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BBC Business

US says Europe should ready fuel supplies as Trump threatens diesel ban

Image source, ShutterstockByOliver Smith, Senior business producer, Simon Jack, Business editor and Archie Mitchell, Business reporterPublished1 October 2026Donald Trump has said he may ask European countries to release some of their diesel reserves as he mulls a ban on US exports of the fuel amid a global shortage. The comments followed his Treasury Secretary Scott Bessent urging Europe to immediately ready and release such supplies, arguing that US "farmers, truckers, and businesses should not be left carrying the burden" as prices soar. The US has threatened to restrict diesel exports amid surging costs due to the war in Iran. The issue is top of mind for US voters ahead of the crucial midterm elections. On Thursday, the UK held talks with European partners about the potential release of diesel reserves in response to any ban. The US is a vital supplier of diesel to the world, exporting between 1.2 and 1.5 million barrels per day, with experts warning a ban on shipments abroad could put further pressure on prices in other countries. "We're thinking about it very seriously," Trump said of an export ban at the weekend. On Thursday Trump added that he may ask European countries to release some of their diesel reserves, while Bessent said they should do so "immediately". "Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions," Bessent said in a post on social media. The plans come weeks ahead of November elections in the US, where control of Congress will be up for grabs. The president is set to travel across the US campaigning for Republicans in hopes of keeping control of the House and Senate. Diesel prices in the UK hit record highs this week and are hovering just under 200p per litre, according to motoring organisation the RAC. UK Energy Minister Martin McCluskey was on a call with European counterparts on Thursday to discuss the potential ban. A source familiar with the discussions told the BBC it was prudent to prepare a co-ordinated response with other countries, including those across EU, but added that there were still European reserves left from a coordinated release of strategic fuel stocks earlier in the year.

US says Europe should ready fuel supplies as Trump threatens diesel ban
North America
CNBC Finance

Mattel shares rise after reports of takeover interest from Authentic Brands Group

Shares of Mattel rose nearly 20% on Thursday after the Wall Street Journal reported that the toymaker had attracted takeover interest from Authentic Brands Group. The brand licensing company has privately discussed an offer that could value Mattel at more than $20 per share, or about $6 billion, the Journal reported, citing people familiar with the matter. Mattel traded just above $15 per share on Thursday afternoon. A person familiar with the talks confirmed to CNBC that there are discussions, but cautioned that they are very preliminary. The person asked not to be named because the discussions are private. The source added that the overture makes sense because Authentic has interest in entertainment properties, particularly those tailored to kids. "As a matter of company policy, we do not comment on market rumors or speculation," a Mattel spokesperson said. News of Authentic's takeover interest follows Mattel's Wednesday announcement that Condé Nast CEO Roger Lynch will take over as its next CEO. Shares of Mattel closed down 4% on Wednesday. Lynch, who has been a member of Mattel's board since 2018, will start as chairman on Oct. 2 and as CEO by Nov. 2. He will succeed Ynon Kreiz, who has been named co-CEO of Paramount and Warner Bros. Discovery. 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.

Mattel shares rise after reports of takeover interest from Authentic Brands Group
North America
CNBC Finance

Boeing engineers and technical workers approve new contract, avoiding strike

Boeing engineers and technical workers approved a sweetened four-year contract with immediate 10% raises, avoiding a potential strike at the aerospace giant as it seeks federal approval for new aircraft and to increase aircraft production. "We secured many victories that some thought were completely out of reach when this negotiation cycle started," said the Society of Professional Engineering Employees in Aerospace, which represents about 13,000 Boeing engineers and 4,000 technical workers. Boeing increased its offer in mid-September after the workers rejected an earlier proposal. In addition to the 10% ratification wage increase, the four-year contract includes annual raises of 4%, with an increase of up to 6% based on merit. The professional unit, which includes engineers, voted 67.62% in favor of the new contract, and the tech unit approved the contract with 53.48% in favor, the union said. The work groups, which make up Boeing's largest white-collar union, overwhelmingly rejected an earlier offer with 3% annual raises. The approval lets Boeing avoid a strike just as it's trying to stabilize and increase production of its fast-selling jets and win federal approval for the 737 Max 10 and 777X, which are years behind schedule. The Federal Aviation Administration on Monday said it's assessing whether a software issue on the 737 Max 10, which could affect landing procedures in certain scenarios, poses a safety of flight issue. A machinist strike two years ago halted production until the two sides reached a deal. 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.

Boeing engineers and technical workers approve new contract, avoiding strike
North America
CNBC Finance

United Airlines gets aggressive in battle for top Delta, American flyers

The carrier is in the middle of an unusually pointed status-match campaign to woo travelers who have earned a spot in elite frequent flyer tiers with Delta Air Lines and American Airlines by offering similar treatment at United. Here's how it works: Travelers with any tier of elite status on Delta or American will be granted United status for 90 days. To keep it through Jan. 31, 2028, they'll have to take a flight and spend a certain amount on United mainline or regional flights within those 90 days. For example, if a traveler has the lowest level Delta Medallion status, silver, or the same on American, which is gold, they would have to spend $1,500 on United in the roughly three months. To get a status match of United's 1K, its highest level before invitation-only Global Services, the person would have to spend $7,000. Delta and American have their own status matches for a host of other airlines, but United's call-out of rivals and social media campaign shows how heated the battle for big-spending customers has become, said Henry Harteveldt, founder of travel consulting firm Atmosphere Research Group. "This is war, airline style," he said. "It's very rare for an airline to be as blatant as United is being" with Delta and American. Airlines have been adding new lounges, extra premium seats and more international routes to lure those high-spenders. In this push, United is using its new Starlink Wi-Fi from SpaceX as a hook for customers looking to potentially defect from their airlines. The carrier is in the process of outfitting its aircraft with the satellite Wi-Fi, which is free for frequent flyer program members, though it is not available across the fleet yet, and customers still have to pay at least $8 per flight with current providers. American Airlines also signed with Starlink for hundreds of its narrow-body jets, while Delta is planning to change the provider of its free, in-flight Wi-Fi to Amazon's Leo. "Our long-term strategic partnership with Amazon Leo will provide high-bandwidth connectivity while creating opportunities to bring their broad ecosystem of entertainment and digital services to the skies," Delta said in a statement. American, where United's CEO Scott Kirby worked until a decade ago, has said it expects to start offering Starlink Wi-Fi early next year.

United Airlines gets aggressive in battle for top Delta, American flyers
Europe
BBC Business

Trump's AI rebrand causes 'unprecedented' demand for Slovenian website names

Image source, Getty ImagesByLaura CressTechnology reporterPublished21 minutes agoPresident Donald Trump's push to rename AI may be behind an "unprecedented" rise in registrations for domain names in Slovenia, according to its official national registry. The president wants AI to be called super intelligence - or SI - the same initials used by Slovenian websites. Register.si spokesperson Klara Herman said 44,000 web addresses with the .si suffix had been registered in September, compared to less than 2,000 in August - an increase of more than 2,100%. She said the scale of activity in late September was "unprecedented" compared to the previous 12 months. President Trump called for the technology to be renamed during his speech to the United Nations General Assembly in New York on 11 September. "It's not fake, it's actually amazing. But we have to be careful... welcome to the new world of super intelligence." Internet domains are the unique human-readable addresses people type into their web browsers to access websites - like bbc.co.uk. Herman said registrations for .si web addresses in September stood out "very clearly" against the other months in the year, although she was "cautious" about attributing the entire increase to only President Trump's comments. One possible explanation for the purchases is cyber-squatting - where people speculatively register specific domain names in case they increase in value later on and can be sold for a profit. For example, in 1997 Rick Schwartz, known as "The Domain King", bought the domain name men.com for $15,000 (£11,300). He sold it for $1.32 million seven years later. On Tuesday, President Trump hosted a meeting of top technology bosses for what he called "an extraordinary gathering" of the people "building America's Golden Age". He signed an executive order instructing US government departments and agencies to start using the terms "SI" and "Super Intelligence" and they should no longer acknowledge the use of the term AI.

Trump's AI rebrand causes 'unprecedented' demand for Slovenian website names
Europe
BBC Business

Crypto thieves attack man in home and threaten to kill pregnant wife's baby in 'horrific' robbery

A businessman was beaten with hammers by masked men who broke into his home and threatened to kill his heavily pregnant wife unless he transferred hundreds of thousands of pounds of cryptocurrency. Speaking to the BBC, the couple, who want to remain anonymous, described the attack as "horrific" and said they feared for their unborn baby's life. The attackers left in a car driven by a getaway driver after the man transferred his crypto savings. Crimestoppers are offering a £10,000 reward for information in the attack, which was captured on home security footage and is being investigated by the police. Experts say it is one of a growing type of violent theft known as a "wrench attack" targeting cryptocurrency investors. As crypto coins have risen in value, reports of these violent robberies linked to digital assets have emerged in the UK, France and the US. The man, who the BBC is calling James, said three intruders forced their way into their Solihull home before launching an assault which lasted 45 minutes. James tried to fight the men off but they hit him in the face, head and ribs with hammers. His wife, who was seven months pregnant, was held down on the sofa by one of the criminals. "He's got a pillow over her face," James said. "He's literally suffocating her on the sofa. I can hear her screaming, 'I can't breathe'." The couple still had no idea what the criminals wanted until one of the men demanded James unlock his phone and hand it over. James said the attackers appeared to know he owned cryptocurrency, but had little understanding of how to access it.

Crypto thieves attack man in home and threaten to kill pregnant wife's baby in 'horrific' robbery
Europe
BBC Business

What's gone wrong at Nike? How the world's sportswear giant lost its mojo

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished1 October 2026Updated 2 October 2026 00:32 BSTIt's been a difficult few years for Nike. The largest sportswear brand on the planet, named after the ancient Greek goddess of victory, has been losing of late. Losing sales, losing customers and losing ground to its rivals. The one-time industry disruptor is now the establishment and in the middle of a tricky turnaround plan aimed at clinging on to market dominance. Nike's latest financial results show signs a turnaround strategy put in place by company veteran Elliott Hill, who was coaxed out of retirement two years ago to lead the firm, is working - but the pace of change is more marathon than sprint. However, its recovery has been dented by the loss of football star Kylian Mbappé, who ended his 20-year association with the brand last week to join fast-growing Swiss rival, On. The Real Madrid striker's departure raises the question of whether Nike can remain the top logo for not just elite athletes, but also the fans that idolise them. To be clear, Nike is still a mega brand and popular the world over. But missteps have seen hundreds of billions of dollars wiped off its stock market value as its share price tumbled by 75% over five years. Last month, Nike was ejected from the S&P 100 stock market index of the biggest blue-chip firms in the US. Matt Powell, a veteran analyst and adviser in the sports retail industry, reckons Nike has made "several strategic errors" which have been difficult to reverse, including cutting ties with retailers to sell only direct to customers online and making limited editions items more available. "The more broadly available those shoes became, the fewer people were interested," Powell says. Other self-inflicted wounds he suggests include spending research and development cash on digital operations rather than new products. "They really shut down their innovation on product. Someone jokingly said they were trying to turn Nike into eBay."

What's gone wrong at Nike? How the world's sportswear giant lost its mojo
Europe
BBC Business

'It could cost me £10k but I need the money now': Why Gen Z are opting out of pensions

Until early September, Hassan Nassar, 26, was saving around £430 every month into his NHS workplace pension. But the trainee GP, who works in the West Midlands, says he was "really cash strapped" and decided to stop putting money aside for around "six to 12 months". He needs the money to help take care of a sick family member, save for his first home and cover rent and student loan repayments. But he's aware there is a cost to opting out, estimating he could lose between "£5,000 and £10,000" in future retirement income due to the decades of compound interest he will miss out on by not saving now. "People will say, you're silly, look at what you'll be missing out in the future," he tells the BBC. "But I need to look at what I'd be losing now if I didn't opt out." All employees will be automatically enrolled, external in a workplace pension if they are aged 22 or above and earn over £10,000, although there are exceptions. A percentage is taken directly from the worker's pay - usually around 5% - with tax relief added on top, and the employer must also pay a minimum contribution on top. But a growing number of Gen Z and millennials are opting out of these schemes due to cost-of-living pressures and the government has warned they could be on track for lower private pension incomes than people retiring today. That is a problem, because while most people in the UK will eventually get a state pension, it only provides a minimum level of retirement income and many will rely on a private pension to supplement it. Image source, Guido Mieth via Getty ImagesHassan says he was paying 10.7% of his gross earnings each month into his workplace pension, while the NHS contributed a substantial amount on top. But unlike some employers, the NHS doesn't allow staff to reduce their contributions when times are hard. Overall, however, he is confident he will have enough to retire on at the end of his "30-40" year career and is determined to opt back in to his pension as soon as he can.

'It could cost me £10k but I need the money now': Why Gen Z are opting out of pensions
Europe
BBC Business

The wealthy Cuban Americans ready and waiting for Havana to fall

At the lavish home of one of Miami's top plastic surgeons, overlooking the Biscayne Bay, some of the wealthiest Cuban-American families in Florida have gathered. They are there to thrash out their vision of Cuba's future at the fourth meeting of the newly created Cuban-American National Chamber of Commerce (CANCC). Rum in hand and Rolexes on wrists, this is Miami's old money. People with well-recognised Cuban-American surnames – like Bacardi and Babun – chat around the pool about the lamentable state of the island's economy, and share titbits of gossip about the latest political rumblings. "The intention of this evening is to gather under one roof the most prominent Cuban-American entrepreneurs in Miami-Dade County," says CANCC president Juan Omar Sixto, "and the objective is to be in Cuba once the regime falls". This influential community of Cuban exiles has detested the Communist-run government ever since the late revolutionary leader Fidel Castro expropriated their lands and nationalised their families' companies after taking power in 1959. And they have wielded their political and economic clout in Florida over the years to shape Washington's policies towards their homeland. Sixto fled the island as a teenager. Now a real estate developer in his early 80s, his organisation is drafting plans for what he calls "the day after" in Cuba. The CANCC has created a proposal for a Cuban Stock Exchange and formed committees on everything from energy infrastructure to food security. Countless documents and logistical plans have been drawn up by interest groups over the decades, some of them more sober and measured than others. The difference now, insists Sixto, is the Trump administration's push to force total change on the island. And he says they have the ear of some high-profile contacts including people close to the Secretary of State, Marco Rubio. "Together with deliveries of humanitarian aid and medical supplies, we'd go and do business in Cuba right away," says Sixto. In the face of Washington's "maximum pressure" campaign on Cuba, the island's leadership recently announced 176 economic liberalisation measures. The Cuban President, Miguel Díaz-Canel, said they were "to advance the defence of socialism, to support and widen social justice".

The wealthy Cuban Americans ready and waiting for Havana to fall