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Europe
BBC Business

Rise in sales of radios and tinned foods, say retailers, after call to stock up

Some retailers have seen a dramatic increase in sales of essential goods after the government called for people to stock up in case of a crisis, according to figures obtained by Newsnight. The Iceland supermarket chain said it was "clear" consumers had listened to warnings after it saw a 40% increase in sales of tinned products over the weekend. The rise in sales came after Defence Secretary Wes Streeting said that people should stockpile goods to prepare for an emergency such as a cyber attack or an extreme weather event. Robert Dyas reported a 160% increase in sales of radios compared with last week, while Maplin said sales had increased by 92% in radios, 284% in torches and 106% in power banks. The Maplin figures cover the period since the government's announcement last week compared with the same period last month. "Within hours of the Be Ready announcement we saw people reach for the basics - a torch, a wind-up radio, a power bank. Torch sales nearly quadrupled and radio sales almost doubled in three days," said Ollie Marshall, managing director at Maplin. "These are simple, affordable products that keep a household connected and informed when the power goes out, and it's encouraging to see people taking the advice seriously." On 22 October, Streeting said that people should ensure they have three litres of water per person per day; tinned goods in the cupboard; baby food; battery powered torches and mobile phone charging packs. Many of the items cited by Streeting appeared in the list of goods gathered by Newsnight whose sales have shot up. In response to the increase in retail sales of certain items, the defence secretary told Newsnight: "It's encouraging that people are taking practical steps to be ready. Having a few everyday essentials at home, from tinned food to torches, helps households prepare for disruption, whether that's flooding, power cuts or burst pipes. We can all play our part in making Britain more resilient." An Iceland spokesperson told the BBC programme: "It's clear consumers have listened to the government's message as we have seen a 40% increase in sales of tinned products over the weekend and strong sales of bottled water too. Our supplies of these products remain healthy." Newsnight also spoke to independent retailers who reported a spike in sales of goods highlighted by the defence secretary.

Rise in sales of radios and tinned foods, say retailers, after call to stock up
Europe
BBC Business

Anthropic warns of 'catastrophic risk' to humankind ahead of blockbuster share listing

Image source, Getty ImagesByRachel Clun, Business reporter, Liv McMahon, Technology reporter and Kali Hays, Technology reporterPublished26 October 2026Anthropic has warned artificial intelligence (AI) could pose "catastrophic or existential risks to humanity" as it unveiled details of its planned blockbuster stock market listing in the US. The firm's valuation is expected to exceed that of SpaceX, which was the biggest-ever listing at an initial valuation of about $1.8 trillion in the summer. Anthropic has not yet disclosed the number of shares to be released, their price range, or a date for the listing. The Claude chatbot developer reported $16.3bn (£12.2bn) of revenue in the first half of the year, with losses of more than $80.7bn. Anthropic, which said it will list on the Nasdaq under the symbol ANT, will be the first fully AI-focused company to go public, making it a test case for the future of the technology. In a filing ahead of its listing, Anthropic said concerns had been raised by policymakers, regulators and researchers as well as by people within its organisation that AI systems posed a significant risk to humanity. It said advanced AI systems "could, if not developed, deployed, and operated with appropriate safeguards, oversight, and security measures, pose catastrophic or existential risks to humanity, particularly if such systems were misused, replicated, weaponised, or allowed to operate with a high degree of autonomy". Anthropic was founded five years ago by chief executive Dario Amodei, his sister Daniela Amodei and five others, and announced its intention to go public in June. Its main rival, OpenAI, quickly followed suit. That listing is now expected to occur early next year, according to a person familiar with OpenAI's plans. Those announcements were followed by a wave of cyber-security and other technological breaches involving their AI agents - bots designed to operate somewhat autonomously. Current and former staff of both companies also warned AI technology was being developed without the ability to protect humanity from possible future harms enacted by AI tools. As Anthropic revealed its stock debut plans on Monday, the owners of the rights to Elvis Presley's music sued the AI firm accusing it of using hundreds of the rock-and-roll star's songs to train its chatbot Claude.

Anthropic warns of 'catastrophic risk' to humankind ahead of blockbuster share listing
Asia-Pacific
The Straits Times

Stocks slump, bonds leap as AI giants’ spending spooks investors

Investors’ rush into bonds was further spurred further by the Federal Reserve’s decision on Oct 28 to keep US interest rates on hold. SINGAPORE - Tech shares slumped in Asia on Oct 30, the yen rose and bonds surged toward their biggest monthly gain in nearly three years as investors scurried to safety against worries that huge and rising AI spending may not deliver sufficient returns. Shares in Google parent Alphabet fell 12.6% on Wall Street and slid a little further after hours, to wipe out a withering US$500 billion in market value, as massive AI spending turned the company’s cash flow negative. An aftermarket plunge of 23% in Intel shares and a drop of 7% in Amazon stocks, as they too burn through cash, drove Nasdaq 100 futures down 1.4% and sent stocks of chipmakers around Asia into a tailspin. “The market isn’t necessarily questioning whether the AI buildout can be financed,” said Pepperstone analyst Chris Weston. “It’s increasingly questioning whether shareholders will earn an adequate return on the enormous capital being deployed.” Nerves were also frayed by a potentially record-breaking hack at Binance, the world’s biggest cryptocurrency exchange, which drove down bitcoin, other cryptocurrency prices and stocks including rival exchange Coinbase. South Korea’s KOSPI slumped 5% for an October fall of more than 17%. Japan’s Nikkei fell 3%. In China, the blue chip CSI300 headed for its largest monthly fall in a decade, after nearly four months of AI stocks tanking on fears that a slowdown in demand for chips and other data centre equipment could crush revenues. Investors’ rush into bonds was further spurred further by the Federal Reserve’s decision on Oct 28 to keep US interest rates on hold, with no firm projection of when it might need to hike next. Benchmark 10-year US Treasury yields fell by more than 7 basis points in Tokyo trade on Oct 30 to 4.91% for a fall of some 37 bps through October – the largest one-month drop since December 2023. Two-year yields dropped by more than 8 bps to 4.57% and Fed funds futures rallied as investors dialled back some expectations for US rate hikes. Yields fall when bond prices rise.

Stocks slump, bonds leap as AI giants’ spending spooks investors
North America
CNBC Economy

UK inflation jumps to 3.5% — cementing rate hike expectations

U.K. inflation rose by a hotter-than-expected 3.5% in the 12 months to September, driven by the surging cost of motor fuels. Economists polled by Reuters had been forecasting an annual inflation rate of 3.4%. September's print marked a continuation of the U.K.'s upward trend for inflation, which came in at 3.1% in August and 2.9% in July. The September reading was the highest annual inflation figure in almost a year. The U.K.'s Office for National Statistics said on Wednesday that the motor fuel inflation rate had hit its highest level since August 2022, when fuel costs surged in the wake of Russia's full-scale invasion of Ukraine. Britain is a net energy importer, making it vulnerable to external energy shocks, such as the U.S.-Iran war and the subsequent struggle to move oil through the Strait of Hormuz. U.K. motor fuel prices surged 29.8% in the year to September, ONS data showed on Wednesday. The British pound was flat against both the euro and the U.S. dollar following the data release, and yields on U.K. government bonds were also little changed. Scott Gardner, investment strategist at J.P. Morgan Personal Investing, said in a note Wednesday morning that recent growth in headline inflation had "undone the progress we saw in the spring." "Bank of England policymakers will be looking beyond the headline figure," he said. "Services inflation, in particular, has accelerated in recent months which will create concern that we are starting to see second round inflationary effects beyond energy prices. While we face a different set of challenges compared to 2021, the prolonged conflict is weighing on the U.K. economy and making the case for a rate hike stronger." Markets are pricing in a 98% chance that the Bank of England raises its key interest rate by 25 basis points to 4% next month, according to LSEG data, with the majority of traders also pricing in a further hike of the same size at the central bank's final meeting of the year in December. Wednesday's expected rise in inflation also complicates the fiscal picture for the U.K. government and its finance minister. Chancellor of the Exchequer John Healey is set to unveil his first fiscal shakeup next week during the U.K.'s hotly anticipated Autumn Budget.

UK inflation jumps to 3.5% — cementing rate hike expectations
Asia-Pacific
Channel NewsAsia

India orders top drugmaker to halt eye medicine production at plant over quality lapses

Indian regulators have escalated action against India's largest drugmaker, Sun Pharma, barring ophthalmic drug production at its Assam factory until it submits a satisfactory compliance report. A guard walks inside the office of Sun Pharmaceutical Industries Ltd in Mumbai, India, Nov 13, 2018. (Photo: Reuters/Francis Mascarenhas) HYDERABAD: Indian drug regulators ordered Sun Pharmaceutical Industries to stop manufacturing, selling and distributing ophthalmic products made at its Assam facility after finding failure in its quality management system, documents reviewed by Reuters showed. The Central Drugs Standard Control Organisation and the office of Drugs Controller Assam ordered the shutdown on Aug 20 after a joint federal-state inspection of the facility identified lapses in the system meant to ensure product quality and safety, following Sun Pharma's move in July to voluntarily recall about 11 eye-care brands. India's drug quality standards have come under increased scrutiny at home and overseas in recent years after locally made cough syrups were linked to the deaths of children in India and also in countries including Gambia and Uzbekistan. The regulatory agencies' move marks an escalation of the action against Sun Pharma, India's biggest pharmaceutical firm, which will be unable to continue ophthalmic drug production at the Assam factory until it submits a satisfactory compliance report. CNA Games Guess Word Crack the word, one row at a time Buzzword Create words using the given letters Mini Sudoku Tiny puzzle, mighty brain teaser Mini Crossword Small grid, big challenge Word Search Spot as many words as you can Show More Show Less Sun Pharma said previously the site was expected to become one of its largest manufacturing hubs for sterile products in a business identified as a key global growth driver. The regulators sought more information on the recall of 332 batches of ophthalmic suspension products - liquids used to treat eye conditions - the documents showed. In an internal notice sent to stockists at the time, the company said it was withdrawing the products as a "precautionary measure." It remains unclear whether all of the recalled products were contaminated. The company has submitted a compliance report in response to the order, which is being reviewed by the regulator, an official familiar with the matter told Reuters on condition of anonymity because they were not authorised to speak to the media. Sun Pharma did not respond to Reuters' requests for comment on the Assam plant and the recall. The company says on its website it follows a single global quality standard. Some of the recalled products included Lotepred 1 per cent 5ml eye drops, Nepalact OD eye drops, Nepalact-Z, Brinzotim eye drops 5ml and Depopred 2ml. The eye drops are used to treat eye inflammation, infections and chronic eye diseases, according to doctors.

India orders top drugmaker to halt eye medicine production at plant over quality lapses
Asia-Pacific
Channel NewsAsia

Six feared dead in helicopter crash in Indian Himalayan state

The helicopter was flying from Badrinath, a prominent pilgrimage destination for Hindus located in the mountains, to Dehradun city, carrying five passengers and a pilot. This photo shared by Uttarakhand Police on the X platform shows rescuers working at the site of a helicopter crash near Kedarnath, in Uttarakhand, India, Sunday, Jun 15, 2025. (Photo: AP/Uttarakhand Police on X) NEW DELHI: Six people were feared dead in a helicopter crash in the Indian Himalayan state of Uttarakhand on Friday (Oct 30), television channels reported, adding that bad weather was suspected to be the cause. The helicopter was flying from Badrinath, a prominent pilgrimage destination for Hindus located in the mountains, to Dehradun city, carrying five passengers and a pilot, news agency ANI reported. Uttarakhand Chief Minister Pushkar Singh Dhami said his office had received information about a helicopter crashing near a village in the Joshimath area. A joint rescue operation was being carried out by the district administration, disaster management teams and troops in the region, Dhami said in a post on X. TV channels said that rescue teams had rushed to the site of the crash and fire and smoke were visible there.

Six feared dead in helicopter crash in Indian Himalayan state
Europe
BBC Business

Salon owners urge Budget VAT cut as staffing pressures grow

After 22 years running a salon, Marcus Perkins says he is increasingly worried about the future of the hair and beauty industry. Rising costs are making it harder for businesses to employ staff and invest in apprenticeships, he says, while more salons are turning to self-employed models to survive. "Seeing salons close on the high street is very scary," he said. "I'm very scared myself. Luckily it hasn't happened yet but who knows what the future holds?" Perkins is among more than 2,000 salon owners who have signed an open letter calling on the Chancellor John Healey to cut VAT on hair and beauty services from 20% to 10% in this week's Budget. The letter is backed by the British Hair Consortium (BHC), which argues rising business costs are placing increasing pressure on traditional salon employers. However, the industry has also seen growing numbers of stylists move into self-employed arrangements, with hairdressers often renting a chair within a salon rather than being directly employed. With salon ownership perceived to be out of reach for many, self-employment offered independence, flexibility and higher earnings, industry research suggested, external. A Treasury spokesperson said hair and beauty businesses played an important role in supporting jobs, apprenticeships and thriving high streets. While traditional salons said they faced rising pressures, a recent report from the British Beauty Council found that hair and beauty salons and shops made up almost a third of all leisure sites across UK retail centres. It added that those businesses now accounted for greater share of smaller high streets and were equivalent to pubs, bars and cafes combined. Salon owners say they have also been affected by increases in wage, pension and National Insurance (NI) costs. The government's changes to employers' NI contributions and increases to the minimum wage have been defended by ministers as part of wider efforts to improve pay, support public services and drive economic growth.

Salon owners urge Budget VAT cut as staffing pressures grow
Europe
BBC Business

Healey to shield low-income pensioners from income tax in the Budget

Image source, Getty ImagesByJoe Pike, Political correspondent and Richard Wheeler, Political reporterPublished26 October 2026, 09:47 GMTUpdated 1 hour agoPensioners on low incomes will be shielded from income tax by Chancellor John Healey in his first Budget on Wednesday. The full, flat-rate state pension is expected to increase by 3.9% to £13,036.40 a year from April. This would take the payment above the £12,570 personal tax allowance and therefore be liable for income tax if no changes are made. The government had already committed to not taxing people who only get an income from the state pension. Healey will explain this pledge will be met by plans for a new tax allowance for low-income pensioners. Healey's plans come as the Conservatives and Reform UK unveil their alternative Budget proposals, including deep cuts to the welfare bill. The chancellor's allies argue his plans for pensioners will mean they do not need to face an administrative burden just to pay a small amount of tax. More specific details, including how many pensioners this will affect, have yet to be confirmed by the Treasury. The Budget is due to be printed this evening, with Healey's speech likely to be fine-tuned right up until it is delivered on Wednesday lunchtime. Treasury sources concede it will not involve the scale of tax and spending announcements seen from Labour and Conservative governments in recent years. The Tories are calling on the chancellor to cut green taxes, red tape and benefits to bring down energy bills. Reform is recommending the chancellor adopts 60 policies which they claim will create jobs - including approving the controversial Rosebank oil field - a project Healey is understood to back. Liberal Democrat Treasury spokeswoman Daisy Cooper has called on the government to agree a new growth and defence partnership with the EU, including joining the single market. She argued this would help "ease the huge tax burden weighing people down". The Green Party has urged Healey to use his first Budget to "make the UK affordable", including by funding energy bill support by ending a tax relief for data centres.

Healey to shield low-income pensioners from income tax in the Budget
Europe
BBC Business

'I'm a single mum on £41,000 and limit my weekly shop to £40.' What do you want from the Budget?

Unlike in previous years there have been very few leaks about what will be in it, though Healey's tax and spending plans will be under close scrutiny at a time when government borrowing costs are at "historic highs". BBC News has been speaking to people on a range of incomes on how they feel about their finances and what they would like to see in the Budget. If there are issues you would like to see covered, you can get in touch via BBC Your Voice. Chloe's biggest worry is the cost of living. Her husband passed away four years ago and she's bringing up their 16-year-old son alone. She's very grateful the rent for her south London maisonette is subsidised through a housing association, but says life was easier when she shared the bills. "Two incomes make a massive difference." Her energy bill has risen sharply over the past year and she now pays about £200 a month on gas and electricity. "We try to be more aware, we think more about how long we run the hot water when we do the dishes." Chloe, 40, and her son have cut back on luxuries like going to M&S and the cinema, and she now tries to limit the weekly food shop to £40. But she can't do anything to reduce her £200 council tax bill, or the amount she spends on medicines for her various health conditions, including rheumatoid arthritis. "I don't access benefits but I work full-time and it's hard. Can the government do anything else to help? Something on our tax bill perhaps." Robert Portlock, 29, has always lived with his parents in Gateshead and would love to move out. But he doesn't think he can afford to. Rent would be his biggest concern, he says, explaining that a small flat in his area would cost him about two-thirds of his monthly wage.

'I'm a single mum on £41,000 and limit my weekly shop to £40.' What do you want from the Budget?