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Europe
BBC Business

Man City found guilty of breaking financial rules

Manchester City have been found guilty of breaking the majority of the 115 financial rules they were accused of breaching. The Athletic , externalis reporting that the sanctions have not been decided but that the independent panel has reached its decision, finding the club guilty of all but one count. Instead they released a statement saying the "Premier League process remains ongoing with significant elements to be completed, and subject to strict confidentiality". "The club has diligently respected due process for eight years on the basis that the Premier League board and executive would behave as an independent, impartial and fair-minded regulator, free from partisan influence," it added. BBC Sport has also been told that, in the event of being found guilty, City will appeal against the findings. Other Premier League clubs are believed to have been informed about the independent panel's decision and have sought legal advice as to whether they would have a compensation claim. In February 2023, City were charged with more than 100 breaches of the Premier League's financial rules following a four-year investigation. The club was referred to an independent commission over allegations it breached financial rules between 2009 and 2018. The hearing began in September 2024 behind closed doors and concluded that December after around 12 weeks. The Premier League claimed City breached rules requiring the club to provide "accurate financial information that gives a true and fair view of the club's financial position". City strongly denied all charges and have said their case is supported by a "comprehensive body of irrefutable evidence". The club won eight trophies in the period covered by the case, including three Premier League titles, three League Cups, one Community Shield and one FA Cup.

Man City found guilty of breaking financial rules
Europe
BBC Business

Trump says he would back ban on diesel exports

Image source, David Paul Morris/Bloomberg via Getty ImagesByFrancisco VelasquezBusiness reporter, Reporting fromNew YorkPublished6 hours agoUS President Donald Trump has said he would back proposals to halt American diesel exports in a bid to ease prices for drivers at the pumps. His comments come after Republicans lawmakers put pressure on the president ahead of November's mid-term elections to curb exports, as diesel prices soar to record highs in the US. Speaking on the sidelines at the United Nations General Assembly, Trump suggested keeping domestic supplies inside the US could also ease broader petrol prices. "I've called for that too. I've said let's not send out the diesel. We make a lot of diesel. That could have a little bit of an effect on regular automobile gasoline," he said . US Treasury Secretary Scott Bessent confirmed officials were assessing "whether a full or partial ban would work" without disrupting refinery capabilities. National average diesel prices surpassed $6.50 (£4.87) a gallon on Tuesday according to American Automobile Association data, a new high. The conflict in the Middle East has constrained global oil supplies, putting pressure on pump prices. The surge in the cost of diesel has sparked political urgency ahead of crucial mid-term elections on 3 November, with several Republicans pressing the administration to restrict the fuel's export to ease financial strain on voters. US Representative Ashley Hinson, a Republican running for Senate in Iowa, said on Monday that the state's consumers were "being squeezed and shouldn't have to foot the bill at the pump." In Alaska on Tuesday, Senator Dan Sullivan similarly urged for a "temporary pause of American diesel and exports" to rebuild domestic reserves. Adding to the global market volatility, Ukraine's targeting of Russian energy facilities has knocked out the country's refining capacity. "It is a serious hit on the Russians," Trump said during a meeting with Ukrainian counterpart Volodymyr Zelensky on Tuesday. "It's also a serious hit on the price of diesel."

Trump says he would back ban on diesel exports
Europe
The Guardian

Trump made over 1,000 July stock trades worth up to $270m, filings reveal

Trump speaks to reporters as he arrives for the UN general assembly session in New York on Tuesday. Photograph: Alexi J Rosenfeld/Getty ImagesView image in fullscreenTrump speaks to reporters as he arrives for the UN general assembly session in New York on Tuesday. Photograph: Alexi J Rosenfeld/Getty ImagesDonald TrumpTrump made over 1,000 July stock trades worth up to $270m, filings revealPresident made more than 440 purchases and 700 sales despite voter anger over elected officials trading stocks Donald Trump made over a thousand stock sales and purchases worth between $79m and $270m in July, according to a Guardian analysis of his latest financial disclosure released Tuesday. His two largest sales were of Amazon and Microsoft stock, selling between $5m and $25m each on 20 July. That same day, he also sold up to $5m worth of Oracle and Costco stock, $500,000 to $1m in Nvidia, and bought up to $5m worth of shares in Intuit and Salesforce, among dozens of other transactions. Overall, he made more than 700 sales that totaled between $35m and $137m, and made more than 440 purchases that totaled between $43.5m and $134m. Financial disclosures, which presidents and vice-presidents are required to file by law, only include a date and a range of the transaction amount. The White House said Trump’s stock and bond portfolio was “independently managed by third-party financial institutions” and that there were no conflicts of interests in the latest disclosure. “All holdings are maintained in discretionary accounts and invested through computer-based model portfolios that automatically replicate recognized indexes, such as the Schwab 1000,” said Davis Ingle, a White House spokesperson. “Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold. All investment decisions are made entirely by independent managers.” The July disclosure comes as Trump and the Republican party continues to champion a ban on stock trading among members of Congress, which would exclude him from any restrictions. The president made more trades than all of Congress combined between the start of his second term and June, a Bloomberg analysis found. Trump’s last annual financial disclosures revealed that he made more than $2.2bn last year from his network of businesses and investments, including $1bn in crypto revenue. Disclosures from his staff have also revealed large $45,000 cash gifts to three White House officials, including his close personal aide, Natalie Harp, which sparked calls from watchdog groups for further investigation. Trump also made up to $15.5m from his investments into oil and gas companies, the Senate’s joint economic committee found, because of gas prices driven up by the US war with Iran. The president, vice-president and members of Congress are legally allowed to trade stocks and are required to disclose their trades within 45 days of the transaction. But the practice is widely unpopular with voters. A recent survey from the Economist and YouGov found that about 75% of respondents, which included majorities of Democrats and Republicans, believed that elected officials should not be allowed to buy and sell individual stocks in public office.

Trump made over 1,000 July stock trades worth up to $270m, filings reveal
Europe
The Guardian

Trump says he backs diesel export ban to curb soaring energy costs

A Shell gas station in Shoreline, Washington, on 20 September 2026. Photograph: M Scott Brauer/ZUMA Press Wire/ShutterstockView image in fullscreenA Shell gas station in Shoreline, Washington, on 20 September 2026. Photograph: M Scott Brauer/ZUMA Press Wire/ShutterstockTrump administrationTrump says he backs diesel export ban to curb soaring energy costsBut industry trade group says plan would backfire and lead to even higher prices for gasoline Donald Trump on Tuesday said he backed ⁠the idea of a ban on diesel exports, which some US politicians are calling for ⁠as a way ⁠to curb ​the soaring cost of energy. Diesel prices have rallied in Europe and the US to ⁠record highs as wars in Iran and Ukraine sharply cut exports from some of the biggest producers ⁠such as Russia, Saudi Arabia and the United Arab Emirates. A gallon of diesel fuel in the US was $6.53 on Tuesday, the highest average on record and over 75% higher than a year ago. “I’ve ​said let’s not send ‌out the diesel. ‌We make a lot of diesel … I’ve called for it. ‌I’ve called for it within my people,” Trump told reporters ahead of a meeting with the Ukrainian president, Volodymyr Zelenskyy. The US treasury secretary, Scott Bessent, speaking at the same meeting, said: “We’re examining whether it’s feasible in terms of the overall refining capacity and whether a full or partial ban would work.” On Sunday, Trump urged Zelenskyy to pause strikes on Russian oil refineries over concerns that they could further push up prices, the Financial Times reported. On social media, Trump wrote that Russia “unfortunately lost control of its Diesel Oil Industry”. Some Republican Senate candidates in the most ​competitive midterm races called for the administration to implement the export ban to try to alleviate high costs for Americans. “Iowans are being squeezed and shouldn’t have to foot the bill at the pump or the checkout line for the war in Iran,” wrote the US representative Ashley Hinson, a Republican who is in a competitive Senate race in Iowa, on X. “We need to use every option at our disposal to provide some relief from high prices.” In a statement, the American Fuel and Petrochemical Manufacturers trade group said that an export ban would “backfire”, noting that domestic refiners would have to reduce production and “producing less diesel also means producing less gasoline”. Trump said he and Zelenskiy would ⁠discuss Ukrainian attacks on refining sites in Russia. “It is ​a serious ​hit on the Russians. ​It’s also a serious hit on the price ​of diesel,” said ‌Trump, who ​also told ​reporters the two leaders would discuss working out a solution to end Russia’s war in Ukraine.

Trump says he backs diesel export ban to curb soaring energy costs
Europe
The Guardian

White House television pool resumes after banned news outlets regain access

Journalists gather in a press briefing room in the White House on 24 September 2026 in Washington DC. Photograph: Chip Somodevilla/Getty ImagesView image in fullscreenJournalists gather in a press briefing room in the White House on 24 September 2026 in Washington DC. Photograph: Chip Somodevilla/Getty ImagesMediaWhite House television pool resumes after banned news outlets regain accessTrump’s media ban resulted in an effective TV blackout of coverage of the president during the UN general assembly The primary White House television pool has resumed filming administration events after a court ruling temporarily overturned a Trump administration ban on CNN a day earlier. In an unprecedented move, the pool – which also includes NBC, ABC, CBS and Fox News – ceased recording and transmitting White House footage on Monday, in solidarity with CNN, MS Now and Politico, which had been banned by Trump from the building over what he said was “their constant ‘reporting’ FAKE NEWS.” The decision meant that, for much of this week, there was no high-quality pool footage of White House events and the president’s movements, though some smaller outlets attempted to provide coverage. With the pool still inactive on Thursday afternoon, that meant that a significant presidential event, a summit with Xi Jinping, China’s president, did not receive video coverage on the leading television networks. ABC had been listed as the TV pooler for the day, but held off until the network received assurances that CNN would be let back into the pool. Tensions between the media and the administration were further exacerbated on Thursday evening when journalists for CNN and MS Now were denied access to the White House state dinner in honor of Xi. The journalists were blocked despite a ruling earlier in the day from a federal judge who granted a request by CNN, MS Now and Politico to force the White House to restore their access for the next two weeks while the case plays out. Although television networks remain apprehensive, a producer for CBS News confirmed that the network would be serving as the TV pooler for the day as scheduled, according to an internal note obtained by the Guardian. “The plan is to return covering the President in a normal capacity with a full crew,” the note read, with the pool covering Trump and Xi arriving at the South Portico for tea and a tour of the National Archives. Pamela Brown, a CNN anchor, told viewers on Friday morning: “CNN’s access to the White House has been restored, and the TV pool appears to be functioning as normal.” The resumption ends – for now – an extraordinary standoff between the US’s biggest media companies and the Trump administration that led to an effective TV blackout of coverage of the president during the United Nations general assembly. For decades, the five networks have shared the cost and responsibility of providing footage of the president that is carried by news outlets worldwide. Pool subscribers had originally received a note on Monday from Fox News Washington bureau chief Bryan Boughton, who is now serving as the TV pool chair, saying that it would cease operations. “This follows the White House’s position preventing CNN from fulfilling its assigned pool duties,” he wrote in a memo. “There will be no replacement pool put in place.”

White House television pool resumes after banned news outlets regain access
Asia
The Hindu BusinessLine

Shriram Properties turns to robots as labour shortage bites

Shriram Properties is turning to robots developed by Indian start-ups to tackle an acute shortage of construction labour, with the company saying availability was “practically zero” in some parts of Tamil Nadu and north India. The Chennai-based Shriram Properties is using robots for painting and is exploring robotic solutions for tiling as it looks to increase construction and sales volumes. The move is aimed at reducing dependence on manual labour while improving construction speed and finish quality. “While we are using robots in a small way, there are a lot of start-ups coming with great technologies to help in reducing dependence on skilled labour while improving construction timelines and finish quality,” said Murali Malayappan, Chairman and Managing Director, Shriram Properties. The company has a pipeline of 41 projects with an aggregate development potential of around 34 million sq ft (msf), including 16 msf of ongoing projects. Malayappan said automation could become increasingly important as the company scales up. Although robots require higher upfront capital expenditure, the economics become more viable when the equipment is deployed across multiple projects and the investment is recovered over a longer period. This could give larger developers an advantage over smaller players, who may find it difficult to absorb the initial cost of robotic equipment. The push towards automation comes against the backdrop of rising construction costs. Shriram Properties has estimated an 8–10 per cent increase in construction costs, particularly following the Iran and West Asia conflict. While steel and cement prices have remained relatively controlled, costs of lifts, CP fittings, sanitary fittings and tiles have increased, Malayappan said. The labour shortage is prompting other developers to look at technology-led alternatives as well. Officials at large and small real estate companies said they were yet to deploy construction robots, but acknowledged that worsening labour availability could force developers to consider greater automation. Start-ups are increasingly trying to fill this gap. Dhinesh Babu, Founder and CEO, Vividobots Private Limited, a Chennai-based construction robotics start-up, said demand was particularly emerging for robots used in plastering, both for interiors and exteriors. “Some of the large real estate developers are ready to deploy the robots,” he said. The company estimates that its technology could reduce labour requirements by 60–70 per cent compared with traditional methods, while the cost could be around 30–50 per cent, depending on the project. Its robot is currently in the pilot phase, he added. Industry bodies are also beginning to explore the technology. The CREDAI Chennai Youth Wing is planning a visit to China later this year to study construction robotisation and identify technologies that could be deployed in the Indian construction industry. “There have been requests from members for something like this as they feel the labour shortage is getting worse by the day,” a CREDAI Chennai spokesperson said.

Shriram Properties turns to robots as labour shortage bites
Europe
The Guardian

‘Your body fights to stay cool’: workers toil in record heat as federal rule frozen

A man wipes the sweat away after working on the spray deck at the Vietnam Veterans Swimming and Wading Pool on June 24, 2025. Photograph: Boston Globe/Getty ImagesView image in fullscreenA man wipes the sweat away after working on the spray deck at the Vietnam Veterans Swimming and Wading Pool on June 24, 2025. Photograph: Boston Globe/Getty ImagesExtreme heat‘Your body fights to stay cool’: workers toil in record heat as federal rule frozenTrump officials and Republicans are rolling back protections against heat-related illnesses and deaths When it’s 90F on a hot summer day, Esther Minton wears a long-sleeved shirt to work. “Working outside, you don’t have cover. There’s nowhere for you to really go if you’re on a roof or if you’re on the side of a building,” said Minton, a member of the Sheet Metal Workers Local Union 28 in New York City. “Having the sun beaming on your skin all day long, you’ll never make it through, so what you wear makes a difference.” Working outside during the brutal summer months means learning how to stay properly hydrated, dealing with port-a-potties that get much hotter than outside temperatures and handling heated copper metals exposed to direct sunlight. “Before the day is over, by the time you’re at break at lunchtime – say 12pm, when the sun is really out and doing its thing – you are drained,” Minton said. “Your body fights hardcore to stay cool, your body fights hard to not be dehydrated.” View image in fullscreenA firefighter cools off with a bottle of water after responding to a fire during a heat wave on 2 July 2026. Photograph: Boston Globe/Getty ImagesThis summer was the hottest on record in the US, and workers are caught on the frontlines of a heat crisis that is expected to drive up heat-related illnesses and deaths. The rising temperatures come as the Trump administration and Republicans in Congress are rolling back federal rules meant to protect workers from heat injury and illnesses. In January 2025, the White House indefinitely froze Biden-era heat safety regulations that would have mandated water, shade, breaks, training and prevent plans for workers. House Republicans have also been pushing legislation that would prohibit the Department of Labor from enacting any workplace protections for heat exposure. Republicans in Florida and Texas have passed similar legislation prohibiting local city and county governments from passing heat protections. Big business groups and lobbyists, including from the agricultural and construction industries, have strongly opposed heat protection standards for workers, claiming employers already do what would be mandated and claim the rule would be a burden on employers. View image in fullscreenAn person works through high temperatures to set a sidewalk outside Squantum elementary school on 11 August 2025. Photograph: Boston Globe/Getty ImagesWorkers at a recent Climate Week roundtable in New York City strongly disagreed employers are doing enough to protect workers from heat. Donald Nesbit, executive vice-president of Local 372 and former school cafeteria worker, recalled working in an old school building every summer in a kitchen basement as he prepared meals for students.

‘Your body fights to stay cool’: workers toil in record heat as federal rule frozen
North America
CNBC Finance

Hundreds of flights into Newark, New York, Philadelphia disrupted after Verizon fiber line cut

Hundreds of flights to and from the New York area and Philadelphia were canceled, delayed or diverted Monday after a Verizon fiber cable was accidentally cut during construction in New Jersey, severing a backup feed of key data for air traffic controllers, officials said. The Federal Aviation Administration halted flights bound for Newark, New Jersey, and Philadelphia and forced nearly 100 planes, some of them after hourslong trips from Europe, to divert to other U.S. airports because of the issue. More than 600 flights in and out of Newark were canceled Monday by 6 p.m., more than half of the day's schedule, according to FlightAware, while nearly 100 were delayed. More than 200 Philadelphia flights were canceled and more than 400 delayed. Flights were resuming Monday evening after repairs to line, Transportation Secretary Sean Duffy said in a post on X. The problem started with an initial circuit failure and "when it went to flip into the backup, we discovered the backup fiber had a break," FAA Administrator Bryan Bedford told reporters on the sidelines of an event showcasing a new artificial intelligence-powered air traffic control tool in Washington, D.C. Public transportation system NJ Transit said a construction crew working on a rail project between New Brunswick and North Brunswick, New Jersey, "accidentally severed a fiber-optic cable while working at the site." The transit agency said the crew was operating about 10 feet from utility markings. The circuit and backup feed loss were affecting the Terminal Radar Approach Control, or TRACON, facility, in Philadelphia, which guides planes in and out of Newark and Philadelphia. In the early afternoon, the disruptions spread to New York City, where flights into LaGuardia Airport and John F. Kennedy International Airport were also halted by the FAA, though they were resuming with residual delays by late afternoon. "Construction contractors working in the area dug up and cut our cable," Verizon said in a statement. "Verizon's facilities were fully functional up to that point. Verizon bears no responsibility for this incident." NJ Transit said its staff "is currently on site working to determine the status of the repairs, while also determining whether it was Verizon or the contractor who made the utility markings at the site." Verizon said it "immediately deployed our technicians to the scene" and added that it was "actively working to repair the damaged cable and restore connectivity as quickly as possible." The affected airports were Newark Liberty International Airport, United Airlines' busiest international hub, Philadelphia International Airport and New Jersey's Teterboro Airport.

Hundreds of flights into Newark, New York, Philadelphia disrupted after Verizon fiber line cut
Europe
BBC Business

US backs Elon Musk's bid to overturn €120m EU fine against X

Image source, Getty ImagesByLaura CressTechnology reporterPublished2 hours agoThe US government is seeking to join Elon Musk's legal challenge to overturn a €120m (£105m) EU fine against X over its blue tick badges. In December 2025, the European Commission said the platform "deceives users" by allowing people to pay for a blue verified check mark, because it is not "meaningfully verifying" who is behind the account. But US Assistant Attorney General Brett A. Shumate said on Thursday that the commission had "inappropriately attempted" to expand its reach to American companies outside its control. Musk, who spent millions helping elect Donald Trump and other Republicans, has previously claimed EU tech regulation "inhibits progress" for companies. The US Department of Justice (DOJ) has filed an application, external with the EU's General Court in support of Musk's and X's attempts to dismiss ​the case. It claims that under a section of law in the Statute of the Court of Justice of the EU, a state may intervene in disputes before the court if it "can establish an interest in the result of the case to the court". The DOJ said the US "has a clear interest" in ensuring any decision by the commission was applied consistently with "how territorial jurisdiction is generally understood in international law". It also wants to make sure it would not "otherwise prejudice" US-headquartered digital services that "contribute significantly" to its economy. In a press briefing on Friday, external, European Commission spokesperson Thomas Regnier said it was "ready to defend" its position in court. He added that the commission had an "solid case" at its disposal, due to the alleged breach of its Digital Services Act. and the Commission is of course absolutely ready to defend its position in court. And a follow up. In addition to its use of blue ticks, EU regulators accused X of failing to provide transparency around its adverts and denying researchers access to public data.

US backs Elon Musk's bid to overturn €120m EU fine against X