Latest Developments

Europe
BBC Business

Greggs to shut four factories and cut 740 jobs

High street bakery brand Greggs has announced plans to shut four of its factories and cut 740 jobs. It plans to close manufacturing sites at North Lakes near Penrith, Cumbria, Pettigrews in Kelso, Scotland, Seaham in County Durham and Enfield, Greater London, though distribution operations would continue to run from the latter. The proposals will also impact manufacturing operations at its Treforest site in Wales, but this will also continue as a distribution centre for the business. The chain, which has headquarters in Newcastle, said its retail shops would not be affected by the proposed changes and like-for-like sales had grown across its managed stores. The changes would take place over the next two and a half years, with parts of Greggs' manufacturing processes relocating, the firm said. The range of products manufactured at its Clydesmill Glasgow and Manchester locations would be reduced and production of tinned bread at Gosforth would be stopped. The general secretary of the Bakers, Food and Allied Workers Union (BFAWU) Sarah Woolley said the union was "deeply concerned" about the announcement. She said: "Our immediate priority is our members, their jobs, their families and the communities that could be affected by these proposals." She added Greggs was clear in its own announcement the business continued to "perform strongly". Greggs said positive trading and continued cost control means it expected a "modestly improved outcome" for 2026. Like-for-like sales grew by 3.4% across its managed stores, with overall growth buoyed by the opening of new shops. Woolley said Greggs' workers had played a "huge part" in getting the company where it is.

Greggs to shut four factories and cut 740 jobs
North America
CNBC Finance

Boeing flags 737 Max software glitch affecting some automated approach functions

Boeing said it flagged a software glitch last month on some 737 Max aircraft that could affect certain landing procedures, as the manufacturer seeks federal approval for the fourth and final model in its best-selling aircraft family. The Federal Aviation Administration said Saturday that it is assessing the problem and "will take immediate action if it identifies a safety concern" and that it will review Boeing's proposed fix. Boeing said the issue could arise after a missed approach when pilots alter a preprogrammed flight path, and that pilots must take additional steps to use automated tools on subsequent approaches. "We shared information with operators that reinforced existing pilot procedures for safely handling such cases. Our engineers are working on a software update to permanently address the issue," Boeing said. The Wall Street Journal reported the issue earlier. The company said that pilots are trained to land without the automated system. "We are working directly with airlines to formalize a procedure that will allow pilots to reenable automated vertical navigation should this situation occur," Boeing said. U.S. airlines told CNBC that they do not have Max 8 and Max 9 airplanes with the updated software tied to the glitch in their fleets. Airlines can revert some Maxes to the older software version. All-Boeing 737 Max carrier Southwest Airlines said it is "aware of the issue and is engaged with Boeing and the FAA." It added that "none of our fleet is equipped with Version U.14, including new deliveries of Max 8 airplanes." United Airlines also said it's not taking any Max aircraft deliveries with the new software. However, questions remain about the two other models, the Max 7 and Max 10. The Federal Aviation Administration certified the Max 7, the smallest of the Max family, in early August with the newest software installed. It wasn't immediately clear if the aircraft could be delivered or fly with an older version of software. Additionally, Boeing CEO Kelly Ortberg told investors earlier this month that he expected FAA certification of the Max 10 "very soon." "We have been engaged with Boeing and the FAA and will continue to work closely with both as they evaluate this matter and determine next steps," Alaska Airlines, a Max 10 customer, said Saturday. The issue comes after years of delays of Boeing's Max planes following safety and manufacturing crises, including the two deadly crashes of Max 8 aircraft in 2018 and 2019 that killed 346 people. A flawed flight control software system — which has since been updated — was implicated in both crashes.

Boeing flags 737 Max software glitch affecting some automated approach functions
Europe
BBC Business

Faisal Islam: Triple lock move is significant, but it's a gamble

Image source, Getty ImagesByFaisal IslamEconomics editorPublished29 September 2026It was a significant announcement from Prime Minister Andy Burnham on his plans for the triple lock after the general election. It will reverberate well beyond the hall. For months, I have heard suggestions that Andy Burnham was warm to the idea that the triple lock as we know it had to go. I had expected him to try to forge a political consensus on this thorny issue at this stage, but he has gone further than that. He has tried to take the sting out of the politics of his decision by tying it to funding a new national social care service. The government calls it an "adjusted triple lock" as it is keen that pensioners are reassured. It is more like a double lock plus. The sensitivity over this political gamble is clear. Under Burnham's plans, the state pension will go up by either the pace of price rises or 2.5%, whichever is higher. So, it will still keep up with inflation and go up every year. The link to rises in yearly average earnings, which is the factor currently setting the rise under the triple lock, will be gone on an annual basis and instead be reflected over time. The policy would be to maintain the state pension as a share of earnings at the record level it is due to reach in 2030. This change is sharper than expected. Not a review or a consultation. Ministers and MPs will have to back the plans in interviews and, at some point, MPs will have to vote on changing the historic annual earnings link to the state pension. It seems far more significant than a mere "adjustment". This will save many billions in the coming decades, but not so much in the next few years. The Institute for Fiscal Studies thinktank says that, had Burnham's tweak been in place since 2011, it would have more than halved the annual £16bn cost of the triple lock, a £9bn saving every year. Government sources said the decision to make the change now will save around £15bn a year by 2040. The prime minister was repeatedly advised that bond markets would show some appreciation for a UK government capable of taking tough decisions. Former chancellor Rachel Reeves might have imagined the same reward for her decision to scrap the winter fuel allowance, which was one of her first acts and later reversed. Part of the UK premium in bond markets has been an understandable perception that UK politics cannot have long-term debates. And the triple lock is only one of the debates started by today's speech – with significant further moves on energy and post-Brexit policy expected – that the prime minister and chancellor need the markets as well as the country to get behind.

Faisal Islam: Triple lock move is significant, but it's a gamble
Europe
The Guardian

US ban on Canadian imports likely to weaken already fragile relationship

Cows are shown from a Quebec dairy farm in Monceau, Canada, on 10 September 2026. The US and Canada have long clashed over the northern neighbor’s aims to protect its dairy industry from foreign competition. Photograph: Canadian Press/ShutterstockView image in fullscreenCows are shown from a Quebec dairy farm in Monceau, Canada, on 10 September 2026. The US and Canada have long clashed over the northern neighbor’s aims to protect its dairy industry from foreign competition. Photograph: Canadian Press/ShutterstockTrump tariffsUS ban on Canadian imports likely to weaken already fragile relationshipIt marks another ratcheting up of Trump’s trade war and affects nearly $1bn in imports of a $880bn trade relationship US-Canada relations, already tense, are likely to deteriorate further after the United States went ahead early on Tuesday with a decision to ban nearly $1bn worth of Canadian imports, including alcoholic beverages, dairy products and motorcycles. The ban amounts to barely a ripple in $880bn worth of annual two-way trade between the two northern neighbors. But it marks another ratcheting up of Donald Trump’s second-term trade war with the US’s longtime ally and trading partner. The import ban “certainly won’t do anything to help the trade tensions between the United States and Canada’,’ said trade attorney Patrick Childress, a partner at Holland + Knight and a former US trade official. The latest sparring began over the summer when Trump reached back to a Great Depression law to impose 50% tariffs on about $20bn worth of Canadian imports, charging that Canada discriminates against US dairy, auto and alcoholic beverage producers. Canada promptly counterpunched with tariffs of 15%, 25% or 50%, matching US imports dollar for dollar. To punish Canada for retaliating against his tariffs, Trump decided to ban a list of Canadian products, effective 12.01 am Eastern time Tuesday. The economic impact is likely to be minimal. Childress noted that the products on the banned list were already facing Trump’s tariffs. “For a lot of these goods, the 50% was already acting as a de facto ban by making importation from Canada into the United States uneconomical,″ he said. Jacob Jensen, director of trade policy at the center-right American Action Forum thinktank, calculates that the ban would cover $967m worth of Canadian imports, based on 2025 numbers. Of that, 87% would be alcoholic beverages that the US targeted because of some Canadian provinces responding to Trump’s provocations by banning US booze from store shelves. Also banned are some dairy products – including the milk byproduct whey. The two countries have long clashed over Canada’s attempts to protect its dairy industry from foreign competition by imposing hefty tariffs once dairy imports have exceeded a quota. The ban also covers motorcycles. Bombardier Recreational Products (BRP) in Quebec confirmed that its three-wheel Can-Am Spyder and Canyon motorcycles “will be excluded from importation into the US’’. But BRP said the impact would probably not be felt until next year because it has completed most production and shipments for the current season. “This marks yet another escalation in the trade war that may result in further retaliation on the Canadian side,” Jensen said. He expects Canadian exporters and US importers “impacted by these bans will be highly motivated’’ to demand that trade officials on both sides find some way to reach a “resolution of this whole ordeal’’. The impasse imperils efforts to renew the US-Mexico-Canada Agreement, a North American trade pact Trump pressured the US’s neighbors into accepting in his first term and which he once declared “the most modern, up-to-date, and balanced trade agreement in the history of our country’’.

US ban on Canadian imports likely to weaken already fragile relationship
North America
CNBC Finance

Here's exactly what Paramount promised Hollywood to land WBD — and why some are still skeptical

A new movie every 11 days? That's what Paramount's David Ellison is promising after clearing a path this week for his company's acquisition of Warner Bros. Discovery, combining two storied Hollywood studios. The CEO's settlement with a group of state attorneys general over antitrust concerns stipulates that the newly minted company will release at least 30 films into theaters in 2027 and 2028 and at least 32 films in 2029, 2030 and 2031. Currently, the combined entity has 35 films scheduled to be released next year, according to data from Rentrak. But questions remain about what caliber of releases the industry can expect — and what happens after the five-year agreement expires. "This is much more complicated than simply asking whether 30 movies is enough," Paul Dergarabedian, head of marketplace trends at Rentrak, told CNBC. "Thirty wide releases would represent a meaningful commitment to theatrical, and I think everyone in exhibition would welcome a robust pipeline of films. "But ultimately the proof will be in how those movies perform, how varied the slate is, how consistently they reach theaters and how the combined company executes on those commitments," he said. Hollywood has been clamoring for more theatrical titles since the Covid pandemic shuttered theaters and clogged the production pipeline. Ellison's theatrical commitment, which he touted as early as April at the industry's annual CinemaCon event, had garnered approval from the CEOs of the "Big Three" cinema operators — AMC's Adam Aron, Cinemark's Sean Gamble and Regal's Eduardo Acuna — even before Paramount's settlement. Cinema United, the lobbying group that represents theater owners, had been staunchly against the merger, but gave its seal of approval this week, saying the agreement with the states "accomplishes many of exhibition's objectives." However, not all exhibitors are on board. A number of theater executives, who requested anonymity to speak candidly, told CNBC they remain skeptical. Paramount's settlement includes stipulations about the number of theatrical releases the company must distribute over the next five years, how many of those releases need to be distributed widely and how many need to have a budget of more than $50 million. Paramount agreed to face steep penalties if it fails to meet the thresholds. Consolidation among movie studios has traditionally led to fewer film releases, which, in turn, results in lower revenue, particularly for smaller theater chains and independent operators. Overall industry dynamics have shifted drastically since Covid disrupted the theatrical space, leading to fewer screens and fewer moviegoers. Some of these woes have been masked by higher movie ticket prices — which are expected to help boost the domestic box office above $10 billion for the first time since the pandemic — but the moviegoing industry is still adapting to new economics.

Here's exactly what Paramount promised Hollywood to land WBD — and why some are still skeptical
Europe
BBC Business

'I like proving people wrong': The women taking up DIY and plumbing

It's hard to miss the explosion of DIY content that has hit our social media feeds over the last decade. From quick reels on how to fix cracks in walls, to complicated YouTube tutorials on building alcove seating from scratch, the internet is chock-a-block with seemingly endless home improvement demos. While DIY was once seen as more of a male domain, female influencers are inspiring a new generation of women to take matters into their own hands. Meanwhile, demand for female professionals is rising, while some women are changing careers to take up trades which they see as more AI-proof than their desk jobs. DIY influencer Jasmine Gurney has documented an impressive and exhausting sounding list of tasks on Instagram. She has torn down partition walls, replaced flooring, erected a fence, insulated and boarded her loft, built an outdoor workshop, made custom cabinetry, moved plug sockets, made her son his first bed and has been building him a treehouse. Eight months pregnant, the former marketer is now racing to finish building a fitted wardrobe before the new baby arrives. "I like proving people wrong," says Jasmine, 33, from Bedfordshire, who says she's been trolled by people questioning her techniques but they just "spur me on more". "I've shown me doing things whilst pregnant, I've had my firstborn strapped to me in a baby carrier while doing things. "I'm just showing that we are capable, we are interested in this sort of stuff and... we're sick of waiting around for six months for our husbands to pick up the tools and do it in most cases." Jasmine says her page really took off during Covid when people couldn't get professionals in so needed to learn to do jobs themselves. While the lockdowns are long over, demand for content like hers has stuck, she believes, because there aren't enough tradespeople to meet demand, and cost of living pressures are squeezing budgets.

'I like proving people wrong': The women taking up DIY and plumbing
Europe
The Guardian

On the rocks? Scotch distilleries pause production as unsold ‘whisky loch’ grows

With whisky production paused at Holyrood Distillery in Edinburgh, the copper stills sit idle. Photograph: Holyrood DistilleryView image in fullscreenWith whisky production paused at Holyrood Distillery in Edinburgh, the copper stills sit idle. Photograph: Holyrood DistilleryWhiskyOn the rocks? Scotch distilleries pause production as unsold ‘whisky loch’ growsDemand for Scotland’s most famous export has slumped, with industry facing job cuts and closures Patrick GreenfieldTue 29 Sep 2026 05.01 EDTLast modified on Tue 29 Sep 2026 09.16 EDTSharePrefer the Guardian on GoogleObscured by the Scottish countryside on the outskirts of Kirkcaldy, Cluny bond is, in effect, a small town built to store whisky. By the time the latest set of warehouses are finished on the former opencast coal mine, Diageo’s 220-hectare (544-acre) maturation campus will be able to store almost 3m casks of Scotch. The drinks multinational needs the space. After a 15-year boom turbocharged by the Covid-19 pandemic, demand for Scotch whisky has slumped around the world. Distilleries have paused production across Scotland to avoid adding to the glut of supply, known as a “whisky loch” – the equivalent of a “wine lake”. Last week, the community-owned GlenWyvis Distillery in the Highlands announced it would appoint administrators following sustained financial pressure in the whisky market. On Monday, workers at Cameronbridge, Diageo’s largest distillery, a short drive from Cluny bond, began strike action in opposition to the company’s plans to cut hundreds of jobs across its Scottish operation. Diageo produces about one in three bottles of Scotch globally, including popular brands such as Johnnie Walker. Dozens of Scotland’s 156 active distilleries are rumoured to be up for sale. “Strangely, Scotch has had a really good time since the 2008 financial crisis,” said industry veteran Nick Morgan. “But people have stopped buying at the crazy rates they had been. View image in fullscreen‘People who bought whisky in the pandemic realised they had enough for two or three years.’ Photograph: Jeff J Mitchell/Getty Images“People who bought whisky in the pandemic because they had nothing else to do realised they probably had enough at home for two or three years. There’s increased awareness of health issues, many are choosing to drink less, and booze got very expensive during the good years for the business.” Fluctuations in Scotch whisky’s £5.36bn export market have proven particularly hard to navigate. By law, the drink must be matured for a minimum of three years in an oak cask in Scotland, with high-end speciality Scotch being aged in barrels for up to 40 years. Such lengthy maturation periods, used to create a wide range of flavour profiles from sweet to sulphurous, can make it hard to plan production. Despite Donald Trump’s decision to remove duties on Scotch exports to the US after the King and Queen’s state visit to the White House earlier this year, the industry had already suffered a significant hit. The US president’s “liberation day” tariffs in April 2025 resulted in a 15% fall in Scotch exports to the US, according to the Scotch Whisky Association. Demand in France – until recently the largest market by volume – has fallen, while the market in China has never really taken off as hoped. Optimists point to early signs of a tentative recovery, however, with the industry returning to growth in the first half of this year. Exports to India in particular have surged – but have not yet offset declines elsewhere. The downturn is by no means limited to Scotch, either. Many drinks manufacturers are experiencing a post-pandemic slump, with five of the biggest publicly listed alcohol producers sitting on a record $22bn of aging spirits, according to the Financial Times. Holyrood Distillery, in the shadow of Arthur’s Seat in Edinburgh, is among those to have paused production while its owners wait out the difficult period. Its bulbous copper stills, which would usually be hard at work producing single-malt Scotch, sit idle. Co-founder Rob Carpenter says he does not know when that will change.

On the rocks? Scotch distilleries pause production as unsold ‘whisky loch’ grows
Asia
The Hindu BusinessLine

Sensex today | Stock Market Live: Sensex gains 421 points, Nifty rises 127 points on improved global cues

Sensex Today, Nifty 50 | Stock Market Live Updates - Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 5 October 2026. Indian equity markets opened higher after the long weekend. The BSE Sensex was up 420.63 points, or 0.58 per cent, at 72,330.33 at 9.16 a.m., after opening at 72,340.95 against the previous close of 71,909.70. The Nifty 50 gained 127.05 points, or 0.57 per cent, to 22,549. Global cues have improved after weaker-than-expected US employment data reduced the probability of another Federal Reserve rate increase in October to below 25 per cent. However, elevated crude prices and US bond yields could limit gains and sustain pressure on foreign flows into Indian equities. Investors are also turning their attention to the upcoming RBI monetary policy meeting and the quarterly results season, which begins later this week. Analysts expect the RBI’s MPC to maintain a cautious stance, with a potential 25 bps rate increase amid persistent inflation, elevated oil prices and concerns around a weaker monsoon. Asian stocks are trading higher, while Brent crude is near $102 a barrel and the US 10-year Treasury yield remains around 5.28 per cent. Marico: Domestic demand remained resilient during the quarter, even as the operating environment stayed volatile through the period. Looking ahead, we remain optimistic on consumption trends, while closely monitoring the evolving inflationary conditions. Poonawalla Fincorp: • Assets Under Management (AUM): AUM stands at approximately ₹ 73,950 crore as on 30th September 2026. * Liquidity: The Company continues to have ample liquidity of approximately ₹ 6,400 crore as on 30th September 2026. HDFC Bank: The Bank’s average advances under management (advances grossing up for inter-bank participation certificates, bills rediscounted and securitisation / assignment) were Rs 31,87,200 crore for the September 2026 quarter, a growth of around 14.0% over Rs 27,94,600 crore for the corresponding September 2025 period. The Bank’s average deposits were Rs 31,66,500 crore for the September 2026 quarter, a growth of around 16.8% over Rs 27,10,500 crore for the corresponding September 2025 period. Shares was up over 1% to Rs 729.05 on the NSE, after hitting a high of Rs 734.20. PhysicsWallah: FinZ Finance has entered into an agreement with Auxilo Finserve Private Limited, an RBI-registered NBFC, for sale, transfer and assignment of loan portfolio aggregating to Rs 95.79 crore, which constitutes substantial/major part of the total loan portfolio.

Sensex today | Stock Market Live: Sensex gains 421 points, Nifty rises 127 points on improved global cues
Europe
The Guardian

‘It’s just getting worse’: anger in Maine over Trump’s trade war with close neighbor Canada

President’s tariffs have hurt fishers, loggers and others in a state with deep bonds to Canada – will voters show their displeasure in the midterms? View image in fullscreenMolly London in Piscataquis county, Maine. Photograph: Greta RybusIt was an ideal summer to cut trees. The weather in Maine’s Penobscot county – one of the most heavily forested counties in a state dense with trees – was warm and dry. Yet even as the county’s wood had grown to an ideal size to harvest, the machines Molly London typically uses sat idle. London and her husband, Alex, who started a logging business nearly 10 years ago, had been waiting weeks for replacement machine parts that were no longer stocked locally because tariffs had made them too expensive. By August, she and her husband decided to shut down their business, WW London Woodlot Management Company, exhausted after years of fighting ever-climbing costs. “It just didn’t feel right any more,” she said. “We’ve been losing for a long time, and this is just getting worse.” For centuries, Maine’s economy has been inextricably tied to logging. Penobscot styled itself the “lumber capital of the world” in the 19th century, and today, hulking timber lorries still take up half of the road when they charge down Maine’s rural interstates. The aroma from spruce and fir trees can be smelled through a closed car window. Logging’s health is a crucial bellwether for the overall state of its economy, and things are looking bleak in the midst of a trade war with Canada and record-high diesel prices. Democrats are hoping the frustration will finally unseat Republican Susan Collins, whose loss is crucial in helping the party win a majority in the US Senate. But after the fallout of Graham Platner, who dropped out of the race in July amid sexual assault allegations, the party has been scrambling to make up for lost time. In his first campaign ad, Troy Jackson – formerly the state’s senate president who lost a bid to be the state’s governor earlier this year – immediately labeled himself as a “fifth-generation logger”. “Susan Collins is just a rubber-stamp for the wealthy elite in this country,” Jackson said in another campaign ad. Sara Gideon, a former state representative, had run similar attack ads in 2020, telling voters that Collins is “Not For You Anymore” – an attempt to tie her to Trump and the wealthy elite.

‘It’s just getting worse’: anger in Maine over Trump’s trade war with close neighbor Canada