Latest Developments

Europe
BBC Business

Homes harder to sell as high mortgage rates frustrate buyers

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoThree in five homes listed for sale since January remain on the market, according to property portal Zoopla, as high mortgage rates frustrate potential buyers. A lack of demand from buyers, as well as some high asking prices from sellers, have left homes in some areas unsold. Agreed sales were 7% below last year, Zoopla said, but the picture varied across the country with sales down 12% in Wales and 11% in the East Midlands. First-time buyers were most exposed to high mortgage rates, although there are now signs of greater competition among lenders who are lowering rates. A jump in mortgage rates in April - prompted by financial upheaval caused by the US-Israeli war with Iran - added an average of £125 a month to a typical mortgage at its peak compared with January. In London, the peak saw £232 a month added to the average first-time buyer's costs. The average two-year fixed rate jumped from 4.83% at the start of March to a peak of 5.90% on 12 April, according to the financial information service Moneyfacts. It has since dropped to 5.54%. The increase was a major factor in pushing down demand from buyers in the UK by 15% compared with a year earlier, according to Zoopla's report which considers the market to the end of May. However, in the north east of England mortgage costs for first-time buyers were only £66 a month higher over the same period. "The national picture can only tell you so much," said Richard Donnell, executive director at Zoopla. "For sellers still waiting for an offer, the conversation to have is about price. Correctly priced homes are selling, while overpriced homes are sitting." However, he pointed out that recent cuts in mortgage rates were a positive for buyers.

Homes harder to sell as high mortgage rates frustrate buyers
Europe
BBC Business

Hollywood director gets two and a half years in prison for defrauding Netflix

Image source, Getty ImagesByMadeline HalpertPublished7 hours agoA Hollywood director convicted of defrauding Netflix of $11m (£8.3m) last year has been sentenced to two and a half years in prison. Carl Erik Rinsch was accused of using Netflix funds intended to complete a science fiction series to buy cars, cryptocurrency and other luxuries for himself. The 48-year-old, best known for the 2013 film 47 Ronin, was convicted of federal fraud and money laundering for misusing funds. Rinsch faced up to 90 years in prison, but was expected to receive a lighter sentence. Judge Jay Rakoff also sentenced Rinsch to three years of supervised release, $11m in forfeitures, and a $700 fine. Speaking to the court before the judge issued his sentence, Rinsch apologised and said he accepted responsibility for his crimes. "Today's sentence sends a deterrent message: Fraud will not be tolerated," US Attorney Jay Clayton said in a statement. Prosecutors said Netflix gave Rinsch roughly $55m for the unfinished sci-fi show, initially named White Horse, including $11m he told them he needed to complete production. Instead, prosecutors said, he put the money in a personal account where he invested it and lost half within a couple of months. He put funds into cryptocurrency, and spent money on lavish purchases such as Rolls Royce cars and mattresses costing hundreds of thousands of dollars, according to prosecutors. During his one-week trial in New York, several Netflix executives were called to testify, saying they only agreed to one season of the show, which Rinsch failed to deliver. Rinsch took the stand as well - a rare move for a defendant in a criminal case - claiming the situation was a misunderstanding and he believed the money was meant to keep the show going during the pandemic.

Hollywood director gets two and a half years in prison for defrauding Netflix
Europe
BBC Business

Trump threatens 100% tariff on European nations over tech tax

Image source, Getty ImagesImage caption, US President Donald Trump speaks during an event in the Oval Office of the White House on June 22, 2026 in Washington, DC. US president Donald Trump has vowed to impose a 100% import tariff on any European country that introduces a digital services tax on American technology giants. Writing on his Truth Social platform, Trump said "Numerous European countries" had been discussing bringing in such a levy and some were close to doing so. He warned that the punitive penalties would be applied immediately and would completely "supersede" any existing bilateral trade agreements. While the post targets nations planning the "imminent implementation" of new levies, the precise implications for the UK were not immediately clear, given London has had such a tax in place since 2020. "Please let this statement serve to represent that any Country that imposes such a Tax will immediately be met with a 100% TARIFF on any and all Goods sent to the United States of America," he wrote. Britain's 2% Digital Services Tax (DST) applies to major search engines, social media platforms, and online marketplaces with global revenues from their digital businesses exceeding £500 million, and total UK revenues surpassing £25 million. It impacts some of the largest US companies, including Apple, Google, Meta, and Amazon and raised more than £800 million in 2024–25, up from £678 million in 2023–24, according to the Treasury. In April, Trump said that the UK faced "a big tariff" for purportedly targeting major US companies with a tax. "They think they're going to make an easy buck, that's why they've all taken advantage of our country", Trump said at the time. The Department for Business and Trade and the Treasury have been contacted for comment. Trump's threat of retaliation against European nations that may be planning to launch or revise their own such tax comes just days after the US and EU finali, externalsed a new trade deal, external.

Trump threatens 100% tariff on European nations over tech tax
Europe
BBC Business

We had packed lunches every day for 10 years and retired at 40

Every winter, Alan and Katie Donegan would avoid turning on the heating at their home in the south of England. "Instead, we wore extra layers and used hot water bottles - we turned it into a game," says Alan. "It wasn't suffering, it was strategy." While the couple admit that others thought they were "extreme" or "mad" to put so much emphasis on not spending money, Alan explains that they were "laser-focused on buying freedom". By "freedom" he means early retirement, which the Donegans managed to achieve seven years ago when Alan was only 40, and Katie just 35. The two rarely had takeaways and always took packed lunches to work. "We were £40,000 better off over 10 years from just that one lunch habit," says Alan. "We even charged our phones while out and hunted for discarded Nectar [supermarket] vouchers. You can decide if that's crazy or genius, but it worked." Alan had worked as a landscape gardener before launching a training and life-coaching business, while Katie was an actuary, or risk assessor, for a financial firm. Aside from their good incomes, their extreme saving habits meant they were able to retire early - and they put as much money as they could possibly afford into investments. "Every pound we invested was a step closer to the life we wanted," says Katie. They quit work after their savings hit £1m. Alan and Katie are part of a small but growing global movement called Fire, which stands for "Financially Independent, Retire Early". From a little-known concept 15 years ago, there are now almost a million members of the main Fire discussion board on social media site Reddit, and mainstream financial institutions now publish numerous guides on the topic. The central tenet is that you live extremely frugally during your working life, so that you can retire as soon as possible.

We had packed lunches every day for 10 years and retired at 40
Europe
BBC Business

Burnham's 'Manchesterism' could change the UK, but is not yet a full economic plan

Image source, AFP via Getty ImagesByFaisal IslamEconomics editorPublished29 June 2026"True to the motto of this city, I am going to do things differently," Andy Burnham declared, a reference to the film 24 Hour Party People. His speech in Manchester did indeed show a rather different way of seeing and running the UK. The departing Greater Manchester mayor presented a diagnosis of what has caused economic malaise, rooted in his own experiences running the city and when he was previously in Cabinet. At its heart it is a critique of an unresponsive British state, adept at arguing with itself, rather than achieving real change and rebuilding the country. His solutions were ambitious, and mostly rather general, taking power from the centre and giving it to regions and cities, as occurs routinely in other advanced countries. Burnham tells a story of his time as chief secretary to the Treasury, two decades ago, wishing to build a northern equivalent to London's Crossrail, but being told it would not pass the Treasury cost benefit equation. His speech today was not a detailed plan for the economy, with assessments of appropriate levels of tax, spend, investment and infrastructure and strategies for trade, AI and Europe. Perhaps that is partly because this is still officially a Labour leadership campaign. It rather appears that he is trying to keep as much powder dry as possible on the precise trade-offs, for as long as possible. There was general policy direction on changes to business rates, housebuilding, technical education, and infrastructure. The upbeat and optimistic tone was also notable. In two specific areas Burnham appeared to want to communicate a capacity for being prudent on spending and borrowing. He confirmed he will stick to existing borrowing rules, and also backed the Milburn Review into young people's employment outcomes, which could lead to welfare savings. These are two parts of what has been described to me as a broad five-part plan. Devolution, and industrial policy are two other legs. The remaining part was referred to by Burnham as quicker help on the cost of living. How does this all square with sticking to the 2024 manifesto not to raise the major taxes and the fiscal rules?

Burnham's 'Manchesterism' could change the UK, but is not yet a full economic plan
Asia
The Hindu BusinessLine

US President Trump thanks Telangana government for naming Hyderabad street after him

The US President Donald Trump thanked the Telangana Government for naming a street in Hyderabad after his name. As a tribute to the spirit of the American Revolution on the occasion of its 25th anniversary on July 4, 2026, Telangana Government officially named a street housing the US Consulate in the Financial District in Gachibowli here as `Donald J Trump Avenue’. In a post on the `Turth’ account on Saturday, the US President thanked the government by posting: “The New Donald J Trump Avenue in Hyderabad, India - The first US president to ever be honoured in this way - Thank you!’’ Telangana Deputy CM Bhatti Vikramarka, formally launched the plaque displaying the street name during the celebrations of 250th Anniversary of the American Independence at the US Consulate at NanakramGuda, financial district here earlier. 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.

US President Trump thanks Telangana government for naming Hyderabad street after him
Europe
The Guardian

Comcast to spin off NBCUniversal and Sky into separate media business

Sky Sports’ Ian Ward, Nasser Hussain and Michael Atherton on the second day of the second Test between England and New Zealand. Photograph: Philip Brown/Getty ImagesView image in fullscreenSky Sports’ Ian Ward, Nasser Hussain and Michael Atherton on the second day of the second Test between England and New Zealand. Photograph: Philip Brown/Getty ImagesNBC UniversalComcast to spin off NBCUniversal and Sky into separate media businessEntertainment arm to split from mobile and broadband in move that raises questions over future of Sky News Comcast is to spin off its media operation, which includes Sky and the Hollywood film studio, TV and theme park business NBCUniversal, into a separate publicly listed company. The move comes eight years after the US group, which said the separation will take a year to complete, acquired Sky’s European operations for £31bn. After completion of the deal investors will hold shares in Comcast, which will operate as a listed company operating broadband and mobile services to 65m US homes, as well as NBCUniversal. Brian Roberts, the co-chief executive of Comcast, said that separating the two companies would “unlock a more entrepreneurial management approach” for each business. The NBCUniversal business, which includes the streaming service Peacock and the TV network NBC, will be run by Mike Cavanagh, who is now co-chief executive of Comcast. “His vision is for a unique, independent, focused company that be home to some of the industry’s most valuable brands and assets across theme parks, film, television, streaming, sports and news,” Roberts said. “This new company will be well positioned to pursue the significant opportunities that lie ahead, to partner across the media and entertainment ecosystem, and will be poised to grow.” When Comcast acquired Sky for £31bn in 2018 the company guaranteed to keep funding Sky News for a decade, increasing its funding annually in line with inflation. As that commitment draws closer to expiring, concerns have been raised about whether the US company will continue to fully fund Sky News, which has an annual budget of about £100m but is thought to make losses of as much as £80m. David Rhodes, the executive chair of Sky News, has previously said the Comcast commitment provides Sky News with more security than most other organisations, and that the parent company has been “supportive of our independence every step of the way”. Nevertheless, the move to spin off NBCUniversal and Sky will renew speculation about the long-term plans for Sky News. Comcast opted not to renew a licensing agreement held by News Corporation to use the Sky News brand in Australia. Sky News Australia is rebranding as News24 later this year.

Comcast to spin off NBCUniversal and Sky into separate media business
Europe
BBC Business

Will Andy Burnham's devolution plan raise economic growth?

Image source, Getty ImagesByBen ChuPolicy & Analysis Correspondent, BBC VerifyPublished8 hours agoAndy Burnham promised the "biggest rebalancing of power our country has seen" as part of his plans for the UK if he becomes the next prime minister. In his first major policy speech, Burnham said on Monday he would seek to take power away from Whitehall and devolve it to all parts of the UK. This would include Greater Manchester and other city regions in England. But the former Mayor of the Greater Manchester Combined Authority also said he would further extend devolution in Scotland, Wales and Northern Ireland - though not giving detail - and also promised to give Greater London more devolved powers. Burnham, who was sworn in as the new MP for Makerfield last week, said this radical devolution of power was essential for delivering higher economic growth in all parts of the UK. "We will never get growth up to the level Britain needs unless every single postcode in the land is set up to contribute to it," he said. BBC Verify has looked at what impact further devolution could be expected to have on economic growth across the UK. Scotland has had extensive devolution, with the Scottish parliament now holding powers covering health, education, local government, environment, justice and policing. Holyrood also has powers to set most income tax rates (although not the level of the tax-free personal allowance) and has some control over welfare. The Welsh Senedd's devolution powers are more limited compared with Scotland, though it does include running the NHS in Wales, education, local government and housing. The Senedd also has some tax powers, including the ability to to vary income tax rates. But, unlike Scotland, it has no justice or policing powers. Under the terms of the 1998 Good Friday Agreement, the Northern Ireland Assembly has significant devolved powers, including over health, education and housing. There has also been some devolution, external to English city regions over the past decade, albeit less extensive than for Scotland, Wales and Northern Ireland. Manchester has some of the most extensive devolved powers of any of the English city regions, with some authority over transport, housing, skills and health spending.

Will Andy Burnham's devolution plan raise economic growth?
North America
CNBC Economy

Shipping rebounds in Strait of Hormuz one week after U.S.-Iran deal – but fragile confidence threatens recovery

Shipping traffic is recovering a week after the U.S. and Iran signed a deal to reopen the Strait of Hormuz — but a renewed attack on a cargo ship Thursday threw fresh uncertainty over the fragile passage, halting the United Nations' evacuation plan and sending some tankers into reverse. In the week following the ceasefire announcement, 125 transits were recorded between June 15-21, marking the highest weekly total since the war began in late February, as tankers rushed to move stored Gulf crude before the 60-day truce window expires. On June 24, AXS Marine recorded 62 commercial vessel crossings, the highest single-day count since the war started, but only equivalent to 53% of the traffic on the same day last year. The Islamic Revolutionary Guard Corps on Wednesday declared that all ships must use only its northern route and comply with Iranian routing instructions. Hours later, the Ever Lovely — a Singapore-flagged Evergreen container ship — was struck on its starboard side by a projectile off the Omani coast. A U.S. official said the IRGC had carried out the strike. It was the first attack on a cargo vessel since the ceasefire took effect. Located in the gulf between Oman and Iran, the Strait of Hormuz is recognized as one of the world's most critical energy chokepoints. The narrow waterway typically handles around 20% of the world's oil traffic. Shipowners are left navigating two competing authorities with no agreed rules, with a northern corridor under Iranian control and a southern passage through Omani waters. The standard pre-war commercial lane remains closed due to mines. Iran warned it would take action against ships not using its northern route or coordinating with Iranian authorities. The U.S. and Oman backed a separate southern corridor, with Oman issuing navigational guidance and American Navy providing naval oversight. Companies are confronted with a difficult choice: take the risk to transit, or hold back and potentially cede ground to rivals willing to take that risk. Bruce Tan, a Singapore-based electronics manufacturer who held back deliveries to Middle East clients for four months, said he had begun moving goods through the corridor again, but only in small batches, in case the Strait closes again. Tan is also routing some orders through alternative corridors as a hedge against another closure. Aristidis Alafouzos, CEO of Okeanis Eco Tankers Corp, a crude oil shipping company headquartered in Greece, said he doesn't expect Thursday's attack on a ship in the Gulf of Oman to "significantly change" the trend of transits through the waterway. "We've seen a large increase, especially on the crude oil passages, and I think this is set to continue and maybe this one-off event isn't enough to really disrupt the recent events of the large exports of Kuwaiti and Emirati crude oil from the Gulf," Alafouzos told CNBC's "Squawk Box Europe" on Friday. "The one big missing factor is the Saudis. For now, we haven't seen them export almost anything from inside the Arabian Gulf and everything is coming from Yanbu in the Red Sea."

Shipping rebounds in Strait of Hormuz one week after U.S.-Iran deal – but fragile confidence threatens recovery