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Europe
The Guardian

South Korean airport becomes busiest in world for global traffic amid Iran war

It is the first time Incheon has topped the international passenger rankings since opening in 2001. Photograph: LegoCamera/ShutterstockView image in fullscreenIt is the first time Incheon has topped the international passenger rankings since opening in 2001. Photograph: LegoCamera/ShutterstockAir transportSouth Korean airport becomes busiest in world for global traffic amid Iran warIncheon airport had 38.39m international passengers in first half of 2026, as traffic diverted from Middle East hubs South Korea’s Incheon airport has become the world’s busiest airport for international passengers, in part owing to disruption in the Middle East caused by the Iran war. The airport, South Korea’s main gateway, about 30 miles (48km) west of Seoul, handled 38.39 million international passengers in the first half of 2026, according to preliminary figures compiled by the Airports Council International (ACI), the global trade body for airports. Heathrow in the UK was second, with 37.79 million, followed by Changi airport in Singapore with 34.53 million. It is the first time Incheon has topped the international passenger rankings since opening in 2001. The airport was 10th in the world in 2002, rising to fifth in 2018 and third in 2024 and 2025. Part of the increase was attributed to disruption caused by the US-Iran conflict, which weakened the role of Middle Eastern hubs such as Dubai and diverted some transfer traffic to alternative routes through east Asia, Incheon International Airport Corporation (IIAC) was quoted as saying by the Yonhap news agency. Incheon’s international passenger traffic was up 6.3% year on year overall, with rising numbers of foreign visitors also contributing to the increase. Foreigners accounted for 39.3% of Incheon’s passengers in the first half of the year, up from 35.2% for the whole of 2025. The proportion reached a record 44.4% in the second quarter, with IIAC attributing the increase largely to growing numbers of visitors from China and Japan, according to local media. Heathrow, in west London, recorded 40 million passengers in total in the first half of the year, including both domestic and international travellers, its busiest first half on record. Passenger traffic to Asia-Pacific rose 7.9%, while capacity to the Middle East reportedly fell 16.5% owing to the regional conflict. Earlier this week Istanbul overtook Heathrow as Europe’s busiest airport by total passenger numbers. Figures published on Tuesday showed 7.9 million passengers passed through Heathrow’s terminals in July, compared with Istanbul’s 8.15 million. Incheon has also expanded its role as an international hub. It serves 101 airlines flying to 183 cities, including 158 international passenger destinations. A four-phase expansion completed in late 2024 increased the airport’s annual capacity to 106 million passengers.

South Korean airport becomes busiest in world for global traffic amid Iran war
North America
CNBC Economy

'Nobody wants it': Lettuce prices see record-setting plunge as cyclospora spooks consumers

Lettuce prices cratered in July as the multistate cyclospora outbreak pushed diners to shun the leafy green. Prices for the vegetable tumbled 16.4% from June, the largest one-month decline on record, according to seasonally adjusted data released Wednesday by the Bureau of Labor Statistics. Lettuce also posted the sharpest month-over-month deflation within the consumer price index's food category in July, which saw overall prices tick up 0.1% in the period. "It's very likely due to the cyclospora outbreak and consumers just not wanting to buy lettuce right now," said Jeremy Horpedahl, an associate economics professor at the University of Central Arkansas. The "consumer is just wanting to stay away from this product." July's declines pulled lettuce prices off all-time highs posted this summer. But lettuce prices are still up around 7.5% in July compared with a year ago, more than double the pace of price growth seen across the closely followed CPI basket. Lettuce's run-up before this month was driven by the Iran war boosting fertilizer prices and President Donald Trump's mass deportations resulting in increased labor costs for U.S. farms. This recent boom-and-bust price cycle may remind consumers of the cost fluctuations in eggs over recent years, Horpedahl said. While prices initially surged as the bird flu drove down supply, costs have since fallen drastically this year. The Food and Drug Administration called out iceberg lettuce processed at a Taylor Farms facility in central Mexico as the likely ground zero for the waterborne parasite's recent spread. Taylor Farms voluntarily recalled products coming from that location. Several chains with lettuce in menu items reported a drop in traffic due to consumer concerns about the outbreak, even if they didn't have contaminated supplies. Cava CEO Brett Schulman told CNBC on Wednesday that there were "broader consumer concerns" around leafy greens and fresh produce that affected near-term sales around the end of its second quarter. But the Mediterranean fast-casual chain's executive said sales trends have begun to rebound. Sweetgreen said last week that it saw reduced demand as a result of the outbreak and that it was not sure when a recovery would take place. The salad chain lowered its full-year outlook, leading investors to sell shares following the report. Chipotle said that cyclospora created a sales impact of around 2 percentage points in the back half of July. On a call late last month, executives reassured analysts that its lettuce supply wasn't affected and that the burrito chain had a "very robust" program for food safety. Yum Brands CEO Chris Turner said in late July that the outbreak — which the Food and Drug Administration first connected to lettuce served at Yum's Taco Bell chain — resulted in a "meaningful near-term sales impact." But Turner said sales had been "steadily improving."

'Nobody wants it': Lettuce prices see record-setting plunge as cyclospora spooks consumers
North America
CNBC Finance

Bob Iger, Joshua Kushner buy Los Angeles Lakers at a $12.5 billion valuation, source says

Less than a year after buying a controlling ownership stake in the NBA's Lakers, Mark Walter has sold his majority equity to Joshua Kushner and Bob Iger, according to a statement. The deal values the team at $12.5 billion, according to a person familiar with the matter, who asked not to be named because they were not authorized to speak publicly about the terms of the sale. "As lifelong NBA fans, we are deeply honored for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world," Iger and Kushner said in a joint statement Wednesday. "We have immense respect for the leadership and vision of Jerry and Jeanie Buss. Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles." Kushner and Iger have been business partners before. Iger joined Thrive Capital, the venture capital firm run and founded by Kushner, earlier this year. Iger, 75, stepped down as CEO of Disney earlier this year after two stints that totaled roughly 20 years at the helm of the media giant. Kushner is the brother of Jared Kushner, who is married to President Donald Trump's daughter Ivanka. Kushner and Iger had previously expressed interest in buying an NBA expansion team in Las Vegas. Last month, Bloomberg reported the Securities and Exchange Commission and U.S. prosecutors were investigating potential financial improprieties at two of Walter's insurance companies and at Guggenheim Partners, the sprawling financial firm that Walter co-founded and still leads. Walter's TWG Global holding company controls the insurers, his stake in Guggenheim and ownership stakes in other sports teams including MLB's Los Angeles Dodgers and the English Premier League soccer team Chelsea. Walter is also among a group of investors that owns the WNBA's Los Angeles Sparks. The sale announced Wednesday only includes his stake in the Lakers, according to the person familiar with the matter. The Wall Street Journal reported last month that Walter, 66, suffered a stroke in 2024 and that his health status has "become a matter of concern inside his business empire, with varying opinions on whether lingering effects from the stroke have impacted his fitness to lead his businesses." Iger and his wife, Willow Bay, acquired professional women's soccer team Angel City Football Club for $250 million in 2024. Get this delivered to your inbox, and more info about our products and services.

Bob Iger, Joshua Kushner buy Los Angeles Lakers at a $12.5 billion valuation, source says
North America
CNBC Finance

Home Depot CEO taking temporary medical leave, two top execs to run the retailer

Home Depot CEO Ted Decker is taking a "temporary medical leave of absence" for the next few months and the company has appointed two top deputies to lead until he returns, the retailer announced Wednesday. Ann-Marie Campbell, Home Depot's senior executive vice president of U.S. stores and operations, will oversee day-to-day operations while finance chief Richard McPhail will run financial management and the Pro business, the company said. Lead independent director of the board, Greg Brenneman, will take over as chair of the board during Decker's leave. The board of directors made the appointments but they were "in alignment with Decker's recommendation," the company said. "The Home Depot has the best management team in retail. Both Ann-Marie and Richard are strong, seasoned executives who have worked together for more than 20 years," Brenneman said in a news release. "We are confident in Ann-Marie's and Richard's ability to lead the company during this time, and we look forward to Ted's return." The announcement comes just under a week before the company is set to announce fiscal second-quarter earnings on Tuesday. Home Depot didn't provide further details on Decker's condition. Campbell, 61, has worked for Home Depot since 1985, starting as a cashier before working her way up to EVP of stores and operations. McPhail, 56, has been Home Depot's chief financial officer since September 2019 and joined the company in 2005. Both of the executives aren't receiving additional pay for taking on the increased responsibilities, according to a securities filing. 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.

Home Depot CEO taking temporary medical leave, two top execs to run the retailer
North America
Yahoo Finance

S&P500, Nasdaq, Dow Futures Unchanged After Ending Session Mildly Lower As Investors Brace For Key Inflation Data — SPCX, TSLA, INTC, NFLX, PLTR In Focus

U.S. stock indices ended lower on Monday as oil prices jumped, stoking rate hike worries ahead of key inflation data due this week. The S&P 500 ended 0.1% lower, while the Nasdaq 100 slipped 0.3% and the Dow Jones Industrial Average fell 0.1%. The Russell 2000, which tracks stocks with small market capitalizations, fell 0.6%. Futures tied to the Dow Jones Industrial Average and the S&P 500 futures were little changed, while Nasdaq 100 futures inched up 0.1%. Meanwhile, the VanEck Semiconductor ETF (SMH) dropped 2%, owing to weakness in Intel (INTC) stock after the company said it’s going to be offering $15 billion in common stock. Nvidia (NVDA) and Apple (AAPL) also contributed to declines. The broader Vanguard Information Technology ETF (VGT) slipped 0.6%. Retail sentiment on Stocktwits for SPY, QQQ and DIA was ‘bearish’ with ‘high’ message volumes. Geopolitics once again took center stage in Monday’s trading session amid signs of escalating tension between the U.S. and Iran after President Trump, over the weekend, told Axios that the U.S. was “only semi-negotiating” with Iran and wanted the country to feel economic pressure. U.S. West Texas Intermediate crude futures settled up about 5.1% at $82.13 per barrel, and the international benchmark Brent crude futures settled up 5% at $87.72. Oil stockpiles in the U.S. also dropped to the lowest level since January 1983. “The failure of the governments to hold talks is worrying Wall Street participants, who had thought last week that the path to an agreement was increasingly narrow,” Jose Torres at Interactive Brokers told Bloomberg in an interview. Among key data releases, the U.S. July inflation data is scheduled for release this week, with the Consumer Price Index (CPI) arriving on Wednesday and the Producer Price Index (PPI) on Thursday. The CPI is seen rising 0.1% in July following a 0.4% decline in the prior month, based on the median projection in a Bloomberg survey of economists SpaceX (SPCX): Shares of the rocket maker closed up 4% on Monday, climbing back above its IPO price of $135, after several weeks under. Palantir Technologies (PLTR): Investor Michael Burry on Monday doubled down on his high-stakes bet against Palantir. Tesla (TSLA): The EV maker on Monday unveiled a production-ready Cybercab with factory-integrated Starlink satellite internet hardware.

S&P500, Nasdaq, Dow Futures Unchanged After Ending Session Mildly Lower As Investors Brace For Key Inflation Data — SPCX, TSLA, INTC, NFLX, PLTR In Focus
North America
CNBC Economy

Consumer prices rose 0.1% in July, as expected, putting the annual rate at 3.4%

A key inflation reading Wednesday showed prices moderating across a range of goods and services, possibly taking the urgency out of an imminent interest rate hike. The consumer price index, part of the Federal Reserve's inflation dashboard, showed a seasonally adjusted increase of 0.1% during July, according to the Bureau of Labor Statistics. Excluding food and energy, the so-called core CPI rose 0.2%. On an annual basis, the inflation rates were 3.4% and 2.5%, both down 0.1 percentage point from June. Though the levels held well above the Fed's 2% target, the tame monthly readings, coupled with similarly moderate levels in June, indicate that the energy-fueled burst earlier in the year is easing, though prices remain volatile and subject to constantly changing conditions in the Middle East. Stock market futures rose following the release while Treasury yields were negative across the board. Traders further cut the probability for a September rate hike, lowering the odds to 42%, according to the CME Group's FedWatch gauge of futures prices. Energy prices dropped another 1.5% for the month following a 5.7% decrease in June. Still, the sector saw an annual increase of 14.7% following sharp gains in prior months, including a 10.9% surge in March just after the attacks against Iran began. Both food and shelter saw 0.1% increases in July. Shelter costs had been stubborn and a key contributor toward keeping the inflation rate above 2%. Even with the modest gain, shelter accounted for about two-thirds of the headline increase, the BLS said. The index was held in check by a sharp 2.8% decline in lodging away from home costs. A key measure that asks property owners what they could get in rent increased 0.3%. New vehicle prices rose 0.1% while used cars and trucks increased 0.4%. Medical care was up 0.4% and airline fares accelerated by 2.2%. The Federal Open Market Committee, the central bank's rate-setting body, does not meet again until September, so it will have an additional month of inflation data to digest before it has to make a decision. "In-line inflation will keep the 'no need to hike rates' narrative that took hold after last week's jobs report intact," said Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. "There will be another round of inflation data before the September FOMC meeting, so the storyline could still change. But unless those numbers tell a much different story, the Fed will likely still be in a position to leave rates unchanged next month." Up until a week or so ago, markets had been pricing in a strong likelihood of a hike at next month's policy meeting. However, renewed concerns about the labor market following a net job loss in July combined with gyrations in the energy sector have taken the immediacy out of a rate increase. At the July meeting, the FOMC voted 9-3 to hold its key interest rate steady, with the dissenters all voicing support for a rate hike. Markets now are pricing a stronger chance for a move in October or December.

Consumer prices rose 0.1% in July, as expected, putting the annual rate at 3.4%
Europe
BBC Business

Changing pubs into homes to be made harder under new rules

Image source, Getty ImagesByPeter Ruddick and Mitchell Labiak, Business reportersPublished16 August 2026Turning pubs into housing or offices will be made harder as part of changes to government planning rules in England. The updated National Planning Policy Framework (NPPF) will come into force on Monday and is expected to contain more protections for pubs at threat of closure for conversion to another use. A previous consultation on the plans only gave the protection to the last pub in the area. However, pub and hospitality groups say taxes and employment costs are the big reasons why pubs are closing. Meanwhile, the Conservatives said the Labour government is "failing abysmally" to meet its housing targets. To go ahead with a change of use under the new rules, developers will need to provide evidence that there is no reasonable prospect of keeping a pub business running. The evidence will need to include proof it was marketed for sale for at least 12 months. A government spokesperson told the BBC councils would need to assess the impact on a community of a change of use. The rules will reportedly stop owners from deliberately killing off trade in order to justify a closure, protecting pubs which have been historically successful. The NPPF sets out government's planning policies for England and how they should be applied by local authorities. Scotland, Wales, and Northern Ireland have their own devolved planning frameworks and laws. The Campaign for Real Ale has previously said that pubs are being "lost forever to conversion or demolition as developers look to cash in on the desirable locations and unique architecture of pubs and social clubs". The British Beer and Pub Association and UKHospitality have also campaigned against pub closures, with both largely blaming tax rises and other costs.

Changing pubs into homes to be made harder under new rules
Asia
The Hindu BusinessLine

SEBI reviewing framework on utilisation of issue proceeds

The Securities and Exchange Board of India (SEBI) is reviewing the framework for monitoring and disclosing utilisation of issue proceeds to improve timely disclosures and streamline the compliance process, Chairman Tuhin Kanta Pandey said on Saturday. Speaking at the Institute of Directors’ Annual Directors’ Conclave 2026 in New Delhi, Pandey said a company making a disclosure does not necessarily mean it has become transparent. “True transparency is not the volume of information. It is the quality, timeliness and usefulness of information.” The regulator also seeks to ensure that transactions involving potential conflicts are subject to appropriate scrutiny through the framework governing related-party transactions. “We propose to further clarify the framework on related-party transactions, so that the requirements are clear and workable for issuers while retaining the necessary safeguards for investors,” Pandey said. The regulator is also looking at ways to reduce avoidable compliance burdens. “For entities listed on multiple exchanges, for example, we are proposing a framework to avoid duplication of fines levied by multiple exchanges for the same matter,” he said. “Good governance also requires that regulation remains proportionate and does not create unnecessary duplication. The objective is to make regulation more efficient while preserving its purpose.” Pandey said the regulator has progressively strengthened the framework for disclosure of material events and information, with materiality thresholds and specified timelines aimed at bringing greater consistency and timeliness to disclosures. 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.

SEBI reviewing framework on utilisation of issue proceeds
North America
CNBC Finance

Wendy's stock jumps on report of potential takeover bid from Nelson Peltz's Trian Fund Management

Shares of Wendy's jumped more than 14% Wednesday after the Financial Times reported that Nelson Peltz's Trian Fund Management is preparing a takeover bid for the struggling burger chain. Trading of the stock, which is up about 4% this year as of Wednesday's close, was temporarily halted for volatility. Trian is working on a proposal with backing from an assortment of other investors, including BlueFive Capital and the Flynn Group, a large Wendy's franchisee, according to the report, which cited sources familiar with the matter. Wendy's said in a statement it would "thoroughly review any proposal submitted by Trian consistent with its fiduciary duties." "The Board, together with the management team, regularly reviews the Company's strategic priorities and opportunities with the goal of maximizing value for all shareholders," the company continued. "We are moving with urgency and under Bob Wright's leadership as our new CEO, we have identified core strategic areas of focus to improve performance and turnaround the business." Representatives for Peltz did not immediately respond to request for comment from CNBC. The report comes days after Wendy's reported its sixth straight quarter of same-store sales declines. That disappointing performance has helped Restaurant Brands International's Burger King overtake Wendy's as the second-largest burger chain in the U.S. by system sales. As value has become increasingly important to consumers, Wendy's has struggled to win over diners. A revolving door of chief executives over the past three years hasn't helped matters, resulting in muddled strategies to turn around the business. Wendy's latest CEO, Bob Wright, joined the chain after leading Potbelly through its own take-private deal. This isn't the first time that Trian has considered taking Wendy's private; most recently, the firm said it was exploring a takeover of Wendy's in 2022, but later decided against it. Trian owns a 7.85% stake in Wendy's, and Peltz has a 16.24% interest, according to a regulatory filing from February that also called the stock "undervalued." Peltz's relationship with Wendy's dates back to an activist campaign he led more than two decades ago. In 2024, Wendy's named Peltz as chairman emeritus after he spent 17 years on the company's board. Trian executive Peter May and Peltz's son, Bradley, still sit on Wendy's board. Get this delivered to your inbox, and more info about our products and services.

Wendy's stock jumps on report of potential takeover bid from Nelson Peltz's Trian Fund Management