Latest Developments

Europe
BBC Business

BT agrees rescue deal to buy broadband operator TalkTalk

Image source, Getty ImagesByMitchell LabiakBusiness reporterPublished5 October 2026, 07:37 BSTUpdated 1 hour agoThe UK's biggest broadband provider, BT, has agreed to buy rival operator TalkTalk to save the company from collapse. The takeover would end of months of speculation over the future of TalkTalk and mean services for its millions of customers will continue as normal. BT chief executive Alison Kirkby said it provided "a safety net" for those who rely on TalkTalk. The administrator, Alvarez & Marsal, said it also provided certainty for TalkTalk's 900 staff. However, Virgin Media called the deal a "stitch-up" which allows BT to "tighten its grip" over the market. The government has given itself the power to have the final say on the takeover, citing its importance to critical public services. TalkTalk has 1.5 million retail customers and one million wholesale customers across the UK. BT's Kirkby told the BBC's Today programme: "Two and a half million customers, including vulnerable households, and key emergency services might have lost their services if Talk Talk had failed, which it was on track to do. "So BT stepped in as we were the only viable option to take the business forward." Ernest Doku from comparison website Uswitch said the deal means "nothing changes today". "Your broadband and landline carry on as normal, and there is nothing you need to do right now," he added. However, he said that BT should explain "quickly and plainly what this means for contracts, prices and service in the future, so nobody is left guessing". The regulator, Ofcom, says broadband customers should have the right to leave a contract without an exit fee, external if a new owner puts the price up beyond what was in the contract. TalkTalk began as a challenger to BT in the broadband market. It was listed on the London Stock Exchange, but was taken over by private equity in 2021.

BT agrees rescue deal to buy broadband operator TalkTalk
Europe
BBC Business

US says Europe should ready fuel supplies as Trump threatens diesel ban

Image source, ShutterstockByOliver Smith, Senior business producer, Simon Jack, Business editor and Archie Mitchell, Business reporterPublished1 October 2026Donald Trump has said he may ask European countries to release some of their diesel reserves as he mulls a ban on US exports of the fuel amid a global shortage. The comments followed his Treasury Secretary Scott Bessent urging Europe to immediately ready and release such supplies, arguing that US "farmers, truckers, and businesses should not be left carrying the burden" as prices soar. The US has threatened to restrict diesel exports amid surging costs due to the war in Iran. The issue is top of mind for US voters ahead of the crucial midterm elections. On Thursday, the UK held talks with European partners about the potential release of diesel reserves in response to any ban. The US is a vital supplier of diesel to the world, exporting between 1.2 and 1.5 million barrels per day, with experts warning a ban on shipments abroad could put further pressure on prices in other countries. "We're thinking about it very seriously," Trump said of an export ban at the weekend. On Thursday Trump added that he may ask European countries to release some of their diesel reserves, while Bessent said they should do so "immediately". "Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions," Bessent said in a post on social media. The plans come weeks ahead of November elections in the US, where control of Congress will be up for grabs. The president is set to travel across the US campaigning for Republicans in hopes of keeping control of the House and Senate. Diesel prices in the UK hit record highs this week and are hovering just under 200p per litre, according to motoring organisation the RAC. UK Energy Minister Martin McCluskey was on a call with European counterparts on Thursday to discuss the potential ban. A source familiar with the discussions told the BBC it was prudent to prepare a co-ordinated response with other countries, including those across EU, but added that there were still European reserves left from a coordinated release of strategic fuel stocks earlier in the year.

US says Europe should ready fuel supplies as Trump threatens diesel ban
North America
CNBC Finance

Trump says he approved new fuel economy standards, rolling back Biden-era rules

President Donald Trump on Saturday said he approved new fuel economy standards, reversing former President Joe Biden's stricter policies meant to fuel electric vehicle adoption. Since the Corporate Average Fuel Economy, or CAFE, standards were established in 1975, they have been periodically updated, typically to make vehicles more efficient. Under former President Joe Biden's standards, automakers would have had to increase the fuel efficiency of their passenger cars and light trucks to roughly 50 miles per gallon by 2031. The stricter standards were designed to incentivize electric vehicle production and sales in the U.S. Trump presented the policy change as a boon for both automakers and consumers, though the final standards have not yet been publicly detailed. "These new Standards will take the waste out of building cars in America. That means LOWER PRICES, saving families thousands on a new, beautiful, and safe car — Far better than the Environmental Monsters that we were building heretofore," he wrote in the Truth Social post. "Every Manufacturer, from General Motors to Ford to Stellantis, has called me wanting to build here, and now they can!" The regulatory change would fulfill a campaign promise from Trump to rescind policies that encouraged or incentivized electric vehicles. It is unclear what the final fuel economy standards will be, although Transportation Secretary Sean Duffy previously said that they would be sharply lower than the Biden-era policies. Weaker fuel economy standards mean that automakers can produce more pickup trucks and SUVs, which are much more profitable than smaller cars but have worse gas mileage. Electric vehicles also become much less attractive to automakers, although some companies, like General Motors, have said that they will still make them. 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.

Trump says he approved new fuel economy standards, rolling back Biden-era rules
North America
CNBC Finance

Mattel shares rise after reports of takeover interest from Authentic Brands Group

Shares of Mattel rose nearly 20% on Thursday after the Wall Street Journal reported that the toymaker had attracted takeover interest from Authentic Brands Group. The brand licensing company has privately discussed an offer that could value Mattel at more than $20 per share, or about $6 billion, the Journal reported, citing people familiar with the matter. Mattel traded just above $15 per share on Thursday afternoon. A person familiar with the talks confirmed to CNBC that there are discussions, but cautioned that they are very preliminary. The person asked not to be named because the discussions are private. The source added that the overture makes sense because Authentic has interest in entertainment properties, particularly those tailored to kids. "As a matter of company policy, we do not comment on market rumors or speculation," a Mattel spokesperson said. News of Authentic's takeover interest follows Mattel's Wednesday announcement that Condé Nast CEO Roger Lynch will take over as its next CEO. Shares of Mattel closed down 4% on Wednesday. Lynch, who has been a member of Mattel's board since 2018, will start as chairman on Oct. 2 and as CEO by Nov. 2. He will succeed Ynon Kreiz, who has been named co-CEO of Paramount and Warner Bros. Discovery. 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.

Mattel shares rise after reports of takeover interest from Authentic Brands Group
North America
CNBC Finance

Boeing engineers and technical workers approve new contract, avoiding strike

Boeing engineers and technical workers approved a sweetened four-year contract with immediate 10% raises, avoiding a potential strike at the aerospace giant as it seeks federal approval for new aircraft and to increase aircraft production. "We secured many victories that some thought were completely out of reach when this negotiation cycle started," said the Society of Professional Engineering Employees in Aerospace, which represents about 13,000 Boeing engineers and 4,000 technical workers. Boeing increased its offer in mid-September after the workers rejected an earlier proposal. In addition to the 10% ratification wage increase, the four-year contract includes annual raises of 4%, with an increase of up to 6% based on merit. The professional unit, which includes engineers, voted 67.62% in favor of the new contract, and the tech unit approved the contract with 53.48% in favor, the union said. The work groups, which make up Boeing's largest white-collar union, overwhelmingly rejected an earlier offer with 3% annual raises. The approval lets Boeing avoid a strike just as it's trying to stabilize and increase production of its fast-selling jets and win federal approval for the 737 Max 10 and 777X, which are years behind schedule. The Federal Aviation Administration on Monday said it's assessing whether a software issue on the 737 Max 10, which could affect landing procedures in certain scenarios, poses a safety of flight issue. A machinist strike two years ago halted production until the two sides reached a deal. 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.

Boeing engineers and technical workers approve new contract, avoiding strike
North America
CNBC Finance

United Airlines gets aggressive in battle for top Delta, American flyers

The carrier is in the middle of an unusually pointed status-match campaign to woo travelers who have earned a spot in elite frequent flyer tiers with Delta Air Lines and American Airlines by offering similar treatment at United. Here's how it works: Travelers with any tier of elite status on Delta or American will be granted United status for 90 days. To keep it through Jan. 31, 2028, they'll have to take a flight and spend a certain amount on United mainline or regional flights within those 90 days. For example, if a traveler has the lowest level Delta Medallion status, silver, or the same on American, which is gold, they would have to spend $1,500 on United in the roughly three months. To get a status match of United's 1K, its highest level before invitation-only Global Services, the person would have to spend $7,000. Delta and American have their own status matches for a host of other airlines, but United's call-out of rivals and social media campaign shows how heated the battle for big-spending customers has become, said Henry Harteveldt, founder of travel consulting firm Atmosphere Research Group. "This is war, airline style," he said. "It's very rare for an airline to be as blatant as United is being" with Delta and American. Airlines have been adding new lounges, extra premium seats and more international routes to lure those high-spenders. In this push, United is using its new Starlink Wi-Fi from SpaceX as a hook for customers looking to potentially defect from their airlines. The carrier is in the process of outfitting its aircraft with the satellite Wi-Fi, which is free for frequent flyer program members, though it is not available across the fleet yet, and customers still have to pay at least $8 per flight with current providers. American Airlines also signed with Starlink for hundreds of its narrow-body jets, while Delta is planning to change the provider of its free, in-flight Wi-Fi to Amazon's Leo. "Our long-term strategic partnership with Amazon Leo will provide high-bandwidth connectivity while creating opportunities to bring their broad ecosystem of entertainment and digital services to the skies," Delta said in a statement. American, where United's CEO Scott Kirby worked until a decade ago, has said it expects to start offering Starlink Wi-Fi early next year.

United Airlines gets aggressive in battle for top Delta, American flyers
North America
CNBC Finance

Ford CEO says it's 'too late' for Europe to fend off Chinese automakers, but not for U.S.

DETROIT — Ford Motor CEO Jim Farley said Tuesday he believes politicians should take lessons learned from Europe when deciding whether to allow Chinese automakers into the U.S., cautioning that it's "too late" for that region but not for the American market. "I think it's just important for us to take our time to be considerate," Farley said at the Automotive News Congress in Detroit. "I watch what's happening in Europe right now, where that was not the case, and it's really something that they have to deal with now, and it's too late." Global market share for Chinese brands jumped nearly 70% from 2020 to 2025, according to market research and consulting firm GlobalData. Chinese automakers' market share in Europe was virtually nothing in 2020 but hit 12% in August, according to Germany-based Dataforce. Farley's comments come as Ford tries to compete against an influx of Chinese automakers entering Europe, while also attempting to partner with some Chinese companies to fill plants and assist in other technologies, such as electric vehicle batteries. Ford and China automaker Geely said in July that Geely planned to build EVs at a Spain plant owned by the Detroit automaker by early next year through a new manufacturing joint venture. "Our answer is pretty simple. We're going to partner with the Chinese where we don't have [intellectual property], where we can be more capital efficient in places like Europe or Southeast Asia," Farley said Tuesday. He also added that Ford plans to also compete against the Chinese, noting that it's preparing to launch its "universal electric vehicle" next year with a pickup truck. The Trump administration sent the automaker a letter earlier this month expressing "profound concern" about its ties to Chinese companies and questioning its strategic trajectory. Ford at the time defended its stance as America's top-producing carmaker and said it employs more hourly workers in the country than any other automaker. Farley's warning also comes on the heels of a high-profile visit last week by Chinese President Xi Jinping with President Donald Trump, who earlier this month said he might be "OK" letting Chinese automakers into the U.S. if they produced vehicles domestically. There also are bills in Congress that could restrict or even permanently ban Chinese automotive brands from entering the U.S. market. 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.

Ford CEO says it's 'too late' for Europe to fend off Chinese automakers, but not for U.S.
Asia
The Hindu BusinessLine

Focus on actual payouts, not just claim settlement ratios: IRDAI Chairman

The Insurance Regulatory and Development Authority of India (IRDAI) is confident of curbing mis-selling with the help of proposed reforms. In an interview to businessline, IRDAI Chairman Ajay Seth has said that a better-structured mechanism has been proposed, comprising linking commission payout to persistency and prohibiting the bundling of loan with insurance. He also informed that actual payment and not just claim settlement headline numbers in health insurance is being monitored. What has been feedback so far on the consultation paper titled ‘Recalibrating Economics of Insurance Distribution’? The feedback so far has been active and wide-ranging, which is what consultation should generate. We have been meeting insurers, distributors, industry bodies and associations, and comments are open until October 25. It would be premature to draw conclusions from the feedback before the due date. Once it does, every comment will be examined carefully, and suggestions backed by data and sound economic logic. That will serve policyholders, will be given due weight. Based on this, we will issue draft regulations, which will again be placed for public consultation before final notification. I would also urge policyholders and the public to share their views actively. As a regulator, we hear from regulated entities quite easily. But for these reforms, the views of the public matter even more. Why is there a need to review the expense of management (EoM) and capping the commission? What we are doing is a recalibration based on experience and evidence. The 2023 framework gave insurers flexibility, relying on Board-approved commission policies, in the hope that savings would ultimately reach policyholders. Instead, the flexibility went into distributor payouts. Board approval often became a formality, and rewards added 30-60 per cent on top of base commission. Private life insurers’ total expenses rose from around 16 per cent in FY21 to around 22 per cent now; for private general insurers, from around 25 per cent in FY19 to around 32 per cent. Meanwhile, premiums have only tracked GDP, not outpaced it, and the number of policies has not grown enough. The lesson is not that flexibility is inherently wrong, but that flexibility without adequate guardrails can produce unintended outcomes. The proposed framework therefore combines discipline with differentiation. The objective is to move from commission-led distribution to quality and value-led distribution. The consultation paper is open for comments until October 25. We will consider all feedback and then issue draft regulations, which will again be placed in the public domain for comments before the final regulations are notified. We are considering two possible dates for implementation: 1 January 2027 or 1 April 2027. The expenses of management limits will follow a phased glide path giving insurers time to restructure their cost base. There is an earlier-the-better approach, but getting the reforms right is more important than speed. The reforms are designed around one test: does the ordinary policyholder get better value? Lower costs should show up as lower premiums or a more moderate rate of increase, better returns on savings products and stronger claim outcomes. Price and quality are inseparable, so affordability must go with better products and service. Policyholders will also see a fairer buying experience. Product and price information should be available without first surrendering personal details.

Focus on actual payouts, not just claim settlement ratios: IRDAI Chairman
Asia
The Hindu BusinessLine

Tessolve raises $75 million from US-based Vector Line Capital

Semiconductor engineering services firm Tessolve, a Hero Electronix venture, has raised $75 million (about ₹725 crore) from US-based Vector Line Capital, as it pursues acquisitions to expand its capabilities and global presence. Vector Line, a strategic investment company that invests exclusively in semiconductors and the chip supply chain, joins existing investors TPG and Novo Tellus. This is Vector Line's first investment in India, Tessolve said in a statement. The funds will support Tessolve's growth, including strategic acquisitions that add to its existing capabilities, widen its service offerings, and strengthen its global footprint. Tessolve is in advanced discussions to close multiple acquisitions over the next couple of quarters. "Two decades ago, we started with silicon test engineering. Today we are designing and productising complete chips for the companies building AI infrastructure - that shift took sustained investment in capabilities, platforms, and talent, well before the demand arrived. "This investment will support acquisitions that further strengthen our offerings, and Vector Line’s focus on the sector and their relationships will add significant value," Tessolve co-founder and CEO Srini Chinamilli said. Founded in 2004, Tessolve offers complete turnkey solutions from chip architecture and design through validation, test and embedded systems. It employs over 3,500 engineers across 10 countries, with 9 laboratories globally. Geoffrey Baldwin, founder and Chief Executive Officer of Vector Line Capital, said, "Semiconductors are becoming extremely complex, making them harder to design, validate and test. Leading technology companies are increasingly turning to engineering partners who can carry work across the whole development cycle". "Tessolve is among the few companies that can do this at scale across the semiconductor value chain, globally. Tessolve’s success is evidenced by its blue-chip customer base, having most of the world’s largest semiconductor companies as customers." The investment comes a year after Tessolve raised ₹150 million from US global alternative asset management firm TPG in September 2025. That deal was billed as the largest fundraise by a semiconductor engineering services company in India. Singapore-based private equity firm Novo Tellus Capital Partners invested ₹40 million in Tessolve in 2021. Last month, Chinamilli told PTI that the company was in active talks to acquire two firms -- one in the US and one in India -- and aimed to cross annual revenue of ₹500 million (about ₹4,700 crore) within three to four years.

Tessolve raises $75 million from US-based Vector Line Capital