Latest Developments

Europe
BBC Business

US borrowing costs rise as attempts to ease rates prove short-lived

Image source, Getty ImagesByMichael RaceBusiness reporter, Reporting fromNew YorkPublished21 August 2026Long-term borrowing costs in the US rose again despite an announcement from the government that it would intervene to try to lower them. Earlier this week, the Treasury Department said it would buy back more debt in a bid to lower rates being charged by investors on global bond markets, which governments and major corporations rely on to borrow money. While rates - or yields as they are called - eased on borrowing over 30 years following the intervention, they have since risen again. Such moves can affect mortgage rates and car loans. Economists said the surprise move by the US government had proved short-lived, with ongoing concerns over the level of borrowing as national debt passed $40tn. Governments and corporations sell bonds - essentially an IOU - to raise money for spending, and in return they pay interest. Interest rates on bonds are known as yields. Bond investors typically demand higher returns - or yields - if inflation is high or they expect it to be elevated in the future. Yields had fallen sharply earlier this week to 5.18% from an almost two-decade high of 5.34% following the Treasury Department announcing its "support". By stepping in to buy back government debt, Treasury Secretary Scott Bessent aimed to boost demand for bonds and lower borrowing rates. John Canavan, lead analyst at Oxford Economics said the response to the government's intervention was "unsurprisingly short-lived". He said traders were focused on the "daunting" amounts of global borrowing from governments and corporations, as well as increases in oil prices. "As Bessent himself confirmed, the move is mainly a signalling mechanism, with the Treasury showing it is prepared to step in with yields near current levels," said economists at Capital Economics. "It is not necessarily an effective one, however, as much of the initial fall in 30-year yields has now been reversed."

US borrowing costs rise as attempts to ease rates prove short-lived
Europe
The Guardian

What does Tyson’s shutdown of two US beef plants mean for grocery costs?

Security personnel outside a Tyson Foods plant in Eagle Mountain, Utah, on 18 August 2026. Photograph: Bloomberg/Getty ImagesView image in fullscreenSecurity personnel outside a Tyson Foods plant in Eagle Mountain, Utah, on 18 August 2026. Photograph: Bloomberg/Getty ImagesBusinessExplainerWhat does Tyson’s shutdown of two US beef plants mean for grocery costs?Meat producer closes facilities in Utah and Illinois as beef prices rise for consumers amid historic cattle shortage Tyson Foods, the largest meatpacking company in the US, announced last week that it is closing two of its facilities in Illinois and Utah and selling a beef facility in Washington state, and will lay off hundreds of workers as the supply of cattle hits a 75-year low. The historic cattle shortage has been driven by a multi-year drought, rising costs and severe economic pressures, including consolidation among cattle ranchers. Beef prices have soared over the last year due to the shortage, though economists said the Tyson plant closures likely won’t hit consumer prices so hard. Earlier this month, Tyson reported in its third-quarter earnings that beef volume is down 15.9% and beef operating loss is at $138m. Economists said the Tyson plant closures alone aren’t expected to have a big impact on beef prices. Glynn Tonsor, an agricultural economist at Kansas State University, said the US has had excess capacity for processing and packaging beef for several years now, and beef that would have been processed in Tyson’s Illinois and Utah plants will just be rerouted. “For the majority of the last 40 years, nationally, the US has had more capacity to harvest cattle than we’ve had cattle,” he said. “Anytime you have too much capacity, or ‘too much’ supply relative to what is needed in the market, that puts downward pressure on the margins in that sector. That’s not new.” With not enough cattle to harvest, meatpacking plants have been taking measures to slow down operations, including reducing shifts or cutting Saturday workdays. If operations don’t pick up, plants eventually close. But these closures won’t change the amount of beef that is packed and processed, since the country has enough infrastructure to take on the current supply, experts said. While it may slightly increase transportation costs for the cattle producers who are located close to the shuttered Tyson plants, it is not likely to affect the price of beef overall. “This is just the latest example of the industry attempting to ‘right size’ in relation to current and future animal inventories,” Tonsor said. Instead, the increase in the demand for beef has been a leading force in driving up prices. The quality of beef has improved significantly in the past several years, and consumers are responding favorably, Josh Maples, an agricultural economist at Mississippi State University said. The “general protein craze” seen across the country has also boosted meat consumption. Beef demand has also increased notably compared with other meat products, he said. While the price of beef has outpaced inflation, jumping 9% over the last year, pork and chicken have both dropped in price, according to the Bureau of Labor Statistics. This willingness to pay high prices for beef, however, is coming at a time when general household expenses are increasing for many Americans. The national average price of gas is about $1 more expensive than a year ago, according to AAA. Housing costs are also on the rise, according to the latest census data.

What does Tyson’s shutdown of two US beef plants mean for grocery costs?
Asia
The Hindu BusinessLine

PV, 2W retail demand strengthens in August ahead of festival season on strong Onam pull: Report

Passenger vehicle retail demand is expected to grow more than 9-10 per cent YoY in August, while two-wheeler demand is estimated to rise 18-20 per cent, according to Yes Securities. | Photo Credit: R Senthil Kumar Passenger vehicle demand in August remains constructive, with growth likely to be more than 9-10 per cent year-on-year (YoY), according to a report by Yes Securities. The domestic automobile sector registered broad-based retail momentum across passenger vehicles (PV), two-wheelers (2W), and commercial vehicles (CV), supported by the onset of the festive season in southern markets, improving supply chains, and steady inquiry levels across urban and rural pockets. The report noted that the low base from the corresponding period last year, caused by purchase deferrals prior to the implementation of GST 2.0, provides a statistical tailwind to headline retail growth. Demand in Kerala led the passenger vehicle segment, with Onam sales growing by more than 20 per cent YoY. “Our channel check suggests PV demand in Aug’26 remains constructive, with growth likely in to be +9-10% YoY, partly led by low base (+0.9% YoY) due to postponement in purchase due to GST 2.0 implemented in Sep’25,” the report said. It noted that SUVs and alternate fuel powertrains, particularly CNG and electric vehicles (EVs), continue to dominate total industry volume additions.”Our checks indicate continues spurt in the CNG and EV demand with >30% increase in inquiries and bookings led by new product launches and negativity around E20. Among OEMs, while TMPV’s booking growth is much higher vs peers, OEMs like MSIL, Hyundai too is seeing similar trends, leading to the highest wait period increasing to 3-4 months.” The two-wheeler segment mirrors this positive momentum, registering an estimated 18 to 20 per cent YoY retail growth during August 2026. The southern region outperforms other geographic zones on the back of early Onam demand, while organic inquiries across India rose between 10 and 12 per cent. OEMs ramp up factory dispatches to build inventory for upcoming festivals. “Retail sentiment across key regions remained healthy as demand outstrip supply in EVs (across OEMs) and premium ICE (mostly with TVS for Apache, select Jupiter variants and Ronin),” the report added. The commercial vehicle segment exhibited steady trends, with medium and heavy commercial vehicles posting double-digit retail growth of 14 to 16 per cent YoY, driven by small fleet operators and vehicle replacement cycles. Regulatory mandates, such as the impending restriction on BS4 commercial vehicles entering the National Capital Region starting November 2026, act as an additional catalyst for replacement demand heading into the second half of the financial year. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

PV, 2W retail demand strengthens in August ahead of festival season on strong Onam pull: Report
Asia
The Hindu BusinessLine

Reliance Industries firm buys Lutyens Delhi bungalow for ₹350 crore

A Reliance Industries firm has bought a bungalow on Prithviraj Road in Lutyens Delhi for ₹350 crore, excluding taxes, as demand rises for luxury homes in the area. | Photo Credit: AMIT DAVE A Reliance Industries Ltd. firm bought a bungalow in Lutyens Delhi as appetite for luxury homes grows in the country’s toniest neighbourhood. The company purchased the property on Prithviraj Road for ₹350 crore ($36.7 million), excluding taxes, according to people familiar with the deal, who declined to be identified as details are private. The transaction with Anant Ambani’s family office was finalized towards the end of July, Bhupendra Modi, Singaporean businessman and the seller, said while confirming the property’s price. A Reliance spokesperson said in an emailed response, “We have purchased the said property, and it will be used as guest house for our employees travelling to Delhi.” The company didn’t respond to queries about the involvement of billionaire Mukesh Ambani’s youngest son and the transaction value. Demand has surged for properties in the Lutyens Bungalow Zone or LBZ, a prized high-security area that houses the nation’s prime minister, president, cabinet ministers and senior judges. The zone, among the most-expensive housing districts in the world, is spread over 26-square-kilometer (6,425 acres) in central Delhi. The tree-lined island of green in the pollution-choked capital is also home to other billionaire industrialists including Gautam Adani, Ravi Jaipuria, Lakshmi Mittal and Naveen Jindal. Government restrictions limit the extent of renovations owners can carry out in the zone that has defied property market corrections because of the extremely tight supply of private bungalows. LBZ also has colonial-era social clubs, such as the Delhi Gymkhana, which is mired in a legal tussle with the Indian government over its lease cancellation. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Reliance Industries firm buys Lutyens Delhi bungalow for ₹350 crore
North America
CNBC Finance

Hims & Hers CEO says FTC lawsuit misunderstands how the company works

Hims & Hers CEO Andrew Dudum defended the telehealth company amid a Federal Trade Commission lawsuit over its data sharing practices. In a wide-ranging exclusive interview aired Tuesday, Dudum contended the allegations stemmed from a misunderstanding of how the company is altering healthcare. "I can't say much other than the fact that, you know when you're changing the fundamental understanding of how a traditional system like healthcare works, and you're rebuilding it in the digital ecosystem," he told Andrew Ross Sorkin on CNBC's "Squawk Box." "I think it takes time for people to understand how to do that the right way, and we've worked for many years with the FTC to walk them through that. And I think ultimately they wanted more of a headline than than a real agreement here." In July, the FTC, Los Angeles County and Utah filed a lawsuit against Hims & Hers. It accused the company of sharing user health information with advertisers like Meta and Snap, charging for prescriptions before customers have spoken with a healthcare provider and making it hard to cancel subscriptions. Dudum defended the telehealth provider's business model, saying it is built around increasing access to care. "We are active disruptors. We take that head on, and we're willing to do it. But it is always when we believe that it's in the best interest of people and their access," said Dudum. The Hims & Hers CEO also weighed in on the company's transition from compounded to branded GLP-1 drugs. When popular obesity and weight loss drugs were in shortage in recent years, the company could legally sell copycat versions at a discount. After supply recovered, Novo Nordisk sued Hims & Hers for patent infringement. In March, the Danish drugmaker dropped its suit and the telehealth company agreed to sell Novo's branded drugs on its platform. That decision came at a time when Novo and its main rival Eli Lilly were cutting the prices of their GLP-1 drugs for patients paying out of pocket. "Ultimately, we will always apply pressure to the system if we believe it's best for the consumer. And when we were compounding the GLP-1s, there was no affordable access to these therapeutics," said Dudum. "Now, what that did in the ecosystem is it showed consumers and the drug companies these medications can be brought to consumers at a price that everyone can afford." Dudum said he ultimately sees prices for cash-paying patients dropping to $40 to $50 per month, from roughly $150 to $200 now, depending on the form of the medication. Dudum also said he believes artificial intelligence will dramatically transform healthcare, and the company is increasing its investments to ultimately go "AI native." Dudum said Hims & Hers is moving away from third-party AI agents to build everything in house.

Hims & Hers CEO says FTC lawsuit misunderstands how the company works
Europe
The Guardian

ABC sues Trump’s media regulator over demand for TV license renewals

Brendan Carr, the FCC chair, has ordered the network to apply early to renew eight local television stations’ licenses. Photograph: Daniel Cole/ReutersView image in fullscreenBrendan Carr, the FCC chair, has ordered the network to apply early to renew eight local television stations’ licenses. Photograph: Daniel Cole/ReutersDonald TrumpABC sues Trump’s media regulator over demand for TV license renewalsNetwork alleges FCC is trying to send ‘chilling message’ in retaliation for content the administration disapproves of ABC has sued the Federal Communications Commission (FCC), arguing that it is being retaliated against for content-based reasons in a move it warns threatens the independence of the press. The network filed the lawsuit on Tuesday after being forced to apply early to renew its license to broadcast on the eight local television stations it owns. It is waiting to hear whether the Brendan Carr-led FCC approves its renewal requests, or, more likely, holds a hearing on their merits. Late last month, a group of prominent former FCC officials, including key staffers and commissioners appointed by both Democratic and Republican presidents, issued a warning – in a filing – that the agency is trying to send a “chilling message” to broadcasters after forcing ABC to apply early. Conservative organizations, including the Center for American Rights and the Media Research Center, filed petitions urging the FCC to deny the renewals, arguing that the network’s journalism is politically biased. ABC also still faces an FCC investigation over the daytime talkshow The View for a potential violation of equal time rules, an inquiry that remains open. “Acting through the Federal Communications Commission, the Administration has waged a retaliatory campaign against ABC for a single reason: it disapproves of what ABC broadcasts,” the network said in the suit, filed on behalf of its eight local stations in district court for the District of Columbia. “That campaign began in this Administration’s earliest days and has only intensified since. Again and again, the Administration has attacked ABC’s speech – the stories its journalists report and the viewpoints its network programs air. Over time, those attacks have escalated into express demands that ABC be stripped of its broadcast licenses because of its speech.” The lawsuit makes clear that ABC does not expect the FCC to renew its licenses, posing an existential threat to the network. “The Commission is poised to make good on its threat any day now: the public comment period on the renewal applications has closed, and the Commission may, at any moment, issue an unprecedented Hearing Designation Order for all eight Stations, which would kick off a formal agency adjudication to determine the fate of ABC’s licenses.” The network said that any adjudication process over its licenses would be a “charade”, particularly because the agency cannot, by statute, grant license renewals several years early. “The Commission cannot lawfully grant renewal this early in the license terms – the only outcomes on the table are adverse to Plaintiffs,” the network said in the lawsuit, expressing concern that the FCC would either “prolong” the process, “miring ABC in years of costly litigation”, or deny it altogether. “In either scenario, the Administration accomplishes its goal of eliminating a perceived media critic: either it gets Plaintiffs to fall in line, or it silences them if they refuse,” the plaintiffs argued.

ABC sues Trump’s media regulator over demand for TV license renewals
North America
CNBC Finance

American Airlines to add seatback screens, bigger first class in race to catch up to Delta and United

American Airlines is finally giving a green light to seatback screens as the carrier works to close a profit gap with rivals Delta Air Lines and United Airlines. But customers will have to wait a little while. The new screens, which will feature 4K displays, will start appearing with new deliveries from Boeing and Airbus in 2028. The airline will also retrofit aircraft so passengers in all cabins will be able to use the screens and other additions like Bluetooth audio pairing and USB-C charging. American has been "seriously considering" the technology, along with a major cabin revamp, for months. The company had long eschewed seatback screens, with executives contending that it wasn't worth the cost of equipment and weight they added to the aircraft and saying they expected flyers to use their own devices for entertainment. "The technology has advanced so much from when we made this decision more than a decade ago," Chief Customer Officer Heather Garboden said in an interview. "Ultimately, when you have customer preference and customer satisfaction improvements, that also generates revenue." She declined to say how much American is spending on the initiative but said the installations should be complete in the early 2030s. On Tuesday, American announced that its revamp will include more first-class seats on its Airbus A321neos and its Boeing 737 Max 10s, though deliveries of the latter are still several years away. American is also adding more extra legroom seats across its fleet. Those premium seats can be double the price of a coach ticket or more. For example, a round-trip ticket from New York's John F. Kennedy International Airport to Dallas Fort Worth International Airport was going for $447 in coach and $1,161 in first class. American CEO Robert Isom told CNBC in June that he and his team are working to close the profit gap with its large airline competitors, through more premium seats, plush lounges and improving the airline's network. He said American is also planning to refurbish its Boeing 787-8 Dreamliners with the carrier's new business-class suites, and add more of them. The carrier is also in the market for new wide-body planes and has been evaluating options from Boeing and Airbus. American reported a profit of $71 million for the second quarter, compared with United's $805 million and Delta's $1.6 billion in the same period. 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.

American Airlines to add seatback screens, bigger first class in race to catch up to Delta and United
Europe
BBC Business

UK borrows more than expected in July as Healey prepares for first Budget

Image source, Getty ImagesByFaarea MasudBusiness reporterPublished21 August 2026, 08:22 BSTUpdated 2 hours agoThe government borrowed more than expected in July, according to figures published as Chancellor John Healey draws up his first Budget. The Office for National Statistics (ONS) said borrowing, the gap between what the government spends and what it collects in tax, was £1.8bn during the month. Official forecasters had expected a surplus of £500m, meaning the government borrowed £2.3bn more than predicted. Economists warned the figure will restrict Healey and Prime Minister Andy Burnham's room for manoeuvre as they target measures aimed at easing the cost of living for households, with little room to increase borrowing in the Budget on 27 October. Healey has made it clear he will oversee "strong fiscal discipline" at the Budget – which will limit how much the government has to spend. He has adopted his predecessor Rachel Reeves' fiscal rules, which commit the government to funding all day-to-day spending through tax receipts by the end of the decade. Responding to the borrowing figures, Healey said: "We are cutting the deficit faster than any other G7 economy, while giving people a bit of breathing space with cost of living pressures and focusing support to get young people into work." July's borrowing figure was significantly lower than June's £16bn, with a surge in self-assessed income tax receipts boosting the government's coffers for the month. But economists said the public finances would come under renewed pressure when the one-off lift, typical for July each year, runs out. Despite falling from June to July, the borrowing figure was higher than expected. Experts pointed to increased welfare spending, including benefits and other payments such the state pension, with social payments coming in £2bn higher than the same period last year. The ONS said borrowing from April to July, the first four months of the government's fiscal year, has reached £56.7bn. This is lower than last year, but £2.3bn higher than forecasts from the Office for Budget Responsibility (OBR), which the government uses when drawing up its spending plans. Senior economist at Capital Economics Ashley Webb said the figure continued a "run of bad news" for the economy and that "there will be little scope to raise borrowing in the Budget later this year". He said the borrowing overshoot "will probably get bigger" this year as economic growth slows and the government rolls out more measures to support households with the cost of living.

UK borrows more than expected in July as Healey prepares for first Budget
Europe
The Guardian

Governments’ borrowing costs hit further multi-decade highs as US-Iran peace hopes fade

The yield, or interest rate, on the 30-year US Treasury bond rose to 5.324% on Tuesday. Photograph: Angela Weiss/AFP/Getty ImagesView image in fullscreenThe yield, or interest rate, on the 30-year US Treasury bond rose to 5.324% on Tuesday. Photograph: Angela Weiss/AFP/Getty ImagesGovernment borrowingGovernments’ borrowing costs hit further multi-decade highs as US-Iran peace hopes fadeBond yields in US, UK, Germany France and Japan rise after ceasefire ends and Trump threatens to bomb Oman Government borrowing costs continued to rise to levels not seen in decades on Tuesday, as hopes of an end to the US-Iran war faded. Concerns about the inflation outlook worsened after the ceasefire between Washington DC and Tehran ended on Monday night without an agreement, with no progress on the reopening of the strait of Hormuz. Donald Trump’s threat to bomb Oman if they “get in the way” of negotiations helped to push oil higher on Tuesday, to above $91 a barrel, and investors fear higher energy prices will push inflation up, leading to higher interest rates. Fiscal pressures are also rising as governments ramp up defence spending, which is expected to drive borrowing higher in leading European countries such as Germany and the UK. The yield, or interest rate, on the 30-year US Treasury bond rose to 5.324% on Tuesday, the highest since June 2007, adding to gains on Monday. The yield on the 10-year US Treasury bond rose to 4.736%, while the equivalent Japanese government bond yield climbed 2.5 basis points to 2.945%, the highest in three decades. The yield on the UK’s 10-year gilts rose 2.6bps to 5.076%. Germany’s 10-year bond yield rose to the highest level since 2011 while France’s equivalent hit a 16-year peak. Bond yields rise when the price of the debt falls. “Rising long-dated bond yields are not driven solely by expectations of higher interest rates and inflation fears. They can also reflect concerns around high levels of government borrowing and investors demanding greater compensation for the risks of holding long-dated government bonds,” Dan Coatsworth, the head of markets at AJ Bell, said. Concerns about the amount of new debt hitting the bond markets, issued by governments and companies such as AI firms, is another factor pushing up yields. “We are seeing bond yields across developed markets strike multi-year highs as fixed income investors grow nervous about a range of factors, from inflation and the Iran conflict to deeper structural concerns and fiscal worries. Issuance is clearly a factor – both on the government side (they can’t stop spending!) and on the corporate side (AI capex),” said Neil Wilson, a Saxo UK investor strategist.

Governments’ borrowing costs hit further multi-decade highs as US-Iran peace hopes fade