Latest Developments

Europe
BBC Business

Are interest rates on the way up again?

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished4 hours agoThere's nothing like talk of energy prices and potential higher borrowing costs to remind us that the summer holidays are well and truly over. Surging oil prices have been pushing up what drivers pay at the fuel pumps and eating away at household budgets for months, and concerns remain over whether the economic impact of the US-Iran war will drive the cost of living higher. Citing the Middle East conflict and warning inflation was "set to remain well above" its 2% target for some time, the European Central Bank recently raised interest rates to 2.5%. Other central banks are also responding, with the US and the UK poised to make interest-rate decisions next week. Up first on Wednesday is the US Federal Reserve, which has held rates steady between 3.5% and 3.75% for five meetings in a row. It last made a change - a rate cut - in December. But a strong jobs market and President Donald Trump saying he does not think oil prices will come down until the Iran war ends, which he expects to happen after November's elections, has led many on Wall Street to bet on a rate hike this month. Newly-appointed Fed Chair Kevin Warsh has remained tight-lipped on where he sees interest rates going, but his repeated comments that the central bank's focus should be on slowing price rises has further fuelled expectations of an increase. Economists at Deutsche Bank said recently that a rate hike is "the most likely policy outcome", noting comments from Warsh and other members of the Fed. Views differ somewhat, with Grace Zwemmer, US economist at Oxford Economics, expecting rates to remain unchanged, but almost universally a rate cut appears to be off the table. "The Fed Board, with its great new leader, must get smart - BE PATRIOTS for a change," he posted on social media last week. The US-Iran war and resulting higher global oil and gas prices are stoking the inflation fears. Shipments through the Strait of Hormuz waterway, one of the world's busiest oil and gas routes, have been restricted due to the war and a barrel of Brent crude is now around $105 (£78), approaching levels last seen at the outbreak of the conflict. Along with directly driving up costs for homes and businesses, higher energy prices can also make transporting goods more expensive and those extra costs can be passed down to consumers through steeper prices for the likes of food and other staples.

Are interest rates on the way up again?
Europe
BBC Business

MPs and Lords call for new law to address AI threat to human rights

Image source, Getty ImagesByPatrick JacksonPublished14 September 2026, 04:23 BSTUpdated 3 hours agoA cross-party group of MPs and peers has identified human rights risks posed by artificial intelligence (AI), arguing existing laws are ill-equipped to address the technology's rapid growth. The Joint Committee on Human Rights (JCHR) published a report calling for a new bill on AI to "address the scale and seriousness" of such threats. "Nowhere in the world, including the UK, has a current legislative and regulatory approach to AI that is fit for purpose," said Labour MP and committee chair Alex Sobel. Labour education minister Georgia Gould said AI was creating opportunities but that it was critical the government was "responding to those risks" posed by the technology. In a summary of its 100-page report, the JCHR argued AI has been responsible for numerous abuses of human rights, citing examples including the use of AI to create sexualised images of women and girls, and scanning people's faces without their consent. The JCHR has advocated for the creation of a "single, independent AI oversight body... on a statutory basis", saying the current legal framework is "fragmented and difficult to navigate", "leaving gaps in protection". The report goes on to call for "more demanding obligations for higher risk AI systems and models" at all stages of the "AI lifecycle". It continues: "Some uses of AI should be prohibited outright because they are incompatible with human rights. Potential areas for action include subliminal techniques, and inappropriate use of profiling or biometric data." The committee's chair said: "AI is heralded as an unprecedented era of technological development with the potential to transform our lives for better or for worse." "It is moving with such speed and complexity that its impact is hard to accurately predict. What is clear is that at present we are unprepared to deal with its consequences however potentially dire they may be." The JCHR's 12 members are drawn from both Houses of Parliament and they currently include MPs and peers from the Labour, Conservative and Liberal Democrat parties. Jacob Coxon, an AI researcher who quit Anthropic, told the BBC this weekend that staff developing the systems were "genuinely frightened" for the future of humanity.

MPs and Lords call for new law to address AI threat to human rights
North America
CNBC Finance

NFL Commissioner Roger Goodell says league could rework TV packages in next media deal

MELBOURNE, Australia — NFL Commissioner Roger Goodell said he will consider reworking game packages when the league inks its next media rights deal to adjust for modern TV consumption habits and the shift to streaming. "One of the things we're doing as a league is talking to our partners, talking to future partners, potential partners ... and evaluating, should we repackage our current packages? Should we think differently about where we go with those things?" Goodell said in an exclusive interview with CNBC ahead of the Week 1 game between the San Francisco 49ers and the Los Angeles Rams, the league's first regular-season matchup in Australia. The game will take place Thursday night at 8:35 p.m. ET. The NFL currently sells two Sunday afternoon game packages, a Sunday Night Football slate, a Monday Night Football package, and Thursday Night Football games. Fox and Paramount Skydance-owned CBS have the Sunday afternoon game rights, while NBC has Sunday Night Football, Disney's ESPN and ABC own Monday Night Football and Amazon has Thursday Night Football. The NFL has an opt-out clause that it can trigger at the end of the 2029-30 season to redo and resell its existing packages. Goodell wouldn't say if the league plans to take advantage of that option. "We don't have to make that decision today. That's the reason you have an option," Goodell said. "[What] we said all along is that the option would be incredibly valuable to the NFL — to be able to evaluate what's happening in the media landscape, to be able to look at the things that are happening out there and make the best decision for our fans and for our clubs and how we make sure we present our game in the best possible way and do it with the proper value." Several of the NFL's current media partners are undergoing significant transformations this year. Paramount is attempting to acquire Warner Bros. Discovery for $110 billion in a deal that's been delayed amid an antitrust challenge. Fox has agreed to buy Roku for $22 billion. Comcast said earlier this year it plans to spin off NBCUniversal. The shifting media landscape is likely to factor in when the NFL renegotiates its packages. Goodell also noted that reaching fans globally is a new priority for the league, which will play games in countries including Spain, France and Brazil this season. Netflix owns the global broadcast rights to the 49ers-Rams game. "The world is changing for our partners. It's changing for us. It's changing for fans. Our fans are moving to other platforms," said Goodell. "I think one of the challenges for us is to look at the changes, evaluate what's working, what's not, what we think is going to work beyond those option dates and the partners that can bring the greatest opportunity to reach those fans on a global basis. ... We've never looked at it that way until recently." Goodell said broadcast TV will continue to play a major role in the league's media rights strategy to ensure that local markets have free, over-the-air access to games. Local broadcast stations simulcast games on streaming services such as Netflix and Amazon Prime Video so regional fans can watch. "One hundred percent of our games are available on broadcast television. I see that continuing," said Goodell.

NFL Commissioner Roger Goodell says league could rework TV packages in next media deal
Europe
The Guardian

Global bond sell-off resumes as surging oil prices stoke fears about inflation

Surging oil prices caused by intensifying tensions in the Middle East have fuelled inflation concerns across markets including South Korea. Photograph: YONHAP/EPAView image in fullscreenSurging oil prices caused by intensifying tensions in the Middle East have fuelled inflation concerns across markets including South Korea. Photograph: YONHAP/EPABondsGlobal bond sell-off resumes as surging oil prices stoke fears about inflationCrude jumps above $107 a barrel amid concerns over Middle East conflict and out-of-control government borrowing Nervous investors across big economies have been dumping government bonds, driving up the cost of borrowing, as surging oil prices amplified fears about rising inflation. The cost of a barrel of oil jumped 6% to above $107 on Thursday amid concerns that advances by Houthi rebels along the Red Sea coast in Yemen could choke off Saudi crude exports. The global bond sell-off that has rocked markets in recent weeks resumed in response to the news from the Middle East – which came against a backdrop of escalating concern about out-of-control government borrowing. Higher oil prices, which had already climbed since hostilities resumed in the Iran war, are expected to drive up inflation, prompting central banks to raise interest rates and putting the brakes on economic growth. Donald Trump suggested on Wednesday that the conflict with Iran could continue until “immediately after” November’s US midterm elections, at which point he claimed oil prices would be “tumbling downward”. The European Central Bank (ECB) raised its main interest rate to 2.5% on Thursday, with its president, Christine Lagarde, saying: “We believe inflation will be longer lasting than we had anticipated.” “The conflict in the Middle ​East continues ​to ⁠generate inflation pressures, and inflation is set to ​remain well above target for ​an ⁠extended period,” she added. View image in fullscreenThe ECB president, Christine Lagarde, said eurozone inflation would remain above the central bank’s target for longer than expected. Photograph: Filip Singer/EPAAs Thursday’s sell-off gathered pace in London, the yield, or interest rate, on 10-year UK government bonds surged above 5.37% – the highest cost of borrowing since 2007 – creating a fresh headache for the new chancellor, John Healey. With less than seven weeks to go until Healey’s first budget on 28 October, higher interest rates on the UK’s debt-pile will raise the cost of future investment projects and eat into the Treasury’s fiscal headroom. At the same time, the prospect of higher energy bills as oil and gas prices rise is likely to intensify pressure on the government to help consumers to weather the winter. Unleaded petrol prices have already risen by 6p a litre since the start of September, according to the motoring organisation the RAC, while the prospect of higher inflation has prompted some banks to raise their mortgage rates.

Global bond sell-off resumes as surging oil prices stoke fears about inflation
Asia
The Hindu BusinessLine

Keralam flash flood: 1 dead, 7 feared swept away in Pookkottumpadam

One person died after an unexpected flash flood hit Kottappuzha at TK Colony in Pookkottumpadam around 5 pm on Sunday. Around seven people, including tourists and a local woman, are feared to have been swept away, according to preliminary information. The body of a man, aged around 50, was recovered from the river at Muttikkund in Pottikkallu. His body was shifted to the District Hospital, while a search is continuing for others feared missing. A large number of tourists were present at various locations along the river, from Olarvattom Canal to T.K. Colony, which are popular tourist spots. As it was a holiday, hundreds of people had gathered at Kettungal, Aanakkundu, Balawadippadi and other areas along the Koyipra foothills. After the water level suddenly rose, around 27 people who were stranded in the middle of the river were rescued by local residents and members of the Muhammad Suhail Treatment Aid Committee. However, several people remained stranded at different locations for a long time as they were unable to reach safety. Four people from Chokkad are reportedly stranded on rocks and trees near the Anganwadi. Rescue efforts are underway to evacuate them. Police, Fire and Rescue Services personnel, volunteers and residents are continuing rescue operations for those stranded in the river. A search operation is also underway for those feared to have been swept away in the flash flood. Meanwhile, the India Meteorological Department (IMD) has issued a rainfall alert, with seven districts, including Thiruvananthapuram and Idukki, under a yellow alert for Sunday. Isolated heavy rainfall of up to 115.5 mm is expected over a 24-hour period. An orange alert has also been issued for Idukki and Kottayam districts. Meanwhile, in Gangtok, Sikkim, continuous heavy downpours have triggered a series of destructive landslides, mudflows, and road blockages across the Gangtok district, prompting an intensive damage assessment by the District Disaster Management Authority (DDMA). The District Disaster Management Authority (DDMA), Gangtok, has initiated an intensive damage assessment across the district following a series of landslides and rain-related incidents triggered by ongoing heavy rainfall. 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.

Keralam flash flood: 1 dead, 7 feared swept away in Pookkottumpadam
Europe
The Guardian

OpenAI boss and Elon Musk back calls to put brakes on ‘reckless’ AI development

Growing numbers of US lawmakers ​are calling for new rules after cases of AI agents going rogue and researchers quitting over safety concerns. Photograph: Dragon Claws/AlamyView image in fullscreenGrowing numbers of US lawmakers ​are calling for new rules after cases of AI agents going rogue and researchers quitting over safety concerns. Photograph: Dragon Claws/AlamyAI (artificial intelligence)OpenAI boss and Elon Musk back calls to put brakes on ‘reckless’ AI developmentRare show of unity from rival developers after safety warnings from Anthropic boss and AI researchers Sam Altman and Elon Musk have backed a call from the head of Anthropic, Dario Amodei, to “slow the pace” of AI development after he warned that an AI swarm could otherwise become capable of “taking over the entire internet” within a year. In a rare show of unity, the rival technology leaders threw their weight behind the appeal from the founder and chief executive of the artificial intelligence company Anthropic, which came after a series of warnings from AI researchers last week. Amodei also called for safety coordination with China. But the US president, Donald Trump, on a visit to his golf course in Ireland, played down the warnings and said “very negative forces” were “bringing up things that won’t happen”. “We’re leading China in AI,” he said. “We’re the most sophisticated country in the world, and frankly I want to ⁠keep it that way because whoever wins AI, wins. Amodei laid out his thoughts on “why the AI industry should slow down”, in an essay with a three-part plan for doing so, starting with giving independent monitors constant access to developers’ research processes. Amodei said “building [AI] too fast is reckless” and he feared that after hundreds of OpenAI agents hacked into the Hugging Face website this summer, a swarm with greater capabilities but similarly misaligned could cause hundreds of billions of dollars of damage by “taking over the entire internet with a persistent botnet”. This was disputed by some AI experts as not particularly plausible and to be treated with scepticism. Musk, the founder of Tesla and SpaceX, responded to Amodei’s slowdown plan with a series of posts on X: “Dario is right.” He said: “I’ve been sounding the alarm on AI for a long time,” and referred to a 2014 post where he said: “We need to be super careful with AI. Potentially more dangerous than nukes.” Amodei’s call comes as Anthropic prepares to float on the US stock market, in what is expected to be the biggest initial public offering of all time. It is expected to start marketing its planned $2tn-plus (£1.5tn) IPO soon. View image in fullscreenFrom left to right: Elon Musk, Dario Amodei and Sam Altman. Photograph: Fabrice Coffrini,julien de Rosa,mandel Ngan/AFP/Getty ImagesSam Altman, the CEO of OpenAI, responded to Amodei’s comments on Saturday. “I agree with Dario that we need to pace the frontier,” he said in a post on X. “Committing to having independent evaluators with employee-like access is a great idea, and we will do the same. We’ll have more to share soon.” He also said OpenAI would not go public in 2026, citing safety concerns over artificial intelligence. “I actually think that, given everything happening with safety, right now would be an ill-advised moment to go public, and we don’t feel pressure on that,” Altman told Fortune. Asked why he, Amodei, Musk, and the chief executives of Meta and Google did not sit down and “get on the same page” about a collective slowdown, he said: “I think that will happen.”

OpenAI boss and Elon Musk back calls to put brakes on ‘reckless’ AI development
North America
CNBC Finance

LIV Golf files for Chapter 11 bankruptcy protection

LIV Golf has filed for bankruptcy protection as the upstart golf league faces a Saudi funding cliff and searches for new investment. The golf venture — initially backed by Saudi Arabia's Public Investment Fund, or PIF — said Tuesday it has entered into a restructuring support agreement with BC Partner Advisors LP, the credit arm of private equity firm BC Partners. As part of the agreement LIV agreed to seek Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. CNBC previously reported PIF was set to pull its funding from LIV at the end of the 2026 schedule. Earlier this year LIV launched an investor roadshow in an effort to raise up to $350 million from stakeholders to fund its operations. As part of the proposed bankruptcy deal, for which LIV will need court approval, the venture is expected to be majority owned by its players. LIV remains in advanced talks with the players, it said in a Tuesday news release. PIF has agreed to provide $49.6 million in bankruptcy financing that will allow LIV to stay afloat during proceedings. Following the exit from bankruptcy protection, BC Partners Credit and other minority stakeholders are expected to provide financing. "This process gives us the structure and time to pursue a landmark transaction and begin the next chapter of LIV Golf — one built around the fans, an innovative, player-first ownership model, and a part of the global golf ecosystem," CEO Scott O'Neil said in Tuesday's release. "We are excited about what lies ahead and yet, there is still much to accomplish in the months ahead." In June, amid reports that PIF funding could end even sooner than previously understood, O'Neil told CNBC that the organization had to trust that the sovereign wealth fund would continue to back the venture through the conclusion of the season. LIV had been positioned as a rival to the PGA Tour and beckoned high-profile athletes, in part thanks to hefty paychecks. By 2023 the league had agreed to merge with the PGA Tour, although a deal has yet to come to fruition. 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.

LIV Golf files for Chapter 11 bankruptcy protection
Europe
BBC Business

Amazon pauses work with cargo firm after fatal crash

Image source, AFP via Getty ImagesByOsmond ChiaBusiness reporterPublished14 September 2026, 03:01 BSTUpdated 1 hour agoE-commerce giant Amazon says it is suspending work with the firm that operated a cargo plane that was involved in a fatal crash in Miami this month. "After the tragic incident last weekend, we've spent time supporting the investigation and reviewing some of the surrounding circumstances, and we've decided to pause our operations with 21 Air," an Amazon spokesperson said on Sunday. On 6 September, the 21 Air-operated Boeing jet overshot a runway at Miami International Airport and hit several vehicles, killing five people. The BBC has contacted 21 Air for comment. The firm previously said it was "devastated by the accident" and that it is cooperating with authorities to investigate the incident. The US National Transportation Safety Board (NTSB) is leading the investigation into the crash. Amazon spokesperson Kelly Nantel said: "Safety has always been our top priority, whether in our own operations or when we're working with partners." "We'll continue working to support the investigation and everyone affected," she added. 21 Air is an all-cargo carrier that operates flights for major firms like Amazon and DHL. The Boeing 767-300 cargo plane crashed in Miami after departing from Luis Muñoz Marín International Airport in San Juan, Puerto Rico. The aircraft overshot the runway, crashing into nearby vehicles before skidding to a stop. Last week, Miami authorities identified the five people who died as Rolando Aleman Leon, 55; Yoel Rodriguez Naranjo, 53; Julio C Pineda, 75; Carlos Acosta Fajardo, 53; and Javierkys Reyes Quevedo, 47. "Our deepest condolences are with the families and loved ones of those who lost their lives," 21 Air chief executive Keith Winters previously said.

Amazon pauses work with cargo firm after fatal crash
Europe
The Guardian

ECB raises interest rates to 2.5% and warns Iran war is fuelling inflation

Christine Lagarde, president of the European Central Bank, speaks to the press in Berlin after the rate decision. Photograph: John MacDougall/AFP/GettyView image in fullscreenChristine Lagarde, president of the European Central Bank, speaks to the press in Berlin after the rate decision. Photograph: John MacDougall/AFP/GettyEuropean Central BankECB raises interest rates to 2.5% and warns Iran war is fuelling inflation Borrowing costs climb in Europe and oil tops $105 a barrel as bank says growing price pressures in eurozone will be ‘longer lasting than we had anticipated’ The European Central Bank has raised interest rates to 2.5% and warned that the risk of higher inflation over the next year has risen following renewed fighting in the Middle East. It came as government borrowing costs soared on the back of a jump in oil and gas prices after the latest US and Iran attacks on ships in the strait of Hormuz. The interest rate, or yield, on UK government debt rose to a 19-year high on Thursday, while the yield on US and European bonds also climbed in line with oil, which touched $105 (£78) a barrel. Investors had expected the ECB to raise the cost of borrowing across the euro bloc, but were spooked by the hawkish tone of the central bank’s report, which warned of inflationary pressures building in many sectors of the economy. Increasing its main rate from 2.25% to the highest level since March last year, the central bank lifted its forecast for eurozone economic growth in 2026 to 0.9%, up from 0.8% in June. It now expects inflation to average 3% this year. The biggest driving force of rising prices is the cost of energy, which again jumped on Thursday after this week’s increase in US and Iranian attacks on ships transiting the Gulf. Brent crude passed $105 a barrel, before slipping back to about $104.5, a 3.3% rise on the day. British gas prices rose to above 203p per therm, the highest since December 2022. Continental European gas prices also increased. The Dutch wholesale gas price – the EU standard – passed €80 per megawatt hour (MWh) for the first time since January 2023. The front-month contract is trading 3.4% higher at €82.56/MWh. This, in turn, increased government borrowing costs in leading economies. The interest rate on benchmark 10-year UK government bonds, also known as gilts, hit 5.36%, the highest since August 2007. The rate on Germany’s 30-year government bond rose 2.5 basis points to 5.08%, the highest since December 2003. The 10-year yield hit 3.45%, the highest since April 2011. France’s 10-year government bond yield was the highest since October 2008 at 4.344%, up 1 basis point. Central banks are concerned that high fuel and energy prices will feed into higher transport costs and more expensive heating for commercial and residential properties, which will lead to a broad-based rise in inflation.

ECB raises interest rates to 2.5% and warns Iran war is fuelling inflation