Latest Developments

Europe
BBC Business

UK economy returns to growth in May

Image source, Getty ImagesByNick EdserBusiness reporterPublished16 July 2026, 07:17 BSTUpdated 5 hours agoThe UK's economy returned to growth in May, but the expansion was modest as businesses were affected by the impact of the Iran war. The economy grew by 0.1%, the Office for National Statistics (ONS) said, driven by expansion in the UK's service sector, although this was offset by falls in the production and construction sectors. May's growth comes after a slight contraction in April, and analysts said the latest figures suggested the economy had weathered the rise in energy prices caused by the conflict in the Middle East better than expected. However, others noted the UK economy remained "fragile" and incoming Prime Minister Andy Burnham faced a challenge to boost growth. Over the three months to May, the ONS said the economy grew by 0.7%, external compared with the previous three-month period. "The economy recorded robust growth in the three months to May, though the pace eased slightly as the latest two months showed a weaker picture," said Liz McKeown, director of economic statistics at the ONS. "Computer programming and advertising led the way, while the often-volatile pharmaceutical industry also performed well," she added. The economy saw a strong start to the year, but growth has faltered in recent months with the conflict in the Middle East having affected some businesses. The Iran war has pushed up oil and fuel prices, and also disrupted supply chains. The ONS said firms in a number of sectors had flagged the conflict as affecting activity, including some manufacturing industries, hospitality firms, travel agencies and entertainment companies. Since hostilities resumed between the US and Iran last week, the price of oil has risen from about $72 a barrel to $84, although it remains well below the peak of around $120 seen earlier this year. "Today's data confirm that growth remains fragile," said Fergus Jimenez-England, associate economist at the National Institute of Economic and Social Research.

UK economy returns to growth in May
Europe
BBC Business

British Steel taken into public ownership to protect 'vital' UK supply

Image source, Getty ImagesByHarry Sekulich, Archie Mitchell, Business reporters and Theo Leggett, Business CorrespondentPublished16 July 2026, 06:22 BSTUpdated 3 hours agoBritish Steel has been taken into public ownership in a move the government said would protect jobs and safeguard "a vital national capability". The future of the steelworks, which employs roughly 2,700 people in Scunthorpe and supports many other industries in north Lincolnshire, has been dogged by uncertainty over recent years. The UK government had taken control of British Steel's operations in Scunthorpe last year, though it was still owned by China's Jingye Group, limiting the government's ability to decide on its future strategy. Nationalisation buys the government time and gives it the power and freedom to decide on the future of the plant, while keeping the blast furnaces going. Ultimately it is unlikely the government will want to remain in charge of a business that is costing it more than a million pounds a day. In March, the National Audit Office released a report noting that the Scunthorpe steelworks was costing the government about £1.3m a day. The nationalisation came after Parliament on Wednesday passed legislation allowing the government to bring the steel industry into public ownership under circumstances where it met a public interest test. Jingye is seeking compensation for nationalisation, having previously said the business was losing £700,000 a day. The BBC has been unable to get a response from Jingye to Thursday's announcement. Business Secretary Peter Kyle told the BBC the government will need to cover the running costs "for the immediate future". He said an independent assessor would determine whether Jingye should be compensated for the nationalisation based on the value of the company. "But let me be really clear, there is an alternative here - that we let this business go bust," he said. "If that business disappears, we will lose the ability for primary steel production in our country, we will become entirely dependent on global supply."

British Steel taken into public ownership to protect 'vital' UK supply
Europe
BBC Business

TikTok faces Ofcom investigation over child age checks

Image source, Getty ImagesByLiv McMahonTechnology reporterPublished16 July 2026, 08:04 BSTUpdated 3 hours agoAn investigation has been launched into whether TikTok is doing enough to keep children off its platform. The probe by media regulator Ofcom comes a month after the UK government announced that under-16's would be banned entirely from a range of platforms. Ofcom will examine how the video-sharing app assesses if a user is a child and whether it has adequate systems to prevent children from viewing harmful content. "We're confident that we meet our Online Safety Act obligations and will work with Ofcom to demonstrate it," a TikTok spokesperson said. It follows a review by regulator in May which criticised the platform for not being "safe enough" for children and called for stronger action on children's online safety. Kate Davies, Ofcom's group director for strategy and research told BBC's Today programme: "This is where TikTok comes in. We found that some method of age checks being used by social media are not working well enough". At the heart of the regulator's probe into the platform is its use of technology known as "age inference". This essentially relies on estimating how old a user is based on how they use the platform, such as the videos they watch or others they interact with. Davies said Ofcom had "serious doubts" over whether such tools are good enough at checking the age of users. The regulator requires social media platforms, among others, to use "highly effective" methods to check users are old enough to use them and prevent children from seeing harmful material. "We have very serious questions about whether age inference can be highly effective," she said. But a TikTok spokesperson said: "We strictly enforce age-appropriate experiences through expert-informed platform rules and advanced age inference technologies, in line with major industry peers."

TikTok faces Ofcom investigation over child age checks
Asia
The Hindu BusinessLine

Centre designed Modified UDAN scheme after decade of feedback: Civil Aviation Minister

The Centre designed the Modified UDAN scheme after incorporating feedback received over the past decade, moving beyond a mere extension of the existing programme to create a broader framework aimed at accelerating regional aviation growth, said Civil Aviation Minister Kinjarapu Ram Mohan Naidu. Speaking at an UDAN workshop here on Thursday (July 16, 2026), the Minister said the new scheme seeks to unlock the next phase of regional aviation growth on the back of the strong foundation laid over the past decade through the expansion of airport infrastructure as well as improved connectivity. Accordingly, Naidu said the Centre has earmarked nearly ₹29,000 crore over the next 10 years under the Modified UDAN scheme, which was launched by Prime Minister Narendra Modi on July 4 from Jodhpur. Under the new framework, the eligibility threshold for an airport to be classified as underserved has been relaxed from fewer than seven weekly flights to 14 or fewer weekly flights. For priority regions, including the Northeast and hilly States, the threshold has been increased to 21 weekly flights, enabling a larger number of routes to qualify for viability gap funding (VGF) support. The Centre has also extended VGF support for airlines from three years to five years under a tapered funding structure. In the new framework, airlines will receive 100 per cent support during the first two years, followed by 75 per cent in the third year, 50 per cent in the fourth year and 25 per cent in the fifth year to improve the long-term sustainability of regional routes. Besides, the Minister said the government plans to develop 100 airports over the next decade and is working with states under a challenge-mode approach to accelerate airport infrastructure development. He added that all States and Union Territories participated in consultations on the revised scheme. Furthermore, the expanded programme envisages the development of 100 airports and 200 heliports while promoting indigenous manufacturing through the procurement of two Hindustan-228 Dornier aircraft for Alliance Air and two helicopters for Pawan Hans. According to Naidu, the initiative will strengthen the domestic maintenance, repair and overhaul (MRO) ecosystem while supporting the government’s Make in India and Atmanirbhar Bharat initiatives. In addition, the Minister said the Centre will, for the first time, provide operational and maintenance support to airports in tier-2 and tier-3 cities that are unable to attain financial viability because of low passenger traffic.

Centre designed Modified UDAN scheme after decade of feedback: Civil Aviation Minister
Asia
The Hindu BusinessLine

Wipro reports mixed Q1: Guidance improves, margins contract

Wipro reported a mixed performance for the June quarter, with revenue growth exceeding expectations and guidance coming in slightly ahead of Street estimates, even as operating margins slipped to a 15-quarter low and net profit declined sequentially. The IT giant’s revenue grew 10.6 per cent year-on-year (y-o-y) and 1 per cent sequentially to ₹24,479 crore. Net profit stood at ₹3,352 crore, down 4.7 per cent quarter-on-quarter, but marginally up 0.6 per cent from a year earlier. Meanwhile, operating margin contracted 130 basis points (bps) sequentially and 120 bps y-o-y to 16 per cent. For the September quarter, the company guided for constant currency (cc) revenue growth in the range of -1.5 per cent to +0.5 per cent. Total bookings stood at $3.37 billion, down 2.4 per cent sequentially in cc, while large-deal bookings rose 12.9 per cent sequentially to $1.63 billion, indicating continued momentum in big-ticket contracts despite softer overall booking trends. Meanwhile, Srini Pallia, CEO and Managing Director, said, “The macro environment remains resilient, but uncertainty continues to shape decision-making. Technology investment has not slowed, but has become more focused. Clients continue to invest in AI, Data, Cloud, Cybersecurity, Modernisation and productivity-led transformation. Spending, today, is measured with more rigour and longer decision cycles.” He added that despite selective client spending, Wipro’s pipeline remains healthy. The company continues to see strong engagement across its markets and industries. Addressing the impact on margins, Aparna Iyer, Chief Financial Officer, said, “What has happened is the two-month incremental increase of wage hike, which will take a few quarters for us to recoup. It becomes a little more challenging in the background of our weaker revenue environment, but we have both traditional levers and AI coming in.” She highlighted that Wipro would leverage productivity gains across its fixed-price engagements to optimise project delivery while implementing cost-reduction measures, which it described as a key lever for improving performance. Geographically, the Americas remained a weak spot, with revenue declining both sequentially and annually. However, the company continued to see strong momentum in the Technology & Communications vertical, alongside healthy deal activity in the Consumer segment. It also expects demand in the BFSI vertical to strengthen in the second quarter. The APMEA region posted growth on both a sequential and annual basis, driven by continued momentum in the BFSI and Consumer sectors. In Europe, revenue increased y-o-y, supported by robust demand in BFSI and Technology & Communications. While the Energy, Manufacturing & Resources vertical remained subdued, the company said it has a healthy deal pipeline across key markets, including the UK and the Nordic region. “The real story for Wipro is that margins are under pressure and the management can’t spin that away. Wage hikes have kicked in. AI investments are ramping up. And clients are demanding more for less. That combination is squeezing profitability across the board, not just at Wipro. TCS and Infosys are dealing with some version of the same problem. This is the tax the sector is paying to stay relevant in an AI-led world,” said Tushar Badjate, Director of Badjate Stock & Shares.

Wipro reports mixed Q1: Guidance improves, margins contract
North America
Yahoo Finance

Inflation Risks Flare Up Ahead of Crucial Week for Wall Street

Federal Reserve interest-rate hikes are back in focus this week, thanks to rising inflation concerns following another surge in crude-oil prices. The U.S. and Iran traded fresh strikes over the weekend, and continued to dispute control of oil and energy flows through the Strait of Hormuz, after the breakdown of peace talks aimed at ending a conflict that has simmered for more than 4½ months. U.S. Central Command said around 140 Iranian targets were hit, while military officials from Tehran launched strikes on U.S. bases in the Gulf region, as well as a Kuwait-owned drilling installation.

Inflation Risks Flare Up Ahead of Crucial Week for Wall Street
Europe
The Guardian

Is Donald Trump winning his war against the media?

Donald Trump speaks to the media on the South Lawn of the White House in April. Photograph: Andrew Harnik/Getty ImagesView image in fullscreenDonald Trump speaks to the media on the South Lawn of the White House in April. Photograph: Andrew Harnik/Getty ImagesMediaIs Donald Trump winning his war against the media?President and allies have sued, cut access and issued subpoenas, but experts say media still producing strong work Donald Trump has ramped up his attacks on the media to a level without precedent in American history in the first 17 months of his second presidency. But have Trump and his allies won their war against the media – or at least put the industry on a weaker footing than in the past? The answer isn’t so straightforward. Trump and his associates have launched numerous lawsuits against disfavored media companies; networks that have produced critical coverage of Trump’s actions, including ABC, have been the target of regulatory pressure from the once-independent Federal Communications Commission; press access has been either cut off or significantly curtailed at both the White House and Pentagon; the administration has utilized labor law to put pressure on the New York Times via an Equal Employment Opportunity Commission lawsuit that was decried by the newspaper as “politically motivated”; and perhaps most alarmingly for first amendment advocates, the federal government has both raided a Washington Post journalist’s home and reportedly issued subpoenas – later withdrawn – to Post and Wall Street Journal reporters over their coverage of “national security matters”. In perhaps the most significant escalation yet of Trump’s battle against the press, on Friday the Times reported that five of its reporters received subpoenas forcing them to testify this week in front of a grand jury in New York. “This brazen act should be seen as nothing more than an attempt to prevent the public from knowing what is happening in their country by intimidating journalists from doing their jobs,” Times lawyer David McCraw said in response. Chuck Todd, the former anchor of Meet the Press on NBC, said the Trump administration had “successfully infiltrated the press corps” by increasing the ranks – and prominence – of conservative influencers who are reflexively favorable to the president. “They’ve diluted the press corps so that there are essentially fan journalists there, pro-Trump influencers, or whatever you want to call them, who are participating in the pool,” he told the Guardian. “In that sense, I feel like they’ve done a good job of diluting the impact of accountability journalists.” While networks like CBS News continue to do high-quality reporting on the Trump administration, that coverage is still looked at with skepticism by some because of the close ties between the company’s top brass and the Trump administration – and because of concessions that its then-ownership made to win approval from the FCC to complete a merger in the summer of 2025. Those Trump-aligned owners – David Ellison and his father, the Oracle billionaire Larry Ellison – have already received permission from the Department of Justice to take over the president’s most-hated cable network, CNN, leading to concerns that its coverage of the administration could be defanged to appease him. View image in fullscreenTrump speaks to the media onboard Air Force One after returning from the Nato summit in Ankara. Photograph: Saul Loeb/AFP/Getty ImagesWhile it’s undeniable that media companies are operating with a level of instability and uncertainty that would ordinarily be expected to dampen the reporting they produce, some media industry leaders say the work is strong despite the circumstances. “I think the greatest evidence that the media continues to do its job in holding the government accountable is the fact that this administration is completely obsessed by leaks,” Marty Baron, the former executive editor of the Washington Post, said in an interview. “There’s been a tremendous amount of really good work even by media institutions that have been portrayed as having yielded to Trump. Every day, there’s another story coming out about what’s happening in this administration and something that seems to outrage the administration, and they crank up their efforts to stop leaks [in response], going to an extreme that we haven’t seen before.” The FBI, after all, raided Post reporter Hannah Natanson’s home in January after the newspaper published critical reporting about US involvement in Venezuela, before and after the then Venezuelan leader, Nicolás Maduro, was captured. (Natanson’s work computer remains in the possession of the federal government while a magistrate judge searches her files for classified information allegedly leaked by a federal contractor facing trial in Maryland.) Trump also threatened to sue the Times and CNN – though he did not follow through – for reporting on a leaked preliminary intelligence report that raised questions about the effectiveness of a June 2025 bombing mission in Iran. In early April, he threatened to jail an unnamed reporter for not revealing the source of information that a second US airman was still missing after being shot down by Iran. When assessing the media’s performance, Baron noted that it was impossible to determine “the chilling effect” of Trump’s actions and words.

Is Donald Trump winning his war against the media?
North America
CNBC Economy

Wholesale prices unexpectedly declined 0.3% in June on big drop in gasoline

Wholesale prices unexpectedly fell in June as sliding energy costs helped brighten the inflation picture, the Bureau of Labor Statistics reported Wednesday. The produce price index posted a seasonally adjusted 0.3% decline for the month, compared with the Dow Jones consensus estimate for the final demand cost measure to be unchanged. On an annual basis, the index indicated a 5.5% inflation rate. The May reading was revised sharply lower, from an initially reported increase of 1.1% to 0.6%. Excluding food and energy, the core PPI rose 0.2%, against the outlook for a 0.3% increase. The core PPI less trade services rose 0.1% and was up 5.1% from a year ago. As with consumer prices, the index benefited from easing energy costs, particularly as oil fell due to the brief pause in tensions between the U.S. and Iran. Goods prices posted a 1.4% monthly decline, the biggest drop since July 2022 as energy slumped 6.4% and final demand food prices were off 0.6%. Within the goods category, gasoline tumbled 12%, accounting for about two-thirds of the monthly decrease. At the same time, services prices rose 0.2%, boosted by a 0.4% increase in trade services. The release comes the day after the BLS reported that the consumer price index, a broad measure of inflation at the cash register, posted an unexpectedly sharp decline of 0.4% in June, bringing the annual inflation rate down to 3.5%. That was the biggest monthly drop since April 2020, just after the Covid pandemic declaration. Core consumer inflation slipped to 2.6% after prices were unchanged for the month. While the inflation measures are still well above the Federal Reserve's 2% goal, they do represent progress in the central bank's five-year battle to get back to target. "The Fed's war with inflation isn't over by any means," said Chris Rupkey, chief economist at Fwdbonds, "... but there is good news from the front and the odds of Fed rate hikes should continue to recede as inflation at the factory level is trending lower, and producers will not be passing on their higher costs to the consumer level as much as we previously thought." Stocks were higher Wednesday morning, though traders scaled back expectations for interest rate hikes, with September now a 50-50 bet, according to the CME Group's FedWatch gauge of futures pricing. The consumer and producer price indexes both feed heavily into the calculation of the Fed's preferred inflation gauge. Policymakers most closely follow the personal consumption expenditures price index, due to be released later this month from the Commerce Department. For May, the PCE index indicated headline inflation of 4.1% and core at 3.4%, both likely to come down following this week's releases.

Wholesale prices unexpectedly declined 0.3% in June on big drop in gasoline
Europe
BBC Business

Celebrity influencers paid up to £1m to advertise deodorant on Instagram

The #ad posts on your feed may look relaxed, personal and spontaneous but behind many of them is a carefully planned campaign, a detailed contract and, in some cases, a seven-figure fee. For Charlie Bowes-Lyon, the co-founder of Wild, a refillable natural deodorant, influencer marketing has been a huge part of the company's success and he calls it his "secret sauce". Wild, which was bought by Unilever last year, uses high-profile names including Stacey Solomon, Emma Raducanu and Molly-Mae Hague to promote its products on Instagram. Bowes-Lyon says the brand has spent millions on its partnership with Raducanu and hundreds of thousands on campaigns with Solomon and Hague. Hannah Campbell, founder of influencer marketing agency One Twelve Agency, says brands are using influencers over traditional adverts because "they do actually influence". "They have built audiences and communities that trust them, and the old adage 'people buy from people' is true. "Consumers, especially younger audiences, aren't engaging with traditional media but they do follow and engage with their favourite influencers daily." Influencer marketing is now such a big part of Wild's business that it employs a team of more than 20 solely dedicated to working on this. The company's yearly influencer marketing budget is just under £10m, "but next year that may double as we look for larger brand ambassadors", says Bowes-Lyon. How much the company spends on influencer marketing "can vary from £100,000 through to millions if you want a top-tier celebrity", says Bowes-Lyon. He says a lot of it also depends on the depth of the campaign as "if you want them to do a one-off post you wouldn't pay too much but typically what they and you want is to develop is a bit more of a relationship". British tennis player Emma Raducanu is Wild's current brand ambassador and has been working with the brand for the past year.

Celebrity influencers paid up to £1m to advertise deodorant on Instagram