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Europe
BBC Business

Why electric cars cost more to insure - and what's being done about it

ByTheo LeggettInternational Business CorrespondentPublished4 hours agoIt's hot and bright beneath the high intensity lights in a cavernous crash and safety testing laboratory, hidden away in a business park outside Newbury. A siren blares and a disembodied voice counts down: "Three, two, one". A small white car trundles into view, rolls across the floor, and bumps into a barrier set against the wall. As crash tests go, this one is hardly spectacular. There is no torn metal or flying glass. At just 6mph, it replicates the kind of annoying prang you might well get in a car park or at a traffic light. But raise the slightly bent bonnet to look underneath, and it's a different story. This is an electric vehicle (EV) – a Dacia Spring – and the hidden damage is significant. As senior test engineer Sean Hoad points out, the high-voltage charging port, mounted at the front of the car is badly broken, as are components it's attached to. "This is all one big unit, meaning we can't just replace the front charge port. We have to replace the charger itself, the inverter, and some of the cabling", he explains. Repairing all of that, he says, would cost about £4,000, and there is other damage to consider as well, so the chances are an insurer would not bother getting it fixed. Thatcham Research, which works on behalf of the insurance industry, is carrying out tests like this to understand why EVs typically attract higher insurance premiums. On average, it says, EVs cost 30% more to repair than petrol or diesel models, and it takes 14% longer to fix them. This then feeds through to the insurance price. It can cost 10-25% more to insure an EV than a petrol or diesel car, depending on the make and model. According to the latest data from the Society of Motor Manufacturers and Traders (SMMT), EV sales have surged to the point that they made up almost one in every three new cars sold in the UK in June, external. Ian Plummer, chief customer officer of car selling website Autotrader, says the rising EV demand is "driven by intensifying competition and rising consumer interest in plug-in cars".

Why electric cars cost more to insure - and what's being done about it
Europe
BBC Business

Online marketplaces still selling dozens of unsafe baby products, Which? finds

Image source, Getty ImagesByVicky WongPublished8 July 2026Potentially dangerous baby products - including self-feeding devices, pillows and sleeping bags - are still being sold on online marketplaces in the UK, according to Which?. The consumer group found 150 such products listed for sale by third parties on sites like Amazon, eBay and TikTok - despite having been subject to official safety warnings and product recalls. Sue Davies, the head of consumer protection policy at Which?, said the investigation had shown "how easy it is to find these unsafe products" and urged the government to make marketplaces liable for the safety of items sold on their sites. Most of the companies concerned said they have removed some of the products Which? had flagged. The investigation looked at three types of products - sleeping bags, self-feeders and sleep pillows - that have been the subject of warnings from the Office for Product Safety and Standards (OPSS). It found unsafe products were listed on eight online marketplaces - Alibaba, AliExpress, Amazon, eBay, Etsy, TikTok, OnBuy and Wish. Of the 150 unsafe products it found, more than a third were designed to feed a baby from a bottle with little or no assistance despite an "obvious" risk of choking, Which? said. Thirty-three involved a long straw design and 21 were pillow bottle-holders designed to fasten around a baby's neck. These bottle-feeders were available on several platforms despite an OPSS alert from 2022 calling on businesses to remove such products. The probe also found 59 sleeping bags with hoods or without armholes and 37 sleep pillows marketed for newborns, despite concerns about suffocation and overheating, as well as NHS safe sleep guidance. OPSS also issued an alert for baby sleep pillows - some of which have been marketed with claims of improving night-time sleep - in December 2025. Davies said: "The lives of babies are at risk because these platforms won't stop dangerous products from reaching their customers - even though they are well aware that these products can be deadly."

Online marketplaces still selling dozens of unsafe baby products, Which? finds
Asia
The Hindu BusinessLine

US attacks Iran over ship being hit in Strait of Hormuz; Tehran lashes out again at Gulf Arab states

The United States attacked Iran early Sunday morning over an Iranian attack on a vessel in the Strait of Hormuz, setting the container ship ablaze and forcing its crew to abandon it. Iran apparently responded with strikes targeting Bahrain, Qatar and the United Arab Emirates. The new crossfire in the Persian Gulf comes after US President Donald Trump suggested an interim deal and ceasefire in the Iran war was “over.” US Defence Secretary Pete Hegseth wrote online: “Iran made a poor choice. Now they pay.” The United Arab Emirates warned the public Sunday of an incoming missile and drone attack as explosions could be heard in nearby Qatar. A missile alert sounded in Qatar shortly after the blasts. Qatar's military said in a statement it intercepted the incoming Iranian fire. Meanwhile, missile alerts sounded in Bahrain, an island kingdom in the Persian Gulf home to the US Navy's 5th Fleet. It wasn't immediately clear what locations were under attack in the UAE, which so far hadn't been targeted in the latest round of attacks by Iran. In the Strait of Hormuz attack, a Cyprus-flagged container ship was hit by Iran and suffered “significant engineroom damage” and a civilian crew member is missing, US Central Command said. The United Kingdom Maritime Trade Operations centre, overseen by the British military, said the ship had been travelling in a route hugging the shoreline of Oman. That's been the way ships have gotten in and out of the Persian Gulf while avoiding Iranian territorial waters. The ship's crew abandoned the vessel as it was ablaze, the centre said. Iran's paramilitary Revolutionary Guard said multiple vessels “disregarded our warnings and instructions to correct their course and proceed along the approved route.” One of them “was struck by a warning shot and brought to a stop.” Iran said that the strait would remain closed “until further notice” and said it would consider targeting “additional enemy bases in the region” if it faced more attacks. (AP) RD RD 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.

US attacks Iran over ship being hit in Strait of Hormuz; Tehran lashes out again at Gulf Arab states
Asia
The Hindu BusinessLine

Iran says Strait of Hormuz is closed after striking vessel using ‘unauthorised route’

Iran has declared the Strait of Hormuz closed once again after a vessel using an unauthorised route was hit by a warning shot, intensifying tensions despite a fragile ceasefire with the United States. (a file picture) | Photo Credit: KIM SOO-HYEON Iran said it considers the Strait of Hormuz closed once again after a vessel using an unauthorised route was struck by a warning shot in the critical waterway, further jeopardising the already tenuous ceasefire agreement with the United States. The White House and US military officials offered no immediate comment on the closure, nor did they say whether American retaliation could be coming. The announcement followed Iran and Oman's foreign ministers meeting on Saturday to discuss the strait that lies between them, after days of Iranian attacks on ships and U.S. retaliation that dealt a blow to the interim deal to end the war. Iran's new supreme leader, still unseen since the war began, vowed in his first statement since the funeral of his father, Ayatollah Ali Khamenei, that Iranians would avenge his killing in the war's opening strikes on February 28. Such revenge “is the will of our nation and must certainly be carried out,” Supreme Leader Mojtaba Khamenei said in a statement carried on state television, hours after US President Donald Trump threatened more missile attacks. Oman said it and Iran agreed to keep talking about the Strait of Hormuz “at the technical and political levels,” a day after the United States called on Iran to publicly say the crucial waterway is open and ships won't be attacked. Iranian Foreign Minister Abbas Araghchi said he met with his counterpart in Oman to discuss “appropriate mechanisms for ensuring the safe passage of ships.” The world for decades has considered the strait an international waterway. Iran has insisted that the strait now remain under its control and that it be allowed to charge ships moving through it, a stance it took after the war began. The US urges mariners to transit on a southern route through Oman's territorial waters. About a fifth of all traded oil and natural gas passed through the strait before the war began. Iran's grip on it during the war led to a global energy crisis, though oil prices have sharply dropped since wartime highs of USD 120 a barrel. Iran's top diplomat also accused the US of violating the interim deal by ending waivers allowing Iran to sell crude oil on the open market in US dollars. Washington ended them in response to the attacks on ships in the strait. A thousand "missiles are Locked and Loaded and aimed at the Islamic Republic of Iran, with thousands more to immediately follow, should the Iranian Government act on its threat," Trump wrote on social media overnight He said he was responding to threats "to assassinate, or attempt to assassinate" him. During Khamenei's funeral, mourners held posters or banners calling for Trump to be killed along with Israeli Prime Minister Benjamin Netanyahu. Trump has declared the ceasefire over but said the US would continue negotiations.

Iran says Strait of Hormuz is closed after striking vessel using ‘unauthorised route’
Europe
BBC Business

Victims of 23andMe data breach to get $47m payout, judge rules

Victims of a 2023 data hack at genetics testing company 23andMe are set to receive a multi-million payout from the firm. A California bankruptcy court judge ruled on Tuesday that Chrome Holding, which last year took control of 23andMe after its bankruptcy, should pay out $46.75m (£35m) in compensation. 23andMe compiles genetic profiles of people through DNA testing kits, but it was heavily criticised after as many as 6.9 million people had their data breached in the 2023 hack. Chrome Holding, which operates under the name TTAM Research Institute, is operated by 23andMe's co-founder, Anne Wojcicki. She won the company's assets last year through a bankruptcy auction with a bid of $305m. The ruling said the settlement will be first paid to Kroll Restructuring, which is representing the victims, within five business days from Tuesday. The appointment of companies like Kroll is typical in corporate bankruptcy proceedings. The BBC has contacted the legal team representing the victims to ask how many people will receive the payout. 23andMe early last year filed for bankruptcy, about 18 months after hackers were able to access roughly 14,000 user accounts. Because the company offered "comprehensive" genetic profiles of people who submitted their DNA, including genetic markers related to their health and family history, some of the information accessed by hackers was highly personal. While the number of accounts accessed directly in the breach only represented a small fraction of 23andMe's total users, the hackers were able to access the profiles of those users' relatives. That gave them access to millions of profiles that 23andMe hosted. The breach led to investigations and fines, including a £2.31m fine by the Information Commissioner's Office (ICO), a UK watchdog. The ICO said 23andMe had failed to put adequate measures in place to secure sensitive user data prior to the incident.

Victims of 23andMe data breach to get $47m payout, judge rules
North America
CNBC Economy

Private payrolls rose by 98,000 in June, less than expected, ADP reports

Companies added slightly fewer workers than expected in June, with hiring targeted heavily toward healthcare-related sectors, ADP reported Wednesday. Private sector employment grew by a seasonally adjusted 98,000 for the month, down from an unrevised 122,000 in May and a bit below the Dow Jones consensus forecast for 110,000, the payrolls processing firm reported. The ADP report serves as a precursor to the more widely watched nonfarm payrolls count due Thursday from the Bureau of Labor Statistics. ADP's count in recent months has generally undershot the official government report, which has shown mostly solid job creation this year. Nearly half the growth in June — 48,000 — came from the education and health services sector, a consistent leader for payroll growth. All but 2,000 of the new jobs came from services. Other sectors posting gains included trade, transportation and utilities (15,000), financial activities (14,000), and other services (8,000). Natural resources and mining lost 5,000 jobs, the only sector in the red. Leisure and hospitality added just 2,000 positions, continuing a slow year for an industry seen as an indicator of underlying consumer demand. "The pace of hiring is telling a story of both supply and demand. We know it's taking people longer to find work, but there also are signs of labor supply constraints in certain industries," said Nela Richardson, ADP's chief economist. "For now, the overall effect is a slowdown in job creation." Annual pay gains for those staying in their jobs held steady at 4.4% while edging higher to 6.6% for job switchers. Employment gains were tilted toward small businesses. Establishments with fewer than 50 employees added 53,000, while companies that employ 500 or more saw a gain of 25,000 and those in between rose by 29,000. The Wall Street consensus is for U.S. nonfarm payrolls to rise by 115,000 for June, with the unemployment rate steady at 4.3%. Average hourly earnings are expected to show a pickup of 0.3% monthly and 3.5% annually. 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.

Private payrolls rose by 98,000 in June, less than expected, ADP reports
Europe
BBC Business

Virgin Media fined after hanging up on customers trying to cancel contracts

Virgin Media has been fined £28m for repeatedly preventing customers from cancelling contracts, Ofcom said. The communications regulator said it uncovered tactics including agents deliberately hanging up calls, and customers being put on hold "for no reason". It said millions of calls from customers were "likely mishandled" over a three-year period which prevented or delayed them from switching to a better broadband, landline or pay-TV deal. The penalty was reduced by 30% as Virgin Media admitted its failing and agreed to settle, Ofcom added. Virgin Media apologised to the "small proportion who experienced an issue when contacting us to agree a new deal or cancel their service in the past". Ofcom's investigation uncovered behaviour including: excessive and unnecessary call transfers, deliberately hanging up calls, repeated attempts to pressure customers to stay, and unnecessarily and repeatedly keeping customers on hold. It said Virgin Media's commission scheme "effectively encouraged" and financially rewarded call centre agents for "behaving in this way". Virgin Media said it had "resolved all formal customer complaints from this period providing redress where appropriate". Ofcom said Virgin Media would need to check every affected customer who complained has received compensation or other remedies they were entitled to within six months. It said its rules "are clear that the conditions or procedures telecoms providers have in place must not act as a disincentive for customers who wish to cancel their contract" - and that Virgin Media's failings likely acted as a disincentive for customers in million of calls. The calls investigated were between 1 January 2022 and 11 September 2024 and were found to have likely been mishandled by call agents "in order to delay or prevent customers from cancelling and switching to a competitor". Natalie Black, Ofcom's group director for infrastructure and connectivity, told the BBC's Today programme that Virgin Media's actions were "pretty shocking" and showed "poor behaviour". "Right at the beginning of this problem, a number of years ago in 2022, we tried to resolve this informally. There wasn't the will to do that," she said.

Virgin Media fined after hanging up on customers trying to cancel contracts
Asia-Pacific
The Straits Times

50 cents a day: Arki Finance CEO saved his allowance to buy his mum a watch

Staying invested consistently over the past 15 years has been one of his best financial decisions, says Arki Finance CEO David Ng. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – When David Ng was 10, he spent months squirrelling away his 50-cent daily allowance to save $50 to buy his mother a watch. “I passed her the money, never knowing how much the watch really cost or if she actually bought one,” says the 46-year-old co-founder and chief executive of Arki Finance. “There’s joy in putting someone else’s happiness above my own... And that mindset of intentional saving and giving has stuck with me in adulthood.” The Singaporean started digital wealth advisory platform Arki after more than two decades working in global financial institutions like Bank of America and Morgan Stanley, as well as a stint as a national rugby player from 1996 to 1997. Arki, which received its Capital Markets Services licence from the Monetary Authority of Singapore earlier in 2026, is preparing for its public launch later in the year. The firm is targeting the mass affluent segment with a simplified wealth platform built on a three-part framework: cash, income and growth. Ng has a Master of Business Administration from the University of Chicago’s Booth School of Business. He is married with two sons. My portfolio is a mix of equities, exchange-traded funds (ETFs) and private investments. About half is in public equities focused on global and thematic strategies – sectors that I believe will define the future. Around 30 per cent is in ETFs and index funds, and the remaining 20 per cent is in private investments such as early-stage fintechs and private credit. Arki Finance, which I started building about two years ago, is my biggest financial and emotional investment.

50 cents a day: Arki Finance CEO saved his allowance to buy his mum a watch
Asia-Pacific
The Straits Times

Caught by IRAS: Doctor earned millions but reported monthly salaries of $5k and $6k

The doctor paid himself below market salaries but received huge amounts in dividends and loans. Sign up for ST InvestMe and unlock full access to exclusive insights and financial literacy courses today. SINGAPORE – A doctor declared monthly salaries of around $5,000 and $6,000 from his companies, but did not pay any personal tax on additional payouts averaging over $2 million a year. He claimed there was no need to declare the additional income because the sum was received as tax-exempt dividends and “shareholders’ loans” after his companies paid the standard corporate tax of 17 per cent on their profits. This doctor, a private specialist, thought he had a foolproof arrangement that would shield him from higher personal income taxes. Income beyond the $1 million mark would have hit the highest personal tax bracket of 24 per cent. After scrutinising past assessments between 2013 and 2018, the Inland Revenue Authority of Singapore (IRAS) deployed its most powerful weapon – Section 33 of the Income Tax Act – which can shoot down any arrangements that are created mainly to avoid tax. It imposed additional taxes on the doctor’s overall income, which the High Court upheld despite the doctor’s challenge. Under the personal income tax regime, someone earning $6,000 monthly would have been taxed less than $3,000 a year, but taking home $2 million could entail over $400,000 in taxes annually. The decision has likely sent shockwaves through the league of high-income earners who have been using company structures to avoid paying more personal taxes. The doctor was among 279 high-income earners IRAS has caught to date for using sham arrangements to avoid paying more taxes. An example of such an arrangement involves setting up companies to receive income but paying owners salaries below market rate so that they can pay lower taxes. As companies enjoy various concessions to encourage entrepreneurship, the owners will end up paying less tax on their profits than individuals earning the same amount.

Caught by IRAS: Doctor earned millions but reported monthly salaries of $5k and $6k