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Europe
BBC Business

US inflation rate eases to 3.5% as gasoline prices fall

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished14 July 2026, 13:36 BSTUpdated 11 minutes agoInflation in the US eased last month as the cost of energy and filling up at the pumps fell, official figures show. Prices rose 3.5% in the year to June, according to the Bureau of Labor Statistics (BLS), down from 4.2% recorded in May. Gasoline prices decreased 9.7% last month, but are still much more expensive than a year ago. On Tuesday, the national average had risen to $3.86 a gallon from $3.79 a week ago, according to motorist advocacy group AAA. While the rate of inflation has fallen more than expected, the easing of price rises could be short-lived due to the renewed conflict in the Middle East sending global oil prices up again. The price of a barrel of Brent crude, which is the global benchmark for oil, hit $87 on Tuesday, an increase of almost $10 in the space of 24 hours. The spike in the price of the commodity came after the fresh military strikes on Iran by the US this week, with President Donald Trump declaring a new naval blockade in the Strait of Hormuz and a 20% charge on all cargo being shipped through the key waterway used for global trade. The escalation has already led analysts to predict that inflation will rise in the coming months and that interest rate cuts are unlikely anytime soon. "Gasoline prices are already back above June levels, meaning the next inflation report will heat up again," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Ahead of his first address to the US Congress later, newly appointed Federal Reserve chairman Kevin Warsh said his committee had "no tolerance to persistently elevated inflation". "We share a resolute commitment to restoring price stability," he said in prepared comments. The Fed held US interest rates between 3.5% and 3.75% at Warsh's first meeting in June and some analysts suggest rates could be raised in the coming months. President Trump pushed Warsh's predecessor, Jerome Powell, to cut interest rates, and has made it clear he expects Warsh to fulfil his demand for reductions in borrowing costs for Americans.

US inflation rate eases to 3.5% as gasoline prices fall
Europe
The Guardian

How do you actually shop local in New York City?

‘Shopping local, shopping independent, is a way to ensure a future for our culture, our communities.’ Illustration: Olivia Heller/The GuardianView image in fullscreen‘Shopping local, shopping independent, is a way to ensure a future for our culture, our communities.’ Illustration: Olivia Heller/The GuardianNew YorkHow do you actually shop local in New York City?Shopping local ensures a future for cultures and communities, says Caroline Weaver, creator of the Locavore Guide digital directory When I signed the lease for my new apartment in Brooklyn, the relief of having survived the brutal New York City real estate market was short-lived when my next task became clear: I needed to furnish the place. My first instinct was to check everything off my list by shopping online. But the thought of waiting for deliveries and unboxing an endless mountain of packages seemed exhausting. And, I was moving to New York, where the streets are lined with a seemingly infinite number of stores. The task was daunting. I knew where to shop for shoes or buy a nice candle for someone’s birthday, but I didn’t know where to find a set of drinking glasses, or Tupperware, or even an air conditioner without starting online at Target or Home Depot. So I enlisted the help of Caroline Weaver, a shop owner in Manhattan who has spent the last decade convincing people like me that shopping locally isn’t hard – and it can actually be extremely fulfilling. Weaver has been operating local stores in the city since 2014 – her first, CW Pencil Enterprise, sold writing utensils and stationery. Weaver created the Locavore Guide in 2023, a digital directory that helps New Yorkers shop locally, meet their neighbors and explore the city. And through her online video series, Caroline Finds It, she takes on challenges to find everything from nylon kites and hourglass timers at local stores. The Locavore Variety Store, which she opened in 2024, is also stocked with products from independent sellers manufactured in and around New York. This article includes content provided by Instagram. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. To view this content, click 'Allow and continue'. Weaver started the Locavore Guide because, in running her own small businesses, she found that her customers wanted to shop local but didn’t know where to start. TikTok also had a tendency to regurgitate the same 20 or so recommendations, she added, and she wanted to give New Yorkers a wider, unbiased range of stores they could frequent. “A lot of people treat shops … as something nice to walk past, somewhere you go when you have to buy a gift,” Weaver said. “But really, those shops can’t exist if we’re not patronizing them and supporting them as neighbors and New Yorkers.” On a perfectly temperate afternoon in early June, Weaver took me around downtown Manhattan to help me find a few essentials: dinnerware, cutlery, a kitchen prep table and an air conditioning unit that I ideally would not have to lug back myself. We first met up on the Upper East Side’s S Feldman Housewares, a store that’s been in operation since 1929. The store has everything needed to service one of New York City’s most posh neighborhoods (they sold chandelier cleaner and silver polish), but they also have everyday items like food storage containers, cleaning supplies and drinking glasses. They even had a replacement bird-shaped whistle for a tea kettle Weaver had been looking for. View image in fullscreenThe CW Pencil Enterprise store in New York. Photograph: Bloomberg/Getty ImagesSome of the prices were slightly higher than what I saw online, but Weaver said that “it all evens out”, as other products are less expensive in person. She also pointed out that unlike Amazon, local stores don’t constantly adjust prices according to algorithms.

How do you actually shop local in New York City?
Europe
BBC Business

Five headaches Andy Burnham will have to deal with as PM

ByBen ChuPolicy and Analysis correspondent, BBC VerifyPublished17 July 2026When Andy Burnham enters No 10 Downing Street, he will inherit some formidable and complex problems that successive prime ministers and governments have attempted to address - mostly without success. BBC Verify has looked at five big policy challenges Burnham will face and the approaches he might take to address them. The cost of sickness and disability benefits for people of working age has grown rapidly since the Covid pandemic and now stands at around £58bn a year, external. The biggest driver of the increase is the number of people claiming Personal Independence Payments (Pip) - a working age benefit designed to support people with disabilities that increase their living costs. The number of people claiming Pip is forecast to rise from four million today, to five million by 2030, external. The share of people who are younger and claiming Pip for mental health problems or neurodevelopmental disorders such as ADHD is also rising fast. The previous Conservative government attempted to reform the working age disability welfare system but the cost continued to rise during their time in office, external. Last year, Sir Keir Starmer's government tried to reduce the Pip bill by £5bn a year by 2030 by tightening eligibility - but had to do a U-turn after a revolt by Labour MPs. A recent interim report by the disability minister, Sir Stephen Timms, external, co-produced with disability groups, accepts that Pip is "not fit for purpose". The final Timms report is expected to propose reforms to the system later this year, which Burnham could adopt. There has been speculation, external this could involve offering young people with mental health problems therapy or other support rather than cash. But there remains the risk of backlash from disability groups and potentially Labour MPs if the reforms are considered unfair.

Five headaches Andy Burnham will have to deal with as PM
Europe
The Guardian

Inflation cools to 3.5% in June in relief brought by brief US-Iran peace deal

Gas prices displayed at a gas station on 7 July 2026 in Pasadena, California. Photograph: Mario Tama/Getty ImagesView image in fullscreenGas prices displayed at a gas station on 7 July 2026 in Pasadena, California. Photograph: Mario Tama/Getty ImagesInflationInflation cools to 3.5% in June in relief brought by brief US-Iran dealRecent strikes have sent oil prices climbing again, with average gas price per gallon up by 70 cents on last year Inflation cooled to an annual rate of 3.5% in June as the brief US-Iran ceasefire, which has since ended, brought energy prices down, according to new data from the Bureau of Labor Statistics. The consumer price index (CPI), which measures a basket of goods and services, has been elevated since the start of the war, largely because of higher energy prices. After mostly staying under 3% since mid-2024, CPI reached a three-year high of 4.2% in May – up from 2.4% in February. Month-over-month, CPI fell 0.8% in June, the largest one-month decrease since April 2020. Declines in the energy index were the largest contributor to the overall decline in CPI, offsetting increases in other indexes such as food, utilities and shelter. Gasoline prices dropped 9.7% from May to June and fuel oil, which includes diesel and kerosene, was down 9.2% for the month. Apparel also ticked down 0.6%. Stripping out volatile energy and food prices, core inflation – which the Federal Reserve watches closely to measure underlying inflation – decreased slightly to 2.6% on a yearly basis and remained flat from the previous month. Though the US-Iran peace agreement brought some relief to energy prices, recent strikes between the two countries have sent oil prices climbing again. Donald Trump said on Monday that the strait of Hormuz, where a fifth of the world’s oil and gas typically passes through, will remain open “with or without Iran” and claimed that the US will reinstate its blockade of Iranian ports. In turn, Brent crude, the global benchmark for oil, hit $80 on Monday just after it reached a recent low of $67 earlier in July. Prices at the pump have also gone up: the national average price for a regular gallon of gas increased to $3.87 a gallon last week, 70 cents more per gallon than a year ago. Higher energy prices have trickled into higher prices in other industries, including travel. Delta said in its quarterly earnings last week that it expected high airfares to last and has passed on 60% of its extra fuel costs to consumers. Though Trump said last month that he was not concerned about the elevated figure, surveys have shown that many Americans disapprove of his handling of the war. A recent Harris-Guardian poll found that a majority of Americans believe the economy is getting worse now compared with February, and 95% believe the country is in an affordability crisis. Despite the heightened inflation over the past few months, the American job market has remained relatively steady. The average number of jobs added to the economy from April through June was 111,000, indicating a relatively strong labor market amid economic uncertainty. The US Federal Reserve will weigh both rising prices and the labor market in their upcoming board meeting scheduled for 28 and 29 July. Last month, the central bank unanimously voted to maintain rates and emphasized its goal to deliver price stability. Inflation remains well above the central bank’s stated goal of 2%. Kevin Warsh, the new Fed chair, is scheduled to testify in Congress before the House financial services committee later Tuesday morning. Though he’s unlikely to share any insight on the central bank’s next rate-setting move, he is expected to answer questions on the state of the economy and the five taskforces he created last month. In a transcript of his opening markets shared ahead of his testimony, he said the members of the central bank’s committee have “no tolerance for persistently elevated inflation” and have a duty to take a “fresh look at current practices to make sure we are serving our objectives”.

Inflation cools to 3.5% in June in relief brought by brief US-Iran peace deal
Asia-Pacific
The Straits Times

Lottery winnings and scam losses are shared between divorcing spouses

Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – The phrase “for better or for worse” in marriage vows does have a practical meaning even when couples break up because the law often holds them liable to share fortunes and misfortunes that come their way. For instance, insurance payouts can be shared in a divorce if the policies are taken out to benefit the family, and not a particular spouse. In 2012, the Court of Appeal made a landmark ruling involving the payout of the home protection insurance scheme that most HDB flat owners would have because such policies would pay up their outstanding loans should they die or suffer disability. In that case, the husband became blind and the insurance scheme paid over $170,000 to fully discharge the outstanding mortgage loan of the matrimonial home. When the couple split up later, the court had to decide whether the scheme’s payout was solely for the benefit of the husband. If so, he would be entitled to deduct $170,000 from the sales proceeds of the flat first before the balance could be shared. But the court ruled that he was not solely entitled to the payout because the policy was specifically targeted at protecting the family home, and not him. The court then found that the purpose of the policy was not aimed at addressing the husband’s general financial concerns due to his disability, but the prospect of him and his dependants losing their home should the family have problems paying the mortgage. So the whole fully paid-up flat would be deemed as a matrimonial asset and the husband did not get to carve out his share first from the insurance payout. The situation would be different for medical insurance policies, as such payouts are meant to provide financial assistance to the insured, who may need long-term care. The High Court dealt with at least two such cases recently, involving two women who had critical illness policies. One of them received a payout of over $435,000 when she was diagnosed with breast cancer, while the other received more than $450,000 plus a monthly payment of $1,200 for life after she was hit by two rounds of strokes.

Lottery winnings and scam losses are shared between divorcing spouses
Asia-Pacific
The Straits Times

SpaceX to launch giant starship rocket in first flight since IPO

The launch marks the second flight of the latest iteration of the rocket, dubbed Version 3, or V3. SpaceX will attempt a major test flight of its massive Starship rocket on July 16, a milestone for a vehicle that is a critical part of Elon Musk’s plans for the space, satellite and artificial intelligence conglomerate. The launch, targeted for 5.45pm local time (6.45am on July 17 Singapore time) from SpaceX’s Starbase facility in South Texas, marks the second flight of the latest iteration of the rocket, dubbed Version 3, or V3. The rocket will be carrying to space upgraded Starlink satellites that are intended to burn up later in the atmosphere as part of the test mission. The rocket is central to Musk’s ambitions to put data centres in space, expand the Starlink communications network and send humans to the moon and Mars. But it has faced a rocky development path marred by explosive setbacks, malfunctions and delays. The Starship test is the rocket’s 13th flight and first since SpaceX’s blockbuster initial public offering in June that raised around US$86 billion (S$111 billion). Shares of SpaceX soared shortly after their debut but more recently slumped, closing on July 15 near its IPO price of US$135. Despite the decline, Wall Street analysts still remain largely bullish on the stock. Musk’s company has designed Starship to be fully reusable, something no other rocket maker has achieved, with both the Super Heavy booster and the Starship spacecraft intended to return to Earth intact after each launch so they can fly to space again. Musk has predicted that SpaceX could achieve full reusability with the upgraded V3 rocket before the end of the year. SpaceX has spent more than US$15 billion developing Starship. During the most recent test flight in May, Starship successfully deployed mock satellites, although the rocket’s booster spun out of control and one of its engines shut down early. SpaceX has since made hardware and software modifications to correct these issues, according to a post on the company’s website. “We believe that if SpaceX can keep all major engines healthy, execute the planned relight and landing sequence, and bring back stronger heat-shield and control-surface data, Flight 13 would represent a meaningful step beyond Flight 12,” said Raymond James analyst Brian Gesuale in a note on July 13.

SpaceX to launch giant starship rocket in first flight since IPO
Europe
The Guardian

Victims of Trump purge call supreme court ruling a ‘dagger’ at heart of civil service

Rebecca Slaughter wonders whether ‘the civil service survives at all’ after supreme court ruling. Photograph: The Washington Post/Getty ImagesView image in fullscreenRebecca Slaughter wonders whether ‘the civil service survives at all’ after supreme court ruling. Photograph: The Washington Post/Getty ImagesTrump administrationVictims of Trump purge call supreme court ruling a ‘dagger’ at heart of civil serviceRebecca Slaughter, fired by Trump from the FTC in 2025, worries agencies will fear defying the US president Federal officials fired by the Trump administration are calling the recent supreme court decision a “dagger” at the heart of the civil service that will open independent federal government agencies to corruption and manipulation at the whim of the president. Since Donald Trump took office again in January 2025, he has fired more than 50 officials from federal agencies as the Trump administration openly sought to have the supreme court overturn a landmark 1935 ruling that limited the president’s power over independent agencies, known as Humphrey’s Executor. The ruling in the decision, Trump v Slaughter, which effectively gives the president free rein to fire members of independent agencies, was based on the firing of Rebecca Slaughter, appointed to serve as a Democratic member of the Federal Trade Commission (FTC) by Trump in 2018. Slaughter said she received the email notifying her that she was fired by Trump in March 2025 as she was helping with rehearsal for her child’s elementary school play, a performance of Beauty and the Beast. “My stomach just dropped,” she said, noting she wasn’t surprised given similar firings were occurring at other agencies with statutory protections. “I was really hoping that it would avoid us, both because I love my job, but really more because I love the agency. I just knew this was going to be a big fight and pretty unpleasant and pretty destructive to this institution that I really valued.” She called Alvaro Bedoya, the other Democratic commissioner at the agency, who was at his daughter’s gymnastics practice. He had been fired as well. View image in fullscreenFTC commissioners Rebecca Slaughter, left, and Alvaro Bedoya, right, filed a lawsuit challenging their terminations a few days after they were fired in 2025. Photograph: UPI/AlamyThey both filed a lawsuit challenging their terminations a few days later, though Bedoya resigned from the FTC as he was not being compensated and he could not afford to be without income, while Slaughter’s husband’s income made it possible for her to continue pursuing the litigation. In July 2025, a federal judge reinstated Slaughter, but the Trump administration appealed. In September 2025, the supreme court allowed Trump to remove Slaughter from the agency as the case continued and agreed to take up the case. “That was not a great sign,” said Slaughter. “If they did not want to overturn a 91-year-old precedent, they would have not taken the case, so we knew that boded poorly for our prospects, but I still felt really strongly that even if I thought what the administration was doing was wrong, they weren’t going to do it with my permission. I wasn’t going to cede to something that I thought was wrong on law, wrong on policy, wrong on principle. I was going to do the best I could fighting it out.” On 29 June 2026, the supreme court ruled in a 6 to 3 vote to increase the president’s authority over independent federal agencies.

Victims of Trump purge call supreme court ruling a ‘dagger’ at heart of civil service
Asia-Pacific
The Straits Times

Space start-up funding holds near record highs as SpaceX IPO draws new investors

Space companies raised about $9.6 billion across 141 venture funding deals in the second quarter. Global investment in space start-ups was near record levels in the second quarter, buoyed by investor enthusiasm following SpaceX’s nearly US$86 billion (S$111 billion) initial public offering (IPO), according to a Seraphim Space report on July 16. The landmark listing has broadened investor interest beyond traditional space-focused funds, reinforcing the industry’s emergence as a mainstream asset class. It has also supported larger financing rounds for companies developing launch systems, satellite networks, defence technologies, and other orbital infrastructure. “We’ve seen a clear increase in investor interest over the past year, which has been supported by the SpaceX IPO, but also reflects broader investor recognition of the commercial maturity of the sector,” said Lucas Bishop, investment analyst at the British investment firm. “We are seeing increased inbound from investors with limited or no prior space exposure, who are now looking to build positions in the category.” While Bishop said the first half of 2026 represented an exceptional period for fund-raising and quarterly totals may fluctuate, he said the industry’s underlying investment drivers remained strong. Investors said interest was also increasingly focused on companies serving defence and national security customers, as well as businesses developing in-space computing capabilities, reflecting expectations that governments and commercial customers will boost spending in those areas. Space companies raised about US$7.5 billion across 141 venture funding deals in the second quarter, compared with a record US$8 billion across 159 deals in the previous quarter. “We are now seeing investors put more money into larger funding rounds for established space businesses. That will mean there’s more capital for companies that have already proved their technology works, that there’s clear demand, and that now’s the time to scale,” said Felix von Schubert, executive partner at NewSpace Capital. Investors will be watching whether Jeff Bezos’ Blue Origin completes its reported plan to raise about US$10 billion. The transaction could become among the largest private fundraises in the sector’s history and extend one of the strongest periods of capital formation the commercial space industry has seen. REUTERS

Space start-up funding holds near record highs as SpaceX IPO draws new investors
Asia
The Hindu BusinessLine

West Asia crisis, uncertain monsoon major risks for growth: RBI Governor

Reserve Bank Governor Sanjay Malhotra has said the West Asia crisis and the expectation of a weak monsoon present significant risks to economic growth. "Despite global uncertainties, India has witnessed an over 7 per cent growth rate in the past few years. Last financial year, India clocked a growth rate of 7.7 per cent supported by strong and robust macroeconomic fundamentals," he said in an interview to DD News. The Reserve Bank of India (RBI) has projected a GDP growth of 6.6 per cent for the current financial year despite various challenges, he said. "Monetary and fiscal policies are robust, and because of that, we are witnessing high GDP growth," the governor added. On inflation, he said the central bank has raised its inflation forecast to 5.1 per cent for FY27, higher from its earlier estimate of 4.6 per cent. Inflation going past the Reserve Bank’s median target of 4 per cent in June was largely driven by supply-side factors, Malhotra noted. Retail inflation climbed to 4.38 per cent in June from 3.93 per cent in May, mainly due to costlier food items. The food inflation increased to 5.32 per cent in June from 4.78 per cent in the preceding month. Talking about another risk factor, Malhotra said that how the monsoon behaves is crucial, as a large population depends on the agriculture sector. Agriculture contributes about 17 per cent to the GDP, he said, adding that "we have to be vigilant about that (monsoon)." On the rupee depreciation, Malhotra said the domestic currency performance against peers remains stable despite a stronger dollar and heightened global uncertainty. "After the war in West Asia, the dollar has become strong. The currencies of many countries have weakened. If we look at it from a global perspective, India's rupee situation can be considered normal," he said.

West Asia crisis, uncertain monsoon major risks for growth: RBI Governor