Latest Developments

Asia-Pacific
The Straits Times

Tech stocks hit by AI slowdown call as US Fed expected to hike rates

The US Federal Reserve is expected to increase borrowing costs on Sept 16 as it tries to combat stubbornly high inflation. HONG KONG – Stocks of tech firms tumbled on Sept 14 after leaders of companies at the forefront of the artificial intelligence boom backed calls for a slowdown in development in the sector amid warnings that it could pose a threat to humanity. The equity market losses were compounded by another spike in oil prices after Saudi Arabia closed a key pipeline, while US inflation data did little to lower expectations that the Federal Reserve will hike interest rates this week. Chipmakers led the selling in Asia after Anthropic chief executive Dario Amodei on Sept 12 called for AI companies to “pace the frontier” – or coordinate a slowdown in the technology’s development – to allow a better understanding of the risks arising. Key among his concerns is so-called “recursive self-improvement”, or when AI can build its own next generation. “Left unchecked, it could outrun our ability to understand and control these systems, and so must be pursued very carefully, if at all,” Amodei wrote. His chief competitors, OpenAI’s Sam Altman and xAI’s Elon Musk, publicly supported him, with Musk saying “Dario is right”. The comments came after a researcher resigned from Anthropic over fears that the technology could escape human control. Another, who did not resign, stated publicly that “we really do earnestly believe AI could kill all humans”, and that he thought the chances were greater than “10 per cent within the next decade”. While US President Donald Trump voiced opposition to the remarks and House Speaker Mike Johnson said “we don’t need everybody to panic right now”, traders sold off their tech holdings on Sept 14. Tokyo-listed tech investment titan SoftBank plunged more than 12 per cent, while chipmaker Kioxia shed more than 7 per cent and Advantest more than 2 per cent. Seoul’s Kospi index led losses on broader markets, with Tokyo, Shanghai, Taipei and Manila also lower.

Tech stocks hit by AI slowdown call as US Fed expected to hike rates
Europe
The Guardian

The Odyssey and Spider-Man propel record-breaking summer box office worldwide

Hollywood’s Chinese theatre during opening weekend of The Odyssey in July. Photograph: AaronP/Bauer-Griffin/GC ImagesView image in fullscreenHollywood’s Chinese theatre during opening weekend of The Odyssey in July. Photograph: AaronP/Bauer-Griffin/GC ImagesFilm industryThe Odyssey and Spider-Man propel record-breaking summer box office worldwideThe biggest May to September of all time was recorded in US cinemas, with the UK enjoying a 56% rise in audiences, outstripped by an 88% lift in the Middle East and Africa As well as celebrating their wedding, the actors Tom Holland and Zendaya have something else to toast: their two summer blockbusters – The Odyssey and Spider-Man: Brand New Day – have officially made box office history. The films were credited as the driving force behind the US’s biggest summer season of all time, taking $4.761bn (£3.51bn) from 1 May-7 September, beating 2013’s $4.756bn. Spider-Man is currently on $2.4bn worldwide and likely to climb higher, while The Odyssey has made $1.6bn. Other key titles driving sales include Toy Story 5, Michael and The Super Mario Galaxy Movie, all of which have grossed over $1bn. The breadth of the success of Destin Daniel Cretton’s Spider-Man: Brand New Day was a particular surprise. The film is the best-performing of the year so far and the third highest-grossing film of all time. Its opening weekend was the second-best of all time behind Avengers: Endgame (2019) and it is also the second-fastest film to gross $1bn, doing so in six days. Christopher Nolan’s The Odyssey, meanwhile, is the highest-grossing “original” movie of the year, despite its adaptation from Homer’s epic poem. Low-budget original horror movies Backrooms ($394m) and Obsession ($513m) have also helped re-energise the box office. Sequels and spinoffs accounted for many of the underperformers, including Star Wars: The Mandalorian and Grogu ($345.4m) , Supergirl ($126.4m) and Minions & Monsters ($518.1m – around half of 2022’s Minions: The Rise of Gru). Meanwhile, August cinema admissions in the UK rose 56% year-on-year to over 17m, according to the UK Cinema Association, signalling the biggest August since 2018 and the second-best performing month since July 2023, when Barbie and Oppenheimer opened together. Such an uptick is dwarfed by the picture in Europe, the Middle East and Africa, which saw an 88% year-on-year lift, according to Gower Street and the International Union of Cinemas. France’s 19.9m August admissions was the best number recorded during that month since records began 46 years ago, and marked a 50% increase from 2025. Italian cinemas recorded their best-ever June-August period, with 20.8m admissions and a take of €162.3m, as well as their best ever August. Spain saw a 71% year-on-year increase, while the Netherlands recorded a 77% lift.

The Odyssey and Spider-Man propel record-breaking summer box office worldwide
Europe
BBC Business

England's mayors to be given power to introduce tourist tax

Image source, Getty ImagesByJack Fenwick, Political correspondent, Ewan Somerville, Political reporter and Chris GrahamPublished10 September 2026, 03:19 BSTUpdated 57 minutes agoMayors in England are to be given the power to introduce an overnight visitor levy on tourists, under plans being announced by the government later. Local leaders would be allowed to bring in an uncapped levy, dubbed a "tourist tax", as a percentage of the cost of hotels, bed and breakfasts and other types of accommodation rather than a flat fee. Hospitality leaders have warned "jobs are now at risk" because of the proposals and that families holidaying in England would feel the pinch. But ministers are said to believe mayors are unlikely to make it too expensive with budget holidays protected by the fact it is not a flat fee. The idea was first raised under former Prime Minister Sir Keir Starmer in November and is similar to schemes running in Scotland and European destinations. The government will announce more details after the Housing Secretary Angela Rayner meets mayors virtually at No 10 North on Thursday afternoon. Under the proposals, local leaders would decide how the revenue raised should be reinvested. A government source said "it will be up to local leaders and local voters" in England "to decide what is right for their area". But it means a holiday in England could become more expensive if local leaders decide to implement the tax. Leading trade body UKHospitality has hit back at the proposals, warning they are "not going to be painless". Its chief executive Allen Simpson claimed it would add about £100 to £120 on average to the cost of a family holiday in England, amid fears mayors would make use of the fact there is, in theory, no upper limit for the levy. "We know, don't we, that local government is struggling for funds - it was hit very hard by austerity," he told BBC Radio 4's Today programme.

England's mayors to be given power to introduce tourist tax
Asia
The Hindu BusinessLine

Retail, wholesale inflation up in August; possibility of rate hike strengthens

With this, the possibility of a policy interest rate hike by the Monetary Policy Committee (MPC) next month has gained strength. | Photo Credit: iStockphoto Government on Monday reported that both inflation rates – retail and wholesale – rose further in August to 4.8 per cent and 9.9 per cent respectively. With this, the possibility of a policy interest rate hike by Monetary Policy Committee (MPC) next month has gained strength. Retail inflation is the highest in the current series, while wholesale inflation is second highest in the new series. Retail inflation was 4.4 per cent in July, while wholesale inflation was 9.8 per cent in the same month. The pickup in retail inflation ran close ‌to ⁠or above 4 per cent in categories including clothing, household goods ⁠and education, while inflation in food-serving services rose to 8.4 per cent from 7.7 per cent in July. Food inflation climbed to 5.95 per cent in August from ⁠5.52 per cent in July on the back of weak monsoon showers, with sharp increases in prices of staples ‌such as ginger, onion and garlic. Transport inflation accelerated to 4.6 per cent in August from 4.4 per cent in the previous ​month, according to CPI data released by the National Statistics Office (NSO). “Headline inflation came in line with our expectations. We expect the 2QFY27 average inflation to be about 20bp higher than RBI’s estimate of 4.7 per cent. Overall, given RBI’s measures in withdrawing durable liquidity along with adverse global conditions we continue to see scope for 50-75bp of rate hikes by the MPC, with now the odds of an action in October increasing significantly,” she said. RBI’s Monetary Policy Committee recently kept key short-term policy rates unchanged amid inflation worries. RBI’s official mandate is to keep inflation within the acceptable range of 2 per cent to 6 per cent. “Across groups, mineral oils (containing petroleum products), food articles, manufacture of food products, manufacture of basic metals, non-food articles, and manufacture of chemicals and chemical products have been major drivers of WPI inflation in August 2026,” the Commerce and Industry Ministry said while releasing the WPI data. In August, food inflation rose to 7.05 per cent from 6.65 per cent in July. In manufactured items, WPI inflation stood at a series high of 8.37 per cent compared to 8.29 per cent in July. In the fuel and power basket, wholesale price index (WPI)-based inflation was 22.93 per cent in August against 20.05 per cent in July. Devendra Pant, Chief Economist at India Ratings & Research expects wholesale inflation to be in double digit in September. “No significant impact of deficient rainfall on food prices till August 2026, adverse base effect is pushing food inflation higher,” he said while adding that prolonged West Asia crisis has reversed two months’ declining trend of fuel and power inflation and is likely to remain elevated until the solution of crisis Double digit inflation in seven manufacturing sectors – tobacco products, textiles products, chemical products, rubber & plastic products, base metals, electrical equipment and other manufacturing pushed manufactured inflation to all-time high (in new series). While supply chain disruption had minimal impact on India’s 1QFY27 GDP growth, it has significantly impacted inflation. With West Asia crisis remained unresolved (like Russia-Ukraine), global uncertainty is likely to remain elevated in near-term. “This, along with deficient rain and weaker currency, would continue to push inflation higher in near-term. Ind-Ra expects wholesale inflation to increase to 10.2% in September 2026 and likely to remain elevated in rest of 2026, unless a permanent solution to West Asia crisis is achieved,” Pant said. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

Retail, wholesale inflation up in August; possibility of rate hike strengthens
Europe
BBC Business

I asked my husband to pay into my pension when we had a child - here's why

When Molly and Taylor Haylett started their family, they hadn't really planned for what it would mean financially. "Our first child surprised us, so we weren't prepared for it," says Molly, 30, a financial adviser from Essex. Molly and Taylor, who's a train driver, were earning similar amounts, but once Molly spent more time at home with their baby, the balance changed. "Taylor's career propelled and mine took a step back," she says. "There's an unintended impact on the person who spends more time at home with the kids." One of the things the couple decided to do was have Taylor contribute to Molly's pension while she was off work. It is something she thinks far more couples should discuss before having children. She explains that she recently had a conversation about this with a friend as she is going to stop working after having children. "My friend said, 'How would I even ask him to do that?' And I said, 'You've got to just ask him.' "People think only about the present and paying the bills but the person taking time off work could end up with much less in the future." Taylor, 33, admits it was not something he knew about but was on board with Molly's suggestion. "We committed to a life together and if I could help out I would and I was pleased that I did," he says. He adds that Molly is the more organised of the two when it comes to planning and budgeting, but says he still wants to understand where their money is going.

I asked my husband to pay into my pension when we had a child - here's why
Europe
The Guardian

‘The most anti-union president’: how Trump turned his back on US workers

A portrait of President Donald Trump hangs from the Department of Labor headquarters in Washington DC ahead of Labor Day on 31 August 2026. Photograph: Bonnie Cash/UPI/ShutterstockView image in fullscreenA portrait of President Donald Trump hangs from the Department of Labor headquarters in Washington DC ahead of Labor Day on 31 August 2026. Photograph: Bonnie Cash/UPI/ShutterstockUS unions‘The most anti-union president’: how Trump turned his back on US workersLabor experts stunned at how anti-worker Trump has been with actions since last Labor Day that have hurt unions Steven GreenhouseMon 7 Sep 2026 07.00 EDTLast modified on Mon 7 Sep 2026 07.03 EDTSharePrefer the Guardian on GoogleDonald Trump has repeatedly vowed to champion US workers. Shortly before Labor Day last year, he said: “Every policy of the Trump administration is designed to lift up the American worker and “promote great-paying blue-collar jobs”. But in the year since last Labor Day, Trump has taken many actions that have hurt US workers and unions, with some labor experts saying they’ve been stunned at how anti-worker Trump has been. In the months after Trump returned to office, the Occupational Safety and Health Administration (Osha) cut workplace inspections by 20%, compared with Joe Biden’s last year in office. Even though Trump campaigned as a champion of coal miners, his administration has repeatedly delayed implementation of a rule to limit silica dust, which has afflicted and killed many coal miners with black lung. The United Mine Workers union has urgently called for “immediate enforcement” of the stalled silica dust rule. With regard to wages, workers haven’t been doing so well under Trump. While the White House boasts that wages have risen, the problem for workers is that prices – pushed up by Trump’s tariffs and the Iran war – have risen faster than wages over the past year, helping fuel the affordability crisis. In a move that will cut pay for many low-wage workers, the Trump administration has proposed eliminating federal minimum wage and overtime protections for 3 million often low-paid homecare workers who take care of seniors and the disabled. Despite several court rulings to slow or stop this anti-union effort, Trump has pushed aggressively ahead with his unprecedented campaign to strip 1 million federal employees of their ability to bargain collectively – a move that Liz Shuler, president of the AFL-CIO, the nation’s main labor federation, called, “the largest single act of union-busting in our history”. Trump has moved to end collective bargaining for hundreds of thousands of workers at the Transportation Security Agency, the Department of Veterans Affairs, the Department of Agriculture, the Environmental Protection Agency and other agencies. In another unprecedented move, Trump fired Gwynne Wilcox, the pro-union chair of the National Labor Relations Board – the first time a president has fired an NLRB member. Trump has since named numerous pro-business officials to the labor board. “Trump’s actions make him by far the most anti-union president in our modern history,” Sara Nelson, president of the Association of Flight Attendants and a leading progressive voice in the labor movement, said in an interview. “His administration has been massively anti-worker, anti-union and anti-working class.” White House officials take sharp issue with critics who say Trump is anti-worker. Taylor Rogers, a White House spokesperson, said: “President Trump will always put American workers first, which is why he signed the largest middle-class tax cuts in history, secured trillions in investments into our country, and negotiated historic trade deals to reshore our manufacturing industry and protect American jobs. Thanks to President Trump, American workers are prioritized over illegal aliens and foreign-born workers once again.” Heidi Shierholz, president of the Economic Policy Institute, a progressive thinktank, said she was stunned by some of Trump’s anti-worker actions, especially by his order last year chopping the minimum wage that federal contractors must pay their employees, to $13.30 an hour from $17.75. That move caused some workers to lose over $9,000 a year in pay. This year, Trump rescinded a Biden-era regulation that made overtime pay available to more salaried workers. As a result, 4.3 million workers will no longer qualify for time-and-a-half overtime. (Two federal courts in Texas had ruled against Biden’s overtime regulation.) In his years as president, Trump has never pushed to raise the $7.25-an-hour federal minimum wage, which has greatly eroded in value since it last increased in 2009. “The Trump administration is systematically weakening policies and institutions that give workers a voice, that give workers protections and that hold employers accountable,” Shierholz said. “He’s been doing that from day one, and since then it has absolutely continued and accelerated. You see attacks on every kind of worker protection from safety and health to wage and hour protections. Policy after policy after policy goes directly against the interests of workers.” Trump has helped some groups of workers by getting Congress to enact no tax on tips and a significant cut in taxes on overtime pay. The White House boasts that Trump also helped cuts taxes for working families, but Trump’s critics say those cuts overwhelmingly favor the ultra-wealthy, while giving just modest cuts to workers.

‘The most anti-union president’: how Trump turned his back on US workers
Europe
BBC Business

Singaporean man pleads guilty in US to massive crypto heist

A Singaporean man pleaded guilty on Tuesday to a racketeering conspiracy charge in the US for organising one of the biggest ever cryptocurrency thefts. Malone Lam admitted to teaming up with friends to steal $245m (£181m) of bitcoin and laundering the proceeds. The 22-year-old and his associates used the money to spend up to $500,000 a visit to nightclubs, according to the US Department of Justice (DOJ). It also said they bought a fleet of exotic cars, ranging in value from $100,000 to $3.8m. Lam faces a maximum prison sentence of 20 years. US District Judge Colleen Kollar-Kotelly did not immediately schedule a sentencing hearing for him. "If you build a cybercrime empire, we will find you, dismantle your operation, and hold you accountable," said US Attorney Jeanine Pirro said. "This defendant led an international network that preyed on victims through deception, invaded their privacy, and stole hundreds of millions of dollars in cryptocurrency," she added. According to court documents, the conspiracy began no later than October 2023 and continued to at least May 2025. The co-conspirators - who came from California, Connecticut, New York, Florida, and outside the US - met via online gaming platforms. The DOJ said Lam - who also went by the names Anne Hathaway, $$$, King Greavy - was the ringleader of the criminal enterprise, who identified victims and coordinated the roles of the different conspirators. They tricked people into giving away confidential information as well as conducted occasional home break-ins to obtain details that allowed them to drain their victims' cryptocurrency wallets, the DOJ said. The stolen cryptocurrency was also used to buy Hermes Birkin handbags, valued in the tens of thousands of dollars, which were thrown into crowds at nightclub parties, according to the DOJ. Other items that the DOJ said the proceeds were spent on included high-end watches worth up to $500,000, luxury clothing valued in the tens of thousands of dollars, rental homes in Los Angeles, the Hamptons, and Miami, private jet rentals for travel and a team of private security guards.

Singaporean man pleads guilty in US to massive crypto heist
North America
CNBC Economy

The big August jobs report is due out Friday. Here's what to expect for what has been a jobless summer

The August jobs report set to be released Friday is expected to put the final touches on what has been a relatively jobless summer. If expectations hold, the Bureau of Labor Statistics count will show growth of just 53,000 in nonfarm payrolls, according to the Dow Jones consensus estimate. Even with the anemic growth rate, that is expected to be enough to keep the unemployment rate at 4.1%. More broadly, though, the report would follow counts for June and July that together showed a net loss of 3,000 jobs. Also, the initial August numbers have been revised lower for the past four years in a row. Together, the data suggest a labor market in neither boom nor bust mode — one that is increasingly becoming an afterthought for Federal Reserve officials looking to plot their next monetary policy action. The current state of the jobs picture is "stable but unexciting," said Dan North, senior economist for Allianz Trade North America. "I don't see a whole lot of really robust growth, which is understandable because if you're an employer, you're sitting here and you've got a war going on, energy prices going up and down, tariffs, and the administration changing everything overnight from day to day," he added. "So you've got a lot of uncertainties out there." Indeed, geopolitical uncertainty and the impact of artificial intelligence are two dominant labor market themes, along with a shrinking labor force that has helped keep the unemployment rate in check. Despite the various pressures, companies have avoided widespread layoffs. Weekly jobless claims have been in check, and the total layoff pace in 2026 is the slowest in four years, according to outplacement consultants Challenger, Gray & Christmas. Fed officials in recent days have said they consider the labor market far less of a concern than inflation. Governor Michael Barr earlier this week characterized the situation as "stable" and Governor Christopher Waller said Thursday the jobs picture is in "satisfactory shape" — hardly ringing endorsements, but enough to allow the Fed to consider raising rates without disturbing the labor market if inflation doesn't ease further. "Monthly payrolls readings have been softer in recent months, but low jobless claims and a steady unemployment rate have kept Fed officials unconcerned about the labor market," Citigroup economist Andrew Hollenhorst said in a note. Citi sees the August count at just 20,000 new jobs, following a loss of 23,000 in July, and a potential tick up in the unemployment rate to 4.2%. But Hollenhorst expects the Fed will see those numbers as "stable" and not cause for broader concern. Still, Citi thinks the Fed's next move will be a cut. Comments from Waller on inflation pushed traders to price in the likelihood the Fed would hold at its meeting in less than two weeks.

The big August jobs report is due out Friday. Here's what to expect for what has been a jobless summer
Europe
BBC Business

Tax banks to give some households energy bill cut, unions tell Burnham

ByIain WatsonPolitical correspondentPublished3 hours agoThe leader of Britain's trade unionists has told Andy Burnham the government should introduce a "social tariff", paid for by a bank surcharge, to help low and middle earners with their energy bills. A social tariff is a discount on bills based on household income, and the TUC says it believes two-thirds of households could benefit. The TUC says the bank surcharge, which was reduced in 2023 from 8% to 3% by the then Conservative government, should be reversed - and estimates it would raise £9bn over four years. TUC leader Paul Nowak said: "I think it will appeal to the prime minister. These are policies that make a difference in the real world and people can see a value in them." In a wide-ranging BBC interview ahead of its annual congress in Brighton next week, the TUC general secretary said next month's Budget needed to show "the government is back in the service of the British people". While he said Burnham had got off to a good start as prime minister, he had a series of "asks" of the prime minister and the new Chancellor, John Healey. Top of his list is more help with energy bills, saying: "We need to drive down inflation – those energy bills are fuelling inflation. "And millions of families up and down the country are worried about turning on their heating this winter." Burnham has already offered "breathing space" - as he calls it – on the cost of living by temporarily scrapping VAT on electricity bills from October. Nowak said the proposal for a social tariff would be popular with Labour MPs; while the Liberal Democrats and the Greens in England and Wales have called for a windfall tax on banks too. However, UK Finance, which represents well-known banks and lenders, has suggested that heavier levies would undermine the government's ambition to deliver "growth in every postcode" and would damage international competitiveness. The organisation argues that UK banks face a heavier tax burden than those in the US, for example.

Tax banks to give some households energy bill cut, unions tell Burnham