate outbreak and ensure products implicated in this outbreak have been removed from the market." Investigators are continuing to examine what exactly caused the outbreak, which can lead to symptoms similar to a bad stomach bug for days or even weeks. CNBC has reached out to the FDA for details on the next phase of the investigation, including whether additional ingredients or suppliers are under scrutiny and whether the agency expects to issue further guidance. The agency has not yet responded. The false positive test comes as the developing investigation creates uncertainty for both consumers and the food industry. While the FDA has said not to eat iceberg lettuce from Taylor Farms, some diners have stayed away from salads altogether as the number of cases rises. "Unfortunately, this latest development may add further confusion to what has already been a complex situation for consumers," said Frank Yiannas, former deputy commissioner of food policy and response at the FDA. Though industry analysts do not expect the outbreak to have a long-term impact on Taco Bell or other restaurant chains, it could at least temporarily hit sales, based on foot traffic data, and cause a one-to-two quarter hit for companies linked to it. Foot traffic at Taco Bell sank roughly 19% on Friday compared to the day-of-the-week average so far this year, according to data from research firm Placer.ai. In foodborne outbreak investigations, a false positive can happen when an initial screening signal isn't reproduced during confirmation testing. Some doctors have pointed out that cyclospora is particularly challenging to recreate in the lab. But it has not caused a shift in how public officials view the root of the outbreak. The Department of Health and Human Services in Michigan, where the outbreak has seen explosive growth, says it continues to recommend that people purchase whole heads of lettuce rather than pre-washed, bagged or pre-mixed salad kits. The agency added that based on interviews with more than 2,000 infected patients, many of them did not report eating lettuce at a restaurant, though they frequently said they ate the leafy green in some setting.

The FDA made a big reversal in its cyclosporiasis probe, but it still thinks iceberg lettuce is to blame
Europe
BBC Business

The 20-somethings betting big on tech stocks

In her teens, Michelle Huynh, the eldest daughter of migrant parents in Australia, made a promise to her family that she would become a millionaire by the time she turned 30. The 26-year-old describes it as "a somewhat silly promise" inspired by the sacrifices her non-English-speaking parents made to raise the family. But she is trying to make that dream come true by investing her savings in the stock market. "Times are so different and investing has become a necessity," says Huynh, who works in sales for a tech firm. "It feels like our purchasing power is shrinking. This is the only way to combat that." This year, the technology-driven surge in stock markets has edged her closer to that goal. With more than a third of her investments in tech stocks, by the middle of July that part of her savings had jumped this year by 50% - a rise of A$31,000 (£16,100; $21,666). But those gains have now eased to about A$22,000 as the sector is going through what she calls a "wild moment". Huynh says she's prepared for the volatility, viewing those investments as a long-term bet. The rise in tech stocks, led by firms riding the artificial intelligence (AI) boom, has attracted large numbers of ordinary investors, many of them in their 20s and early 30s, even as some analysts warn that the fervour around AI may be overblown. Retail investors have been caught up in the excitement, which has been fuelled by social media and marketing efforts to draw non-professionals, says Glenn Tan from advisory firm Providend. The tech-heavy Nasdaq in the US is up by about 10% this year, while Japan's Nikkei 225 has risen by more than 20%. That volatility is most apparent in South Korea. Seoul's Kospi index, which includes tech heavyweights like SK Hynix and Samsung Electronics, has jumped by more than 50% since January.

The 20-somethings betting big on tech stocks
Europe
BBC Business

Burnham has big ideas - but what will they cost?

Image source, WireImage via Getty ImagesByFaisal IslamEconomics editorPublished20 July 2026Up until this point, the new Prime Minister Andy Burnham has described his policy changes with a broad brush. From today, he faces the constraints, trade offs, and realities of high national office. For example, Burnham has said Tuesday's announcements on cost of living support would be paid for. In other words, it would mean a tax rise or spending cut, so we will see rather quickly what the new PM prioritises when push comes to shove. Meanwhile, the markets seem to have already reacted to the suggestion he would be using some "flexibility" in his borrowing rules to help with new announcements. The UK government's 10-year borrowing rose above 5% on Monday after falling in recent days. It has not gone up in this way in other European economies. The move was not huge, but it shows the sensitivities at a moment when Burnham is overhauling his cabinet - including replacing Rachel Reeves as chancellor with former defence secretary John Healey. The "flexibility" Burnham was talking about is, I understand, about the treatment of financial institutions. This has occurred in some green energy policies and essentially helps exempt certain types of borrowing from the measures of debt. There is scope for this model to extend to housing and other infrastructure. It was not a general suggestion of, for example, using up the increased headroom against the government's borrowing rules. All this shows how every tricky decision and trade off is being watched by the country and the markets at the same time. Healey is a surprise choice as chancellor but perhaps should not have been. He spent half a decade in Gordon Brown's treasury with specific knowledge of that era's attempt to regenerate and devolve power - the Regional Development Agencies, later scrapped by the coalition government. No 10 is stressing that Burnham and Healey "have the same outlook" on the need to maintain economic stability and the current fiscal rules, reindustrialisation, devolution, helping people with the cost-of-living crisis and backing British jobs and British industry to drive growth across the country. But immediately there is a trade-off here. Healey resigned as defence secretary last month over funding the defence settlement. He was literally calling for more defence spending, and some of the previous increases in defence funding came from cutting back home infrastructure spending on transport and on energy investment. How will he square those things as chancellor? In his first comments as chancellor, Healey has told broadcasters that he will work "in lockstep" with the new PM "to meet the fiscal rules with a buffer against uncertainty", and making life more affordable. He had revealed he had just spoken to Andrew Bailey the Bank of England governor.

Burnham has big ideas - but what will they cost?
Asia
The Hindu BusinessLine

Fresh data centre capacity rises 59% annually to 258 MW IT in Jan-Jun: Savills

India's data centre segment witnessed a 59 per cent annual growth in fresh capacity additions to 258 MW IT during January-June, according to Savills. In a statement on Tuesday, real estate consultant Savills India said, "The new data centre capacity additions in India surged to 258 MW IT in the first half of 2026, compared to 162 MW IT in H1 2025". The capacity additions took the country's total operational stock to 1.8 GW IT. Of the total operational stock, Savills said that hyperscalers accounted for 36 per cent, followed by enterprise-focused facilities at 8 per cent and edge data centres at 1 per cent. The remaining 55 per cent comprised facilities catering to both hyperscalers and enterprises. "India’s data centre market is set for significant expansion, with total capacity projected to nearly fourfold and reach over 7 GW IT by 2030," the consultant forecast. Srihari Srinivasan, Director & Lead - Data Centre Services, Savills India, said the Indian data centre market continues to witness sustained growth, driven by both established operators and an influx of new funds and developers. "While the broader colocation market has experienced relatively moderate demand due to increasing enterprise adoption of cloud services, demand from hyperscalers and large enterprises remains strong and is expected to continue underpinning market expansion," he added. The consultant expects emerging demand from Neo-Cloud service providers, which are actively evaluating India as a strategic destination because of cost advantages, location-agnostic nature, and expanding infrastructure ecosystem. "Despite the steady market outlook, facilitation of power and suitable land parcels for DC development remains a critical challenge across all key data centre markets in India, requiring Hyperscalers and DC Operators to explore new clusters for future expansion, with the support of local governments," Srinivasan said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Fresh data centre capacity rises 59% annually to 258 MW IT in Jan-Jun: Savills
Asia
The Hindu BusinessLine

Paytm plans to infuse ₹100 cr in wealth tech arm Paytm Money

Fintech firm One97 Communications, which owns the Paytm brand, plans to infuse ₹100 crore in its wealth tech arm Paytm Money, the company said in a regulatory filing. Incorporated in 2017, Paytm Money is engaged in providing investment and wealth management services, including stock broking, mutual fund distribution and other financial services. "Additional investment by the company, by way of subscription, to the equity shares of its wholly owned subsidiary, namely Paytm Money Limited (PML) by way of a rights issue for an amount up to ₹100 crore, subject to the necessary approvals, as applicable," Paytm said in a late-night filing on Monday. "PML is a wholly-owned subsidiary of the company. Issuance of up to 10 crore (Ten crore) additional equity shares of face value of ₹10 each by PML, pursuant to the Rights Issue, will not result in a change in shareholding of the company in PML, which remains at 100 per cent," the filing said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Paytm plans to infuse ₹100 cr in wealth tech arm Paytm Money
Europe
BBC Business

John Healey becomes chancellor weeks after shock resignation from defence job

Image source, EPAByBrian WheelerPolitical reporterPublished20 July 2026John Healey - who has been announced as Andy Burnham's Chancellor of the Exchequer - is seen as the ultimate safe pair of hands. Which made the 66-year-old's resignation as Sir Keir Starmer's defence secretary just over a month ago all the more shocking. Healey's assessment of the government's much-delayed defence investment plan - that it fell "well short of what is required for defence and the country at this dangerous time" - was devastating and undoubtedly hastened Sir Keir's departure from Downing Street. Now he's in charge of the funding not just of defence - but of every arm of government. He replaces Rachel Reeves, who had served as Sir Keir's chancellor since Labour's 2024 landslide election win. Loyal, and not someone who briefs against colleagues to journalists or indulges in political games, he has been around the top of the Labour party for three decades. His resignation came days before Andy Burnham's pivotal by-election in Makerfield, adding to the sense that Sir Keir's premiership was falling apart. Healey earned plaudits from across the political spectrum for resigning on a matter of principle. He had clashed with Reeves, the woman he is now replacing, pointedly saying in is resignation letter that the Treasury had been "unwilling" to "commit the resources that the nation needs to defend the country at this time of rising threats". His return to government in the most vital job of all in cabinet after the prime minister is an even bigger surprise than his resignation, given that his name had not been mentioned as a frontrunner in the increasingly feverish speculation about who Burnham would choose. Sources told the BBC that Burnham and Healey "have the same outlook" on many of the prime minister's priorities, including reindustrialisation, the cost-of-living, and driving growth across the country. The softly-spoken Yorkshireman has a remarkable record as someone who has been on the Labour frontbench almost continuously since 2001.

John Healey becomes chancellor weeks after shock resignation from defence job
Europe
BBC Business

Why Andy Burnham will find it so tricky to unite Britain

ByEvan Davis Presenter of BBC Radio 4's Common GroundDid you get to see the 2024 film Civil War, with its dystopian depiction of a present day USA in the midst of a violent meltdown? What made it such an effective thriller was that it all seemed so frighteningly real. Although the two sides in that civil war were fictitious, it hit a raw nerve precisely because of the very obvious divides that scar modern day America. But interestingly it was actually written and directed by a British film-maker, Alex Garland, and he expressed worries about his home country, as well as the US. In both countries, he told the Guardian, "there's a lot to be very concerned about". He's not alone. If you are an avid user of social media, you could almost believe that we are a nation disunited enough to have a full-on civil war of our own. And even away from the exaggerated adversarialism online, there are plenty of people worried that Britain is gripped by uncontrollable rage. It's a sense of discord that Britain's new prime minister, Andy Burnham, seems to recognise. Since announcing his run for the Makerfield seat in May, he's repeatedly urged Britons to forget about party labels or factional identities and instead unite around pride in their local area. "Place first, not party first", is how he puts it. And as he entered Downing Street on Monday, he called for a "new national sense of unity, of common purpose and positivity". Evan Davis travels across the UK exploring the forces that are driving the UK apart, and he hears ideas to improve our sense of "social cohesion". Some talk as though the population is ready to wield the pitchforks; that we are close to social breakdown; that a small spark could lead to a serious fire. Last year, a commission co-chaired by the former Home Secretary, Sir Sajid Javid, warned in a report: "The bonds that hold society together - civic participation, and a shared sense of belonging - are under growing pressure." Well, I have just had the privilege of spending a month journeying - literally and figuratively - through some of the divisions that define modern Britain, for a Radio 4 series. Is there any common ground left in the country that Burnham has now inherited - or are we polarised to the point of no-repair? For a long time, Britain had a clear, defining split: social class. What kind of job you had, how you spoke, what time you had your evening meal, what you watched on TV, how you voted… it was all pre-determined by your working or middle class background.

Why Andy Burnham will find it so tricky to unite Britain
Europe
BBC Business

'I made £100,000 of TikTok sales in one day': The business of live shopping

Daisy Kelly's business was inspired by a personal problem - for years she'd been pulling out her eyelashes. She hid her habit with lash extensions, but when beauty salons closed during Covid Daisy decided to create a serum to help her eyelashes grow back. She started Glow For It from her mother's kitchen table in 2020 while she was a student and now her business generates £6m a year in sales. More than 40% of Daisy's sales come from TikTok Shop UK and increasingly from livestreams. "I think live shopping gives people that connection and interaction that we're all craving... We actually generated over £100,000 revenue in one 12 hour TikTok live," says Daisy, 27. Daisy's business goes live from a studio for a minimum of six hours a day with different presenters interacting with shoppers, from showing off products to answering their questions. There are a host of platforms and marketplaces now offering livestreams connecting sellers and customers, from Instagram Live, YouTube Shopping, to eBay and Amazon Live. They're all different. Live shopping, it seems, is becoming part of everyday consumer behaviour for many. According to new research from retail agency Savvy Marketing, 30% of shoppers surveyed said they'd bought something from a live shopping event. "The big retailers have got to grab hold of this," says Catherine Shuttleworth, CEO of Savvy. "It's grown from nothing to a huge thing really quickly. If you haven't got a strategy for live selling, you're going to miss out." TikTok Shop says its UK sales grew by more than 30% year-on-year in June, with live shopping the fastest-growing format. At an event in the centuries old Covent Garden market, it hosted 20 small businesses with stalls who were also selling live to customers all over the UK.

'I made £100,000 of TikTok sales in one day': The business of live shopping