Latest Developments

Europe
BBC Business

Winter energy prices expected to rise to three-year high

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoEnergy bills for millions of households are expected to rise this winter to the highest level for three years, under a price cap to be announced by the industry regulator on Wednesday. The cap will reflect the rise in the wholesale cost of gas, paid by suppliers and will hit bills just as the colder weather arrives in October until the end of December. Analysts expect Ofgem to say prices will go up by 4% compared with the current cap, affecting those on variable tariffs in England, Scotland and Wales. Firms say energy debt has jumped and, with high bills likely to persist, have called for more support for those struggling to pay. The government says VAT is being cut from electricity bills. The price cap for about 33 million households is expected to rise, driven by volatility in international wholesale gas prices. The average price of gas has been 61% higher over the past three months compared to late 2025, according to suppliers' trade body Energy UK. Millions of people have moved on to fixed energy tariffs, some in response to the uncertainty created by the impact of the US-Israeli war with Iran. Anyone on a fixed deal will not see the price they pay rise, until at least the end of the term of their tariff. About 40% of billpayers have fixed tariffs. The energy cap sets a maximum price for each unit of gas and electricity, not the total bill, so a household's final bill depends on what they use. In July, Ofgem reduced what it believes to be a "typical" level of energy use, because many homes have cut back owing to high prices of recent years while energy efficiency has improved. Cornwall Insight, the consultancy, has forecast that a household using a typical amount of gas and electricity, paid through direct debit, will pay £1,729 a year from October. This is up from £1,663 between July and September and woild be the highest for three years.

Winter energy prices expected to rise to three-year high
North America
CNBC Finance

Lego posts record first-half revenue, CEO touts strong sales at high-end and value pricing

The brickmaker posted a 21% revenue bump for the first half of the year, boosted once again by its now-stalwart lines like botanical bouquets, Formula 1 race cars and collectible sets. Lego reported record first-half revenue of 41.9 billion Danish kroner, or about $6.54 billion, as part of its biannual earnings report on Tuesday. Operating profit rose 22% year over year to 10.9 billion Danish kroner, or roughly $1.7 billion, the company said. The strong first half comes as Lego continues to expand its product catalog, capturing new customers and retaining its already avid fan base of brick builders. So far this year, the company has launched its Smart Play platform — a new technology that enhances brick sets with sensors that can react to movement, play sound and light up — as well as its long-awaited partnership with Pokemon. It has also expanded its presence in the sports realm with its F1 and FIFA partnerships. Gateways into the brand such as its line of botanical models and its ongoing partnership with Epic Games — which brings Lego to the digital space and elements from the popular video game Fortnite into the physical world — continue to draw in new consumers, the company said. And once they start building, CEO Niels Christiansen told CNBC, they explore other areas of the company's portfolio. "[New partnerships] bring in those who have not necessarily seen their passion point really that well represented in the Lego brand before," Christiansen said . "So I think that has recruited new consumers," he said. "We've also seen that we retain consumers really, really well, and we're selling more to those we have." Lego launched 332 new sets during the first six months of the year, another record high. All the while, Lego still produces legacy sets from years prior. And Lego provides a range of price points for consumers. For fans of Star Wars, for example, there is a $30 set of N-1 Starfighter from the "The Mandalorian" that has a more simplistic, kid-friendly build design, and there's another, more complicated set with nearly 2,000 pieces that retails for $250. Christiansen said even amid macroeconomic uncertainty, the company is seeing strong sales at both ends of the pricing spectrum. With its growing portfolio and diversity of pricing, Lego is seeking to cater to a wider demographic of consumers, from kids to adults and across genders. "What is really nice is that we're growing fast with kids now," Christiansen said. "We're also growing with adults. And the fact that we can master both and we can kind of cover the universe of consumers and not just a segment of it. I think that's also been very crucial."

Lego posts record first-half revenue, CEO touts strong sales at high-end and value pricing
Europe
BBC Business

Wife of man who died after turbulence sues airline

A widow whose husband died after "severe turbulence" on a flight has begun legal action against the airline. Lawyers for Linda Kitchen, 74, from Thornbury near Bristol, who broke her back during the incident, said her husband, Geoff, 73, was "fatally injured" when the Singapore Airlines flight from London Heathrow suddenly dropped around 6,000 ft (1,828 metres). She has now begun proceedings at the High Court seeking damages from the airline to help her access specialist support for her back. The BBC has contacted the airline for comment. "When I got separated from Geoff, I knew he was in a bad way, but nothing prepared me for hearing he had died. It was absolutely devastating," she said. Kitchen and her husband, described as her "soul mate", were starting a six-week holiday to Singapore, Indonesia and Australia when the incident happened in May 2024. The turbulence hit over Myanmar, with the flight then diverted to Bangkok, in Thailand, for an emergency landing. "There had been some turbulence over Europe, and it had been shaky over the water, but it was around 10 hours into the flight when we encountered the main turbulence," Kitchen said. "It was so severe; it felt like the aircraft was dropping. I noticed my Kindle and Geoff's phone had fallen to the floor, and I thought the plane was going down." As the aircraft plummeted, Kitchen said her husband fell on top of her, squashing her into the armrest. Eventually, others helped to move him and a doctor on board began CPR. Kitchen was taken to hospital while her husband was still on the plane. It was two days before she was told he had died. It is understood that Geoff suffered a heart attack after the plane suddenly dropped at high altitude. "I spent 10 days in hospital before I was airlifted back to Bristol. I was in so much pain that the journey was a blur. Once back in the UK, I remained in hospital for around a week and, following my discharge, required significant assistance at home," Kitchen said.

Wife of man who died after turbulence sues airline
Europe
BBC Business

Fed has 'work to do' if price rises don't ease for Americans, Warsh says

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished28 August 2026The head of the US central bank has said policymakers will "have work to do" if they were not confident cost-of-living pressures were easing for Americans. Federal Reserve chair Kevin Warsh said while inflation readings looked better than expected over the summer, they did not show that the current picture had "meaningfully improved". The new Fed boss stressed that his remarks should not be treated as a guide for future interest rate decisions, but the comments are a signal rates could be raised if policymakers believe inflation is too high. Latest figures show prices rose 3.4% in the year to July, above the Fed's 2% target. Another inflation measure closely watched by the Fed is running at 3.7%. Warsh made the comments in his first speech at the annual Jackson Hole Economic Policy Symposium in Wyoming, which sees central bankers, government officials and academics from around the world gather to talk about interest rates, inflation and other economic issues. Warsh said given prices were rising by more than 2% on an annual basis, "the Fed's predominant focus right now should be on prices". "Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do." The central bank boss has remained tight-lipped about the potential path of interest rates, but investors will have watched his speech closely for any signs of the Fed's approach under his leadership. The reactions to any decision made by US President Donald Trump will be closely watched, with the mid-term elections looming and voters concerned about affordability. Trump, who appointed Warsh in May, repeatedly criticised and pushed his predecessor Jerome Powell to cut interest rates. The president has previously said rate hikes "just keeps the country down". Warsh issued a plea in his speech to not label his remark as "forward guidance" and said he believed the practice of sending signals to the markets on future interest rate decisions, adopted in the wake of the 2008 financial crisis, had "overstayed its welcome". "Oversharing policy deliberations and overcommitting to future decisions can lead markets, businesses, and households astray," he said, adding it also inhibited the Fed the "freedom to make the right calls when it's time to decide".

Fed has 'work to do' if price rises don't ease for Americans, Warsh says
Europe
The Guardian

Canada announces retaliatory tariffs on wide range of US goods

Canada has announced it will impose tariffs on a wide range of key American industries including cosmetics, dairy, wood products and outdoor equipment in the coming weeks, as it retaliates roughly “dollar for dollar” against levies imposed by the US. In a strong Canadian countermove to tariffs levied by Donald Trump, which took effect on Saturday after trade talks collapsed the day before, Canada’s finance and industry ministers on Tuesday called the measure a “focused response” to what they see as unfair trade practices. The White House claimed it was using section 338 of the Tariff Act of 1930 to protest against “discriminatory” trade policies by Canada, including provincial bans on US alcohol – a ban that was only implemented in protest against tariffs imposed on Canadian goods last year. The prime minister, Mark Carney, had previously pledged a “dollar-for-dollar” response from his government after roughly 5% of exports to the US were singled out by the White House. The retaliatory Canadian measures will cover C$27.6bn ($19.9bn) in imports and are meant to target key industries including steel, dairy, appliances, agricultural equipment, pulp and paper. The list from Ottawa has more than 700 items, ranging from from hockey sticks to ornamental fish and toilet paper to smoked lobster, with most of the tariffs set at 25% or 50%. A small group of items, including air conditioning units and tool parts, will face a lower 15% tariff. The levies will be effective starting 8 September and only apply to goods originating from the US. In announcing the retaliatory measures, the finance minister, François-Philippe Champagne, said the country was united in its fight against the US, telling attenders that Canada remained “masters of our own home”. The industry minister, Mélanie Joly, called on businesses and consumers to buy Canadian goods as part of a broader “resistance” movement in the trade war. The government also announced more than C$7bn in support for businesses affected by the latest tariffs, adding to more than C$20bn in support announced over the past 18 months. Canada’s decision to retaliate means both countries have doubled down on a trade war that could cost billions. Earlier on Tuesday, Trump said he was giving “serious consideration” to changing the name of Lake Ontario to “Lake America” – reminiscent of his decision to rename the Gulf of Mexico to the Gulf of America. Others pointed out that Ontario, Canada’s most populous province, was named after the lake, not the other way around. Trump’s frustration with Ontario in particular stems from his feud with the province’s premier, Doug Ford, who called the president a “loser” and the “king of bankruptcies” and told the US president to “kiss my ass”. He also threatened to cut electricity and rare earth metal exports to the US.

Canada announces retaliatory tariffs on wide range of US goods
North America
CNBC Finance

Paramount CEO David Ellison is at the final hurdle before buying WBD. So far, he can't clear it

David Ellison — the founder of a film production company and son of billionaire Larry Ellison — has been at the helm of Paramount Skydance for just over a year. He's been fighting to acquire Warner Bros. Discovery for nearly as long. The latest roadblock in his path, a group of state attorneys general seeking to stop the deal, may be his toughest yet. The antitrust hurdle and related delay have left the CEO hunting for avenues to get the deal done. The delay in closing Paramount's acquisition of WBD could add hefty costs on top of the $110 billion proposed price tag at a time when media companies across the landscape are under intense pressure. Yet, with a trial in the antitrust case set for March, Ellison has never felt more confident that the deal not only makes sense, but will get completed, according to a person familiar with his thinking, who asked to remain unnamed to speak candidly. "The company believes strongly in this," Paramount's lead trial attorney Jeffrey Kessler said on CNBC in July, adding the company was prepared to bring the matter to the Supreme Court if necessary. Still, Ellison appears to be making little ground with California Attorney General Rob Bonta, who is leading the states' charge in court. Both sides have said they are eager to make amends outside of the courtroom. "I think the whole issue there is, will the state AGs be interested in settling, and I'm not quite sure there's any real incentive for them to settle given the fact the California home constituency here is overwhelmingly against the transaction," said Tom Rogers, a media veteran who's currently senior advisor to Versant Media Group and executive chairman of AI film and TV production company Fountain 0. Ellison's pursuit of WBD began last September with three unsolicited bids to take over the storied entertainment company, which includes the legendary film studio, a portfolio of pay TV networks and the HBO Max streaming business. Ellison's interest ultimately spurred a formal sale process that superseded a plan by WBD to split in two. When Warner Bros. Discovery crowned Netflix the bidding war winner, Ellison went hostile and promised WBD shareholders a premium. In February, Netflix abandoned its pending transaction and Paramount entered into an agreement to buy the entirety of WBD. The deal has won approval from all global regulators, including the Antitrust Division of the U.S. Department of Justice. That leaves Bonta and the other 11 suing states as the final threat to Ellison's long-sought-after acquisition. Bonta has said his aim is in part to take up the baton where he feels President Donald Trump's administration has fallen short on regulation. He has said Trump has gotten "involved improperly" in other merger situations.

Paramount CEO David Ellison is at the final hurdle before buying WBD. So far, he can't clear it
North America
CNBC Finance

Main Street Sports sues Comcast, Charter for underpaid licensing fees

Main Street Sports, the now-defunct owner of a portfolio of regional sports networks, is suing cable companies Comcast and Charter Communications in separate lawsuits for what it alleges are underpaid licensing fees. The company that began its winddown earlier this year is alleging that Comcast and Charter — the two largest pay TV providers in the U.S. — breached their contracts and underpaid Main Street in the earlier part of 2026 when its networks were still delivering NBA and NHL games to local markets across the country, according to the lawsuits, which were seen by CNBC. The suits were filed in Delaware Superior Court on Monday. Representatives for Comcast and Charter didn't immediately respond to requests for comment. Main Street, the entity that originated as Fox Sports networks, has been through a series of owners since 2019, as well as several name changes. The company emerged from bankruptcy protection in early 2025, when its channels took on the name of FanDuel Sports Network. It had about 15 channels, and at one point after its bankruptcy exit aired games for about 30 teams across Major League Baseball, the National Hockey League and the National Basketball Association. However, despite touting subscriber growth as recently as the spring, Main Street continued to face liquidity issues when its MLB fees payments were due, CNBC previously reported. The company had long been weighed down by a heavy debt load. The issues led to its inevitable winddown. While it aired its final local MLB games in 2025, the company aired the entirety of the NBA regular season, as well as the NHL regular season and first round of playoffs this year. Problems have been piling up for regional sports networks as the pay TV bundle continues to bleed subscribers. Regional sports networks were once a lucrative business model for teams and leagues, as the channels pay high fees to air local games that trickle down to team payrolls. However the proliferation of cord cutting has led many pay TV distributors to rework their agreements with these channels. Even the direct-to-consumer streaming offerings for these networks have been in a state of change. Last month, two of New York's independently owned regional sports networks left their own streaming app for a deal to be distributed by streaming platform DAZN. 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.

Main Street Sports sues Comcast, Charter for underpaid licensing fees
North America
CNBC Finance

California AG Rob Bonta cancels Paramount settlement meeting, citing 'lack of good faith'

California Attorney General Rob Bonta canceled a meeting with Paramount Skydance on Monday, saying the company demonstrated a "lack of good faith" in early settlement talks around its planned merger with Warner Bros. Discovery. "My office had a meeting with Paramount on Friday. Paramount did not maintain the confidentiality of that meeting. Not only did Paramount leak the alleged substance of settlement discussions, but they misrepresented these discussions, demonstrating a lack of good faith," Bonta said in a statement. "As soon as Paramount stops playing games and engages sincerely, my office is happy to meet again," he said. Bonta was scheduled to meet with Paramount representatives on Monday, he said, but canceled the meeting. The California attorney general is leading a group of states in suing to block Paramount Skydance's planned merger with WBD. In a statement, Paramount said it has "assured" the attorney general's office that it was not the source of the leaks. "We remain hopeful and stand ready to continue good faith discussions to resolve the Attorneys General suit and move forward with our plans for increased competition and increased output to the benefit of the talent and entertainment workers," the company said. A spokesperson for WBD declined to comment Monday. The New York Times first reported the Monday meeting and subsequent cancellation. Bonta told CNBC last week he was ready to come to the table and negotiate a settlement, calling the lawsuit a "black-and-white" antitrust case. "We do prefer to resolve cases in the boardroom instead of the courtroom, but for now we're bringing our case, and, you know, I hope they can focus on the actual allegations we make in our complaint," Bonta told CNBC on Thursday. Still, Bonta said a resolution of the lawsuit would require "robust structural remedies" on Paramount's part. Bonta and 11 other state AGs filed suit in July to block the merger, alleging that the acquisition would create a media giant that would control a sizable portion of film and basic TV programming. Bonta told CNBC last week that the focus of his lawsuit is not on streaming, CNN or foreign regulators. Paramount, which is proposing to acquire WBD for roughly $110 billion, agreed to delay the closing of the deal until as late as June 2027. A trial in the antitrust case is scheduled for March.

California AG Rob Bonta cancels Paramount settlement meeting, citing 'lack of good faith'
Europe
The Guardian

Gold hits highest level in three months as traders worry about US inflation and bond market jitters – business live

The UK government has sold £3.9bn of seven-year bonds at the highest yield for equivalent bonds this year – and, it appears, the highest since 2002. The Debt Management Office sold gilts maturing in 2033 at a yield (or interest rate) of 4.761% this morning, the highest in any seven-year bond auction this year. That’s up from 4.519 for a similar auction in July, indicating that the government’s borrowing costs have risen. Demand was decent, with more than three times as many bids as debt (the bid to cover ratio was 3.39). My colleague Graeme Wearden squinted at the data and reckons it is the highest yield for this duration bonds since 2002 when the government sold 2008 bonds (so almost seven years!) in an auction at a 5.07% yield. This comes after last week’s sell-off in government bonds globally, which pushed yields to multi-decade highs, which prompted the US Treasury Department to step in to calm the US bond market.

Gold hits highest level in three months as traders worry about US inflation and bond market jitters – business live