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China widens Japan export curbs, targeting drone makers, nuclear firms and defense institutes

China on Monday blacklisted four Japanese government defense research institutes and imposed tighter export restrictions on dozens of other Japanese entities, escalating a months-long campaign to limit Tokyo's access to Chinese-origin dual-use goods. The Ministry of Commerce added 20 entities, including the National Institute for Defense Studies and research centers for ground, naval, and air systems, to the export control list. Several units under Mitsubishi Electric and Mitsubishi Heavy Industries were also targeted. Domestic exporters, as well as overseas organizations or individuals, are prohibited from transferring Chinese-origin dual-use items to the named entities, according to the statement, adding that any ongoing activities must stop immediately. Separately, China also added another 20, including Mitsui E&S Co., drone maker Terra Drone Corporation, nuclear fuel processors, and multiple units of OKI Electric Industry to a watch list requiring enhanced licensing scrutiny. Both actions take effect immediately. The ministry said it would apply stricter end-user and end-use reviews to watch-listed entities, and that exports involving Japanese military users, military applications or any end-use that could strengthen Japan's defense capabilities would not be approved. The measures mark the latest escalation in a campaign launched in January, when Beijing banned dual-use exports to Japanese military users. In February, China added 20 entities, including subsidiaries of Mitsubishi Heavy Industries, IHI Corp. and Kawasaki Heavy Industries, to its export control list and another 20 firms, including Subaru Corp., TDK Corp. and FUJI Aerospace Technology to the watch list. China has ratcheted up pressure on Tokyo after comments by Japanese Prime Minister Sanae Takaichi in November that a hypothetical Chinese attack on Taiwan could trigger a military response from Tokyo, which drew criticism from Beijing. In a statement Monday, a spokesperson for the commerce ministry said Japan had shown no remorse since the February listings and had instead "accelerated" its push toward what Beijing characterizes as "new-style militarism" — including deploying offensive weapons and launching missiles overseas. Beijing urged Japan to "turn back from the wrong path," while insisting the measures would not affect normal bilateral economic and trade activities and that "law-abiding Japanese firms have no reasons to worry." Market reactions were mixed following the statement. Mitsubishi Electric slid around 1% while Mitsubishi Heavy Industries gained 4.9%. 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.

China widens Japan export curbs, targeting drone makers, nuclear firms and defense institutes
Europe
BBC Business

South Korea unveils $880bn chip and AI investment plan

South Korea has unveiled plans for at least $880bn (£666bn) of investments to build out the country's chip manufacturing and artificial intelligence (AI) capabilities in the coming years. It is part of the country's so-called Three Mega Projects to develop new chip production hubs, data centres and robotics technology. The plan is aimed at rejuvenating the economies of areas outside the capital Seoul, President Lee Jae-myung said on Monday. It comes as regional rivals like Taiwan, China and Japan are investing heavily in chip factories and other technologies as the AI boom pushes up demand for semiconductors. "We must secure the core elements of AI faster than any other country," Lee said. "Semiconductors, physical AI, and AI data centres are the triple axis for a great leap forward." Lee announced the plans in a televised event alongside the leaders of Samsung and SK Hynix, the country's two largest chipmakers. Lee also announced plans to build other AI infrastructure hubs outside of Seoul, where most of the country's advanced factories are currently concentrated. Earlier, Lee said in a statement that the project was a matter of "survival" for the country to address the decline in rural areas due to the concentration of industries in Seoul. "Now, we must break this long-standing cycle of discrimination and marginalisation - not only for the sake of justice and equity, but also to ensure sustainable and inclusive growth," he wrote. Samsung and SK Group, which count the likes of AI chip giant Nvidia among their customers, have been some of the biggest beneficiaries of the surge in spending on AI infrastructure. US tech giants - including Google, Amazon and Meta - said they will spend $650bn into the technology this year. SK Hynix's stock market valuation topped $1tn in May, driven by the boom in AI data centres.

South Korea unveils $880bn chip and AI investment plan
Europe
BBC Business

What's happening to petrol prices now oil is back to pre-Iran war levels?

Image source, Maskot/Getty ImagesByFaarea Masud, Alex Daniel and Michael Race, Business reportersPublished2 March 2026Updated 26 June 2026Motorists in the UK are already seeing cheaper fuel prices after the US and Iran struck an agreement to end their war, with further falls expected in the coming weeks. When the conflict began on 28 February, fuel costs jumped as the war significantly disrupted the production and transportation of energy across the Middle East. However, in recent weeks they have dropped and the framework deal reached between the US and Iran has sent them to their lowest point since the first days of the war in early March. Motoring group the AA has said it expects pump prices to fall further and "the timing is perfect for the start of the summer holidays". Meanwhile rival group the RAC has said price reductions "should be faster and greater, particularly for diesel". Crude oil is a key ingredient in petrol and diesel, which means that higher wholesale costs make filling up a car more expensive. Analysts say every $10 (£7.53) increase in the oil price pushes up pump prices by roughly 7p a litre. Since the war began, the price of a barrel of Brent crude – the global benchmark for wholesale oil prices – has been very volatile. Before the conflict, Brent was about $70 a barrel, but the conflict saw it peak at above $120. The price has been slipping in recent weeks and after the framework deal was signed it fell to around $76 a barrel. It has continued to drop and at one point fell below $72.48 (£55) a barrel, the price it was at the day before the US and Israel launched attacks on Iran on 28 February. According to the RAC, the price of petrol reached an Iran war peak of 159.53p a litre on 28 May, while diesel's highest price during the conflict was 191.54p a litre on 15 April. Since 28 May, the price of petrol has come down. The RAC said that on Friday, 26 June show the average price of petrol had fallen 2p in a week to 151.98p and diesel by 4p to 168.64p. The RAC says it now costs £83.59 to fill up a 55-litre family car with petrol and £92.75 for diesel, However, this is still £10.50 and £14.40 respectively more than it did at the end of February before the conflict began.

What's happening to petrol prices now oil is back to pre-Iran war levels?
Europe
BBC Business

British American Tobacco to cut 9,000 jobs

Image source, ReutersByEmer MoreauBusiness reporterPublished29 June 2026, 10:53 BSTUpdated 55 minutes agoBritish American Tobacco (BAT) is to cut nearly a fifth of its global workforce as part of a major cost-cutting drive. The tobacco giant, which makes Lucky Strike and Dunhill cigarettes, is cutting 5,500 roles and outsourcing 3,500 more. The company had said earlier this year that it was planning savings to make it "more digital and AI-focused". BAT did not say which locations would be hit by the job cuts, but said the US was not affected. The company currently employs about 47,000 people globally. It says the cost cuts are expected to save about £600m a year by 2028. Traditional cigarette sales are shrinking as smokers increasingly switch to vapes and nicotine pouches. BAT is shifting its focus to smoking alternatives such as its Vuse vapes and Velo nicotine pouches to drive growth, but its sales and profit margins have been sluggish in recent years. Sales in the US — its biggest market — have also been hit by the cost of living, as smokers swap for cheaper brands. Additionally, the company is battling rising duties and stricter regulations in some markets. American regulators have taken a tough stance on approving licences for new products such as vapes, delaying launches. BAT says this has fuelled an influx of illegal Chinese products, weighing on its sales and market share. BAT said the job cuts, which have already started, are set to be completed by the end of this year. Chief executive Tadeu Marroco said the cuts would make the company "more agile, cost disciplined and technology enabled".

British American Tobacco to cut 9,000 jobs
Europe
The Guardian

British American Tobacco to slash 9,000 jobs as it turns to AI

There will be no cuts in British American Tobacco’s business in the US, where it operates under its subsidiary Reynolds American. Photograph: Jason Alden/Newscast/PAView image in fullscreenThere will be no cuts in British American Tobacco’s business in the US, where it operates under its subsidiary Reynolds American. Photograph: Jason Alden/Newscast/PABritish American TobaccoBritish American Tobacco to slash 9,000 jobs as it turns to AIDunhill maker to cut about a fifth of workforce, aiming to reduce costs and become more ‘technology enabled’ British American Tobacco (BAT) will cut about a fifth of its 47,000-strong workforce this year, as the cigarette-maker looks for ways to push down costs and become more “technology enabled”. BAT, which is one of the biggest tobacco groups in the world, has announced it will cut 5,500 jobs by the end of the year and outsource a further 3,500, affecting a ⁠total of 9,000 employees. The FTSE 100 company is grappling with falling demand for traditional cigarettes and pressure to invest in nicotine alternatives. The company said the cuts were part of a “transformation programme” expected to create £600m of annual cost savings by the end of 2028. The BAT chief executive, Tadeu Marroco, said the company was “building a future-ready organisation” that was “more agile, cost disciplined and technology enabled”. He added: “These changes affect many of our colleagues, and we are focused on supporting them through this transition with care and respect, as we position the business for the future.” There will be no cuts in its business in the US, where it operates under its subsidiary Reynolds American. Last year, BAT partnered with the technology consultancy Accenture to outsource some of its work, which Marroco said at the time would give the tobacco company access to its “advanced AI solutions”. Some jobs in the UK, Poland, Romania, Costa Rica, Mexico, Singapore and Malaysia have been absorbed by Accenture since the deal, BAT said. In February, the BAT interim finance chief, Javed Iqbal, told the Financial Times that plans to simplify the company would make it “more digital and AI-focused”. BAT, which makes Dunhill and Peter Stuyvesant cigarettes, has also been shutting down some of its traditional cigarette manufacturing. In January, it announced it would close its eighth largest factory, located in South Africa, because of competition from illicit trade. The group has predicted that global cigarette industry volumes will fall by about 2.5% this year.

British American Tobacco to slash 9,000 jobs as it turns to AI
Asia
The Hindu BusinessLine

TVS Motor steps up R&D spends in FY26 focus on electrification, connected platforms, and AI

TVS Motor Company is steadily stepping up its research and development (R&D) investment, which has risen from ₹645 crore in FY24 to ₹1,025 crore in FY25 and further to ₹1,254 crore in FY26. “We are investing ₹1,254 crore annually in R&D, with more than 2,000 engineers working at the intersection of electrification, connected platforms and AI-driven design,” Chairman and Managing Director Sudarshan Venu said in his remarks as part of the company’s 2025-26 annual report. The R&D push has helped TVS Motor’s expansion into new product categories, advancing its ambitions in electrification and premiumisation, and has also helped reduce carbon footprint. “As energy price shocks cause uncertainty, EV adoption will likely rise. The companies that understand how electric vehicles will define mobility in the future will lead that shift. Your Company is already there,” Venu said. During FY26, the company launched the Apache RTX 300 adventure motorcycle, the Orbiter electric scooter, the NTorQ 150 hyper-scooter and refreshed versions of the Apache and iQube range. In commercial mobility, it introduced the King Kargo HD EV and CNG variants to strengthen urban cargo and logistics. More than 97 per cent of energy across TVS Motor’s Indian operations came from renewable sources this year, Venu said, adding that they avoided over 76,000 tonnes of carbon emissions. TVS’ global R&D network now spans centres in Hosur, Bologna, Jakarta and Solihull. The acquisition of Italy-based Engines Engineering S.p.A. during the year has further strengthened its capabilities in premium motorcycle engineering and vehicle design. The company reported record sales of 5.89 million vehicles in FY26, with revenue rising to ₹47,270 crore and EBITDA increasing to ₹6,079 crore, cementing its position as the world’s third-largest two-wheeler manufacturer. The company is cautiously outlook about future demand as India remains as one of the fastest‑growing major economies with GDP growth projected in the range of 6.0-6.5 per cent, while navigating macroeconomic challenges. The possibility of an El Niño event could weigh on monsoon patterns and may have broader implications for India’s economy, the company noted. FY27 is also likely to be the year TVS Motor gets closer to positioning Norton as a globally competitive premium motorcycle brand. Norton is gearing up to introduce a differentiated product portfolio in FY 2026-27, comprising the all-new Manx, Manx R, Atlas and Atlas GT, marking a new phase in the brand’s product renaissance and global repositioning.

TVS Motor steps up R&D spends in FY26 focus on electrification, connected platforms, and AI
Europe
BBC Business

Rogue builder left our roof leaking and spent £30K we gave him in Lanzarote

A heartbroken couple lost more than £30,000 to a rogue builder who left their new extension unfinished, with water pouring into their home. Alarms bells had been raised earlier when Shelley Sawkins, 75, called the tradesman, and realised he was in Lanzarote spending money she had given him. The builder, Christian Williams, 54, is currently serving a two-year prison sentence after admitting theft and three counts of fraud by false representation involving four families. In a Proceeds of Crime Act, external hearing earlier this month, Mold Crown Court heard Williams, trading as Chris Williams Construction, benefitted to £163,051.70 from his offending, but his assets meant he could only pay back £1. Williams had been posting photos on Facebook of holidays and days out at the races, while one of his victims, a dad of three, had to finish his two-storey extension himself. Shelley and husband Barry, 63, spent £50,000 getting the botched job at their bungalow in Buckley, Flintshire, fixed, almost £30,000 more than the initial quote of £21,000. About £30,000 went to Williams, and £20,000 to other builders fixing the mess he had left. But there are still major problems, including uneven flooring, and they are now desperate to move out of their home and into sheltered accommodation. "We paid the first instalment. The work started, and then just stopped," Shelley said. They had hoped work from Williams would make their lives easier, providing a spacious kitchen area. The first sign the job was not up to scratch was when one of the walls started to wobble when pushed. Then one night, after the roof had been worked on, rainwater began pouring into the house.

Rogue builder left our roof leaking and spent £30K we gave him in Lanzarote
North America
CNBC Finance

Seniors in Medicare are about to get landmark obesity drug coverage — but many may not know it yet

Millions of older Americans in Medicare are about to gain access to obesity drugs for the first time — but that landmark shift may be flying under the radar for many of them. Starting Wednesday, eligible beneficiaries can get obesity drugs through Medicare's new Bridge demonstration program for a monthly copay of just $50. The coverage marks a long-sought victory for patients, physicians and obesity advocates who have pushed for broader access to the blockbuster treatments from Novo Nordisk and Eli Lilly, which have remained out of reach for many Americans. But a staggering 82% of all older Americans — including 79% of Republicans and 84% of Democrats — say they are unaware that Medicare is about to begin covering obesity drugs, according to a survey released in early June by the Obesity Care Advocacy Network. The survey, conducted in late March among more than 2,100 adults ages 65 and older, was completed weeks before the government announced it would extend the Bridge program through 2027. That data may not come as a surprise: While the government has done robust outreach to healthcare providers and pharmacists, some physicians and other experts told CNBC that they have noticed limited advertising of the new coverage to the general public from the Centers for Medicare & Medicaid Services or Novo and Lilly. There may be good reasons for it. CMS has done limited public outreach on the program ahead of July 1 because beneficiaries are "most moved to take action" when a benefit is actually available to them, an agency official told reporters on Thursday. They added that CMS will put out more promotions after the launch, "in the interest of being good stewards of our taxpayer dollars." Other experts also told CNBC that it may come down to making sure providers and pharmacies are prepared and resources are in place before pursuing broad public outreach. Still, some experts say the lack of awareness may delay some eligible adults from taking advantage of the new coverage and getting on the treatments immediately. "I have not seen a lot of information out there for the public, and I think there are going to be plenty of people who have zero knowledge of the Bridge program," said Dr. Shauna Levy, medical director of the Tulane Bariatric and Weight Loss Center. "And I think for patients, it's just going to take even longer for them to find out about it, and then see if they're eligible." Unlike traditional Medicare drug coverage, enrollment in the Bridge program is not automatic. Patients must meet eligibility requirements, obtain a prescription and receive prior authorization approval through CMS before coverage begins. The relatively quiet lead-up to the rollout stands in contrast to the marketing campaigns Novo and Lilly have historically deployed for their obesity and diabetes medicines, which have appeared everywhere from television commercials to subway advertisements. Novo spent nearly $500 million on U.S. advertising for its obesity drug Wegovy and its diabetes counterpart Ozempic in the first 9 months of 2025, more than double the just over $200 million Lilly spent promoting its rival injections, Zepbound and Mounjaro, Reuters reported, citing data from the ad-tracking firm MediaRadar. "I was a little surprised that there hasn't been more advertising by Lilly and Novo for seniors to be ready to get their prescription," said Leerink Partners analyst David Risinger, adding that it takes time to book an appointment with a provider to obtain one.

Seniors in Medicare are about to get landmark obesity drug coverage — but many may not know it yet
North America
CNBC Finance

A 'perfect storm' points to a much smaller U.S. auto market by 2040

Ten years ago, a record 17.6 million cars, trucks and SUVs were sold in the U.S. Some forecasts say the country might not come close to that number again. Analysts at consulting firm Bain & Company said several signs indicate the market is about to shrink even more. Falling birth rates, behavioral changes, high car prices and a growing array of alternatives could drive sales down by more than 2 million units by 2040, according to their analysis. These indications point to a future where automakers fiercely compete for a shrinking number of customers, said Mark Gottfredson, a partner at Bain & Company. The auto industry has historically depended on an annual 1% growth rate that tracks the increase of the overall population, Gottfredson said. But all over the world, government statistics show population growth has slowed, and some countries are already seeing declines. "It is the perfect storm, isn't it," Gottfredson said. "It starts with the population declines. You're no longer a growth industry. You're a declining industry. You're a declining industry at a time when the technology is disrupting everything." The U.S. fertility rate in 2025 was about 1.6 births per woman. While not as low as some countries in Europe or Asia, it's considered below the replacement rate of 2.1, according to the Centers for Disease Control. Bain said that has been offset by relatively high immigration — about a million people coming to the U.S., according to the historical average it cited. But the firm said it expects restrictive immigration policies will last for the next 15 years, cutting historical net migration rates of the past 20 years in half, which means it could again reach low levels seen in 2019. That remaining population's behavior has changed — in part due to high prices and affordable alternatives, according to Bain. Half of 16-year-olds today don't have a driver's license, compared with nearly 70% of 16-year-olds between the years of 1966 and 1984, Gottfredson said. The stat might reflect a mere delay rather than a total refusal — Bain's research suggests most people still get licenses by age 25. Still, the share of new vehicle registrations among people aged 18 to 34 fell from 12% in the first quarter of 2021 to under 10% by mid-2025, according to S&P Global Mobility. Buyers 55 and older account for nearly half of all new registrations and have held the largest share for eight straight quarters, the firm said. "The engine behind it is affordability," said Craig Daitch, founder and president of Telemetry, a firm that does market research for the auto industry. New vehicle monthly payments are up 30% over four years, and nearly one in five new vehicles now carries a payment over $1,000 a month, he added. AutoForecast Solutions, a forecasting firm, expects U.S. new car sales to stay relatively flat at around 16 million through 2033, the furthest year in the future for which the company issues estimates. "When you look into the future, younger people are more likely to use Uber or Lyft when they're going somewhere," Sam Fiorani, vice president of global vehicle forecasting for the company. "We're still seeing groups of young people who enjoy driving and want a new car, but fewer can afford it."

A 'perfect storm' points to a much smaller U.S. auto market by 2040