Latest Developments

Europe
BBC Business

Wife of man who died after turbulence sues airline

A widow whose husband died after "severe turbulence" on a flight has begun legal action against the airline. Lawyers for Linda Kitchen, 74, from Thornbury near Bristol, who broke her back during the incident, said her husband, Geoff, 73, was "fatally injured" when the Singapore Airlines flight from London Heathrow suddenly dropped around 6,000 ft (1,828 metres). She has now begun proceedings at the High Court seeking damages from the airline to help her access specialist support for her back. The BBC has contacted the airline for comment. "When I got separated from Geoff, I knew he was in a bad way, but nothing prepared me for hearing he had died. It was absolutely devastating," she said. Kitchen and her husband, described as her "soul mate", were starting a six-week holiday to Singapore, Indonesia and Australia when the incident happened in May 2024. The turbulence hit over Myanmar, with the flight then diverted to Bangkok, in Thailand, for an emergency landing. "There had been some turbulence over Europe, and it had been shaky over the water, but it was around 10 hours into the flight when we encountered the main turbulence," Kitchen said. "It was so severe; it felt like the aircraft was dropping. I noticed my Kindle and Geoff's phone had fallen to the floor, and I thought the plane was going down." As the aircraft plummeted, Kitchen said her husband fell on top of her, squashing her into the armrest. Eventually, others helped to move him and a doctor on board began CPR. Kitchen was taken to hospital while her husband was still on the plane. It was two days before she was told he had died. It is understood that Geoff suffered a heart attack after the plane suddenly dropped at high altitude. "I spent 10 days in hospital before I was airlifted back to Bristol. I was in so much pain that the journey was a blur. Once back in the UK, I remained in hospital for around a week and, following my discharge, required significant assistance at home," Kitchen said.

Wife of man who died after turbulence sues airline
Europe
BBC Business

Fed has 'work to do' if price rises don't ease for Americans, Warsh says

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished28 August 2026The head of the US central bank has said policymakers will "have work to do" if they were not confident cost-of-living pressures were easing for Americans. Federal Reserve chair Kevin Warsh said while inflation readings looked better than expected over the summer, they did not show that the current picture had "meaningfully improved". The new Fed boss stressed that his remarks should not be treated as a guide for future interest rate decisions, but the comments are a signal rates could be raised if policymakers believe inflation is too high. Latest figures show prices rose 3.4% in the year to July, above the Fed's 2% target. Another inflation measure closely watched by the Fed is running at 3.7%. Warsh made the comments in his first speech at the annual Jackson Hole Economic Policy Symposium in Wyoming, which sees central bankers, government officials and academics from around the world gather to talk about interest rates, inflation and other economic issues. Warsh said given prices were rising by more than 2% on an annual basis, "the Fed's predominant focus right now should be on prices". "Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do." The central bank boss has remained tight-lipped about the potential path of interest rates, but investors will have watched his speech closely for any signs of the Fed's approach under his leadership. The reactions to any decision made by US President Donald Trump will be closely watched, with the mid-term elections looming and voters concerned about affordability. Trump, who appointed Warsh in May, repeatedly criticised and pushed his predecessor Jerome Powell to cut interest rates. The president has previously said rate hikes "just keeps the country down". Warsh issued a plea in his speech to not label his remark as "forward guidance" and said he believed the practice of sending signals to the markets on future interest rate decisions, adopted in the wake of the 2008 financial crisis, had "overstayed its welcome". "Oversharing policy deliberations and overcommitting to future decisions can lead markets, businesses, and households astray," he said, adding it also inhibited the Fed the "freedom to make the right calls when it's time to decide".

Fed has 'work to do' if price rises don't ease for Americans, Warsh says
Europe
The Guardian

Canada announces retaliatory tariffs on wide range of US goods

Canada has announced it will impose tariffs on a wide range of key American industries including cosmetics, dairy, wood products and outdoor equipment in the coming weeks, as it retaliates roughly “dollar for dollar” against levies imposed by the US. In a strong Canadian countermove to tariffs levied by Donald Trump, which took effect on Saturday after trade talks collapsed the day before, Canada’s finance and industry ministers on Tuesday called the measure a “focused response” to what they see as unfair trade practices. The White House claimed it was using section 338 of the Tariff Act of 1930 to protest against “discriminatory” trade policies by Canada, including provincial bans on US alcohol – a ban that was only implemented in protest against tariffs imposed on Canadian goods last year. The prime minister, Mark Carney, had previously pledged a “dollar-for-dollar” response from his government after roughly 5% of exports to the US were singled out by the White House. The retaliatory Canadian measures will cover C$27.6bn ($19.9bn) in imports and are meant to target key industries including steel, dairy, appliances, agricultural equipment, pulp and paper. The list from Ottawa has more than 700 items, ranging from from hockey sticks to ornamental fish and toilet paper to smoked lobster, with most of the tariffs set at 25% or 50%. A small group of items, including air conditioning units and tool parts, will face a lower 15% tariff. The levies will be effective starting 8 September and only apply to goods originating from the US. In announcing the retaliatory measures, the finance minister, François-Philippe Champagne, said the country was united in its fight against the US, telling attenders that Canada remained “masters of our own home”. The industry minister, Mélanie Joly, called on businesses and consumers to buy Canadian goods as part of a broader “resistance” movement in the trade war. The government also announced more than C$7bn in support for businesses affected by the latest tariffs, adding to more than C$20bn in support announced over the past 18 months. Canada’s decision to retaliate means both countries have doubled down on a trade war that could cost billions. Earlier on Tuesday, Trump said he was giving “serious consideration” to changing the name of Lake Ontario to “Lake America” – reminiscent of his decision to rename the Gulf of Mexico to the Gulf of America. Others pointed out that Ontario, Canada’s most populous province, was named after the lake, not the other way around. Trump’s frustration with Ontario in particular stems from his feud with the province’s premier, Doug Ford, who called the president a “loser” and the “king of bankruptcies” and told the US president to “kiss my ass”. He also threatened to cut electricity and rare earth metal exports to the US.

Canada announces retaliatory tariffs on wide range of US goods
North America
CNBC Finance

Paramount CEO David Ellison is at the final hurdle before buying WBD. So far, he can't clear it

David Ellison — the founder of a film production company and son of billionaire Larry Ellison — has been at the helm of Paramount Skydance for just over a year. He's been fighting to acquire Warner Bros. Discovery for nearly as long. The latest roadblock in his path, a group of state attorneys general seeking to stop the deal, may be his toughest yet. The antitrust hurdle and related delay have left the CEO hunting for avenues to get the deal done. The delay in closing Paramount's acquisition of WBD could add hefty costs on top of the $110 billion proposed price tag at a time when media companies across the landscape are under intense pressure. Yet, with a trial in the antitrust case set for March, Ellison has never felt more confident that the deal not only makes sense, but will get completed, according to a person familiar with his thinking, who asked to remain unnamed to speak candidly. "The company believes strongly in this," Paramount's lead trial attorney Jeffrey Kessler said on CNBC in July, adding the company was prepared to bring the matter to the Supreme Court if necessary. Still, Ellison appears to be making little ground with California Attorney General Rob Bonta, who is leading the states' charge in court. Both sides have said they are eager to make amends outside of the courtroom. "I think the whole issue there is, will the state AGs be interested in settling, and I'm not quite sure there's any real incentive for them to settle given the fact the California home constituency here is overwhelmingly against the transaction," said Tom Rogers, a media veteran who's currently senior advisor to Versant Media Group and executive chairman of AI film and TV production company Fountain 0. Ellison's pursuit of WBD began last September with three unsolicited bids to take over the storied entertainment company, which includes the legendary film studio, a portfolio of pay TV networks and the HBO Max streaming business. Ellison's interest ultimately spurred a formal sale process that superseded a plan by WBD to split in two. When Warner Bros. Discovery crowned Netflix the bidding war winner, Ellison went hostile and promised WBD shareholders a premium. In February, Netflix abandoned its pending transaction and Paramount entered into an agreement to buy the entirety of WBD. The deal has won approval from all global regulators, including the Antitrust Division of the U.S. Department of Justice. That leaves Bonta and the other 11 suing states as the final threat to Ellison's long-sought-after acquisition. Bonta has said his aim is in part to take up the baton where he feels President Donald Trump's administration has fallen short on regulation. He has said Trump has gotten "involved improperly" in other merger situations.

Paramount CEO David Ellison is at the final hurdle before buying WBD. So far, he can't clear it
North America
CNBC Finance

Main Street Sports sues Comcast, Charter for underpaid licensing fees

Main Street Sports, the now-defunct owner of a portfolio of regional sports networks, is suing cable companies Comcast and Charter Communications in separate lawsuits for what it alleges are underpaid licensing fees. The company that began its winddown earlier this year is alleging that Comcast and Charter — the two largest pay TV providers in the U.S. — breached their contracts and underpaid Main Street in the earlier part of 2026 when its networks were still delivering NBA and NHL games to local markets across the country, according to the lawsuits, which were seen by CNBC. The suits were filed in Delaware Superior Court on Monday. Representatives for Comcast and Charter didn't immediately respond to requests for comment. Main Street, the entity that originated as Fox Sports networks, has been through a series of owners since 2019, as well as several name changes. The company emerged from bankruptcy protection in early 2025, when its channels took on the name of FanDuel Sports Network. It had about 15 channels, and at one point after its bankruptcy exit aired games for about 30 teams across Major League Baseball, the National Hockey League and the National Basketball Association. However, despite touting subscriber growth as recently as the spring, Main Street continued to face liquidity issues when its MLB fees payments were due, CNBC previously reported. The company had long been weighed down by a heavy debt load. The issues led to its inevitable winddown. While it aired its final local MLB games in 2025, the company aired the entirety of the NBA regular season, as well as the NHL regular season and first round of playoffs this year. Problems have been piling up for regional sports networks as the pay TV bundle continues to bleed subscribers. Regional sports networks were once a lucrative business model for teams and leagues, as the channels pay high fees to air local games that trickle down to team payrolls. However the proliferation of cord cutting has led many pay TV distributors to rework their agreements with these channels. Even the direct-to-consumer streaming offerings for these networks have been in a state of change. Last month, two of New York's independently owned regional sports networks left their own streaming app for a deal to be distributed by streaming platform DAZN. 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.

Main Street Sports sues Comcast, Charter for underpaid licensing fees
North America
CNBC Finance

California AG Rob Bonta cancels Paramount settlement meeting, citing 'lack of good faith'

California Attorney General Rob Bonta canceled a meeting with Paramount Skydance on Monday, saying the company demonstrated a "lack of good faith" in early settlement talks around its planned merger with Warner Bros. Discovery. "My office had a meeting with Paramount on Friday. Paramount did not maintain the confidentiality of that meeting. Not only did Paramount leak the alleged substance of settlement discussions, but they misrepresented these discussions, demonstrating a lack of good faith," Bonta said in a statement. "As soon as Paramount stops playing games and engages sincerely, my office is happy to meet again," he said. Bonta was scheduled to meet with Paramount representatives on Monday, he said, but canceled the meeting. The California attorney general is leading a group of states in suing to block Paramount Skydance's planned merger with WBD. In a statement, Paramount said it has "assured" the attorney general's office that it was not the source of the leaks. "We remain hopeful and stand ready to continue good faith discussions to resolve the Attorneys General suit and move forward with our plans for increased competition and increased output to the benefit of the talent and entertainment workers," the company said. A spokesperson for WBD declined to comment Monday. The New York Times first reported the Monday meeting and subsequent cancellation. Bonta told CNBC last week he was ready to come to the table and negotiate a settlement, calling the lawsuit a "black-and-white" antitrust case. "We do prefer to resolve cases in the boardroom instead of the courtroom, but for now we're bringing our case, and, you know, I hope they can focus on the actual allegations we make in our complaint," Bonta told CNBC on Thursday. Still, Bonta said a resolution of the lawsuit would require "robust structural remedies" on Paramount's part. Bonta and 11 other state AGs filed suit in July to block the merger, alleging that the acquisition would create a media giant that would control a sizable portion of film and basic TV programming. Bonta told CNBC last week that the focus of his lawsuit is not on streaming, CNN or foreign regulators. Paramount, which is proposing to acquire WBD for roughly $110 billion, agreed to delay the closing of the deal until as late as June 2027. A trial in the antitrust case is scheduled for March.

California AG Rob Bonta cancels Paramount settlement meeting, citing 'lack of good faith'
Europe
The Guardian

Gold hits highest level in three months as traders worry about US inflation and bond market jitters – business live

The UK government has sold £3.9bn of seven-year bonds at the highest yield for equivalent bonds this year – and, it appears, the highest since 2002. The Debt Management Office sold gilts maturing in 2033 at a yield (or interest rate) of 4.761% this morning, the highest in any seven-year bond auction this year. That’s up from 4.519 for a similar auction in July, indicating that the government’s borrowing costs have risen. Demand was decent, with more than three times as many bids as debt (the bid to cover ratio was 3.39). My colleague Graeme Wearden squinted at the data and reckons it is the highest yield for this duration bonds since 2002 when the government sold 2008 bonds (so almost seven years!) in an auction at a 5.07% yield. This comes after last week’s sell-off in government bonds globally, which pushed yields to multi-decade highs, which prompted the US Treasury Department to step in to calm the US bond market.

Gold hits highest level in three months as traders worry about US inflation and bond market jitters – business live
Europe
The Guardian

US Treasury’s Scott Bessent ‘will lose’ battle with bond markets, former mentor warns

US Treasury secretary Scott Bessent (pictured) worked with Stanley Druckenmiller at George Soros’s fund management firm in the 1990s. Photograph: Evelyn Hockstein/ReutersView image in fullscreenUS Treasury secretary Scott Bessent (pictured) worked with Stanley Druckenmiller at George Soros’s fund management firm in the 1990s. Photograph: Evelyn Hockstein/ReutersUS economyUS Treasury’s Scott Bessent ‘will lose’ battle with bond markets, former mentor warnsTrump ally should cut budget deficit rather than try to suppress bond yields, says billionaire Stanley Druckenmiller Scott Bessent’s attempt to calm the bond markets and push down America’s cost of borrowing have attracted a rebuke from the US Treasury secretary’s former mentor. The billionaire investor Stanley Druckenmiller, who worked with Bessent at George Soros’s fund management firm in the 1990s, has warned that his former pupil is courting danger by trying to suppress US bond yields. Druckenmiller, writing in the Wall Street Journal, argued that the US should “let the bond market speak”, rather than expand its bond purchases in an effort to push up prices, and lower borrowing costs. “Governments defending prices against fundamentals always lose. The only variable is how much they spend before conceding,” he wrote. Druckenmiller argued that Washington should heed the rise in borrowing costs – measured by bond yields – and take steps to cut the budget deficit, rather than interfering in the market to push yields down again. “The long-term Treasury yield is the most important price in the world. It is also the only fiscal disciplinarian the US has left. Neither party will run on entitlement reform. Both have spent the past decade expanding commitments while ignoring arithmetic,” he wrote. Druckenmiller’s intervention comes after Bessent decided to at least double the maximum size of the Treasury’s buyback operations, from $2bn (£1.5bn) to $4bn. That move briefly led to a drop in US long-term bond yields, but this quickly reversed. “The market’s verdict was swift and correct: This wasn’t liquidity management, it was price management – and a mistake far larger than $4bn suggests,” Druckenmiller said. Yesterday, CNBC reported that Bessent could increase his bond-buying firepower by conducting purchases using the Treasury’s near-$1tn General Account, a government fund held at the Federal Reserve. Last week the US national debt hit $40tn, and rising, and the annual deficit is expected to hit $2tn this year. Addressing this primary deficit is the “only thing that durably lowers long-term yields”, Druckenmiller wrote in the WSJ.

US Treasury’s Scott Bessent ‘will lose’ battle with bond markets, former mentor warns
North America
CNBC Economy

Bessent's bond gambit aimed at calming markets is instead stirring inflation worries

Investors over the past several days have priced in a likelihood of higher inflation ahead, a potential sign that the Treasury Department's efforts this week to improve liquidity in the government debt market are raising concerns over broader policy implications. The so-called breakeven rate, a market-based measure that compares Treasury yields to inflation-protected securities of the same maturity, rose across the curve, hitting its highest level in more than two months. Breakevens reflect inflation expectations as well as compensation investors seek for inflation risk and other factors. At the 10-year horizon, the breakeven rate rose to 2.34% on Thursday, its highest since June 10. Five-year breakevens hit the same level, the highest since June 16. While the measures can be volatile and still imply the market doesn't expect runaway inflation, they also indicate that inflation worries are rising. The concern follows a Treasury announcement Wednesday saying it will be at least doubling the size of its typical $2 billion debt buyback, a routine operation begun in 2024 that helps provide a market for longer-dated debt. Though Treasury Secretary Scott Bessent insisted the move wasn't an attempt to tamp down yields, it came after the 10- and 30-year Treasurys hit levels not seen since prior to the global financial crisis in 2008. "The background here is very unforgiving at the moment, There's this cocktail of concerns that has risen up," said Van Hesser, chief strategist at KBRA, a credit and bond rating agency. Traders pricing in higher inflation "fits into the backdrop where people are concerned about inflation, and and that continues to lean on the market. These things sort of come and go. I think there are all of these these risks have been out there, and many of them for some time now. They they flare up from time to time and manifest themselves in markets." The rise in market-based inflation expectations follows a general pattern this week. While long-dated Treasury yields plunged the day of the buyback announcement, they rebounded Thursday and were up again Friday. The 10-year benchmark stood at 4.73% in early afternoon trading, up 3.4 basis points on the day and higher than the pre-announcement level. Similarly, the 30-year yield climbed 3.6 basis points to 5.27%, while yields also were up on shorter-dated issues. Treasury is required to offset the buybacks of long-dated debt by issuing shorter-term bills. The jump in yield has been tied to a number of factors, inflation fears prominent among them. Treasurys also have been forced to compete against higher-yielding government debt in Asia and Europe, a record-setting surge of issuance from hyperscalers investing in artificial intelligence, and a general rise in term premiums, or the extra yield investors demand for holding U.S. debt, which surpassed the $40 trillion mark this week. While yields rose, the dollar also weakened, continuing a trend this week that has seen the greenback lose nearly 0.9%.

Bessent's bond gambit aimed at calming markets is instead stirring inflation worries