Latest Developments

Europe
The Guardian

Half of Americans struggle to afford groceries and gas, exclusive poll finds

A driver refuels a vehicle with regular gasoline at a Chevron gas station in San Francisco, California, on 2 July. Photograph: David Paul Morris/Bloomberg via Getty ImagesView image in fullscreenA driver refuels a vehicle with regular gasoline at a Chevron gas station in San Francisco, California, on 2 July. Photograph: David Paul Morris/Bloomberg via Getty ImagesUS economyHalf of Americans struggle to afford groceries and gas, exclusive poll findsAbout 57% of polled Americans also believe economy is worsening in grim portrait of cost of living crisis, according to Harris survey for the Guardian Ninety-five per cent of Americans believe the US is suffering an affordability crisis, as many report trouble with the rising cost of groceries and gas, according to an exclusive new poll conducted for the Guardian. The survey, conducted by Harris Poll, paints a bleak picture of how people feel about the US economy amid the war in Iran and ahead of the key midterm elections this fall. Despite stable employment and record-high stock markets, more Americans believe the overall economy is getting worse (57%) than in February (46%), when the poll was last conducted and before the war in the Middle East sent gas prices soaring. Fewer people today also believe the economy is getting better (16%, compared with 28% in February) and more say their financial security has gotten worse. The affordability struggle crosses party lines: about half of all Democrats, Republicans and independents say they are having trouble affording everyday necessities like gas and groceries. Two-thirds of Americans – including 49% of Republicans – said they have little faith that the federal government will improve the cost-of-living crisis they face. Though Republicans have been far more optimistic about the economy than Democrats and independents under Donald Trump’s second term, the war in Iran seems to have soured those in the president’s base. While 49% of Republicans said the economy was getting better in February, just 27% said the same in the new poll. Meanwhile, 38% of Republicans say the economy is now getting worse compared with 22% who said the same in February. Even rural Americans, a strong base for Republicans, are feeling more pessimistic: 64% say the economy is getting worse, compared with 46% who said the same in February. Rural Americans were also the most likely to say that good job opportunities have disappeared over the past year and that tariffs have negatively affected American manufacturing jobs in the past year. Cratering economic sentiment may cause problems for the Republican party, which is trying to maintain a narrow control of Congress in the upcoming midterm elections. Even as his party has tried to appeal to working-class voters, Trump has offered up a whiplash reaction to the affordability issue, simultaneously denying that it exists while also trying to exert his power to bring down prices. Though Brent crude, the global benchmark for oil prices, has fallen sharply since the US and Iran signed a peace deal in June, US gas prices at the pump have been slow to go down to prewar levels. After dismissing high gas prices, Trump and his treasury secretary demanded that oil and gas companies lower their prices ahead of the 250th anniversary of America’s Independence. He also recently derailed a bipartisan housing bill aimed at tackling the US’s affordable housing shortage as a “minor importance” compared with other priorities, including unproven claims of voter fraud.

Half of Americans struggle to afford groceries and gas, exclusive poll finds
Asia-Pacific
The Straits Times

IRAS nabs 279 high-income earners over sham arrangements to pay less tax

The taxman said 279 high-income earners were caught for sham arrangements to avoid paying more tax. SINGAPORE – The taxman has caught 279 high-income earners to date for using sham arrangements such as setting up private companies to receive their income to avoid paying more tax. Out of this group, the Inland Revenue Authority of Singapore (IRAS) probed 124 cases from 2021 to 2025 and clawed back $49 million in additional tax. All but one of these cases involved taxpayers extracting profits as tax-exempt dividends or interest-free shareholder loans. Unlike tax evasion, which is a crime involving hiding and falsifying income, tax avoidance by channelling funds through various arrangements is not an offence, but these moves can result in additional taxes and surcharges being levied if there is no real purpose for these transactions other than paying less tax. Cases involving such taxpayers were highlighted recently when the High Court dismissed the bid of three doctors to challenge the decision of IRAS to levy more taxes on their total incomes. Some of these errant taxpayers thought they could avoid the higher personal tax rate – 24 per cent for those with income exceeding $1 million – by channelling the bulk of their earnings to their companies because corporate profits are taxed at just 17 per cent here. After-tax profits can be declared as dividends and paid to shareholders, who do not have to pay personal income tax on them. These private outfits paid even less corporate taxes in reality because companies enjoy various concessions aimed at spurring growth and entrepreneurship. But instead of using profits to expand business and hire more employees, these high-income earners merely used the structure to channel “tax-exempt” dividends and even non-genuine “shareholders’ loans” to themselves. To deal with these taxpayers, IRAS took action under Section 33 of the Income Tax Act, which empowers it to disregard or vary any contrived arrangement and claw back the taxes that should have been paid. In the recent dispute, the doctors challenged IRAS’ decision to conduct further tax assessments on their dividends and shareholders’ loans they paid to themselves from 2013 to 2018 through various private companies they had set up.

IRAS nabs 279 high-income earners over sham arrangements to pay less tax
Europe
BBC Business

From mouthwash to hair dye: How weight-loss jabs are changing shopping habits

ByDaniel Thomas, Phil Leake, Jess Carr, Katherine Gaynor and Zoe Bartholomew, BBC NewsWeight-loss medications have surged in popularity over the last few years, with more than two million people in the UK now using them. But while drugs like Wegovy and Mounjaro have helped people reduce their weight, they also seem to be reshaping some users' spending habits. Below, the BBC looks at some of the latest research on the trend, using graphics to illustrate the findings. Mounjaro and Wegovy - the UK's most popular weight-loss medications - work by mimicking a natural hormone, GLP-1, which regulates hunger, and those who use then say they find their appetite is reduced. In June, market research company Worldpanel by Numerator published a study looking at how this affects grocery spending among UK users. The research was based on survey responses and observed purchase data from more than 11,000 households in February. A key finding was that households with at least one GLP-1 user spent on average £418 less on groceries in the year after they began their medication, compared with non-users. It chimes with a peer-reviewed study from Cornell University, external published last year, which found that US households with at least one member using weight-loss drugs spent 5% less on groceries within six months of starting the medication, with that rising to 8% among higher income families. People also cut back on buying some items and started spending more on others when taking weight-loss medications, Worldpanel found. As the chart above shows, the control group reported spending less on chocolate and pastries and more on fruit and protein-rich foods like prawns - a likely result of feeling fuller for longer and being less prone to eat out of boredom. They also consumed less alcohol. But they bought more chewing gum, mouthwash and hair dyes - products that counter common GLP-1 side effects like thinning hair and bad breath. Nishita Pattni, a senior consultant at Worldpanel by Numerator, told the BBC that weight-loss jabs weren't "simply reducing spending" but "reshaping it". "This isn't simply a story of shrinking demand. It's also a story of shifting demand."

From mouthwash to hair dye: How weight-loss jabs are changing shopping habits
North America
CNBC Finance

Sandwich chain Jersey Mike's files for IPO, reports 50% same-store sales growth in recent years

Sandwich chain Jersey Mike's filed for an initial public offering on Thursday, reporting that its same-store sales cumulatively climbed 50% from 2020 through 2025. Jersey Mike's plans to trade on the New York Stock Exchange under the ticker "JMKE." The company reported net income of $55 million on total revenue of $724 million last year, up from net income of $5 million on revenue of $653 million in 2024, according to the regulatory filing. Last year, Jersey Mike's annual system sales, which includes both company-owned and franchised locations, reached $4.3 billion, up 13% from the previous year. Its same-store sales increased 3% over the same period; the metric tracks sales growth at restaurants open at least a year. Broadly, the restaurant industry has seen same-store sales weaken over the last two years as consumers dine out less often to save money. Jersey Mike's filing comes as many companies feel more optimistic about going public, especially following the blockbuster SpaceX IPO. While the number of IPOs that have been priced so far this year lags behind the year-ago period, the number of companies that have filed to go public is up, according to Renaissance Capital. Artificial intelligence giants OpenAI and Anthropic are among the hopefuls that have submitted confidential filings with the Securities and Exchange Commission. Today, Jersey Mike's has nearly 3,300 locations, making it the second-largest hoagie sandwich chain in the U.S. behind Subway. About 2,000 of those restaurants were opened in the last decade. Nearly all of Jersey Mike's restaurants are franchised, so the bulk of its revenue comes from royalties and advertising fees. Despite a sluggish industry backdrop, the company announced in April that it had confidentially filed for an initial public offering. More than a year earlier, Blackstone bought a majority stake in Jersey Mike's in a deal that reportedly valued the chain at roughly $8 billion. After the transaction closed, Jersey Mike's tapped Charlie Morrison as its latest chief executive. Morrison previously led Wingstop for more than a decade, including during the chicken wing chain's public market debut. Jersey Mike's founder Peter Cancro began working at a Jersey Shore sandwich shop at age 14 in 1971. Four years later, he pulled together enough money to buy Mike's Subs. Cancro later changed the name and began franchising the chain. Following the deal with Blackstone, he has retained "meaningful equity" in Jersey Mike's and holds a seat on its board, according to a letter to fellow shareholders included in the regulatory filing.

Sandwich chain Jersey Mike's files for IPO, reports 50% same-store sales growth in recent years
North America
CNBC Finance

Stock market gains minted nearly 1 million new millionaires in 2025, new UBS report says

Nearly 1 million people became millionaires in 2025, largely thanks to a thriving stock market, according to a new report by UBS. The Swiss bank estimated that the United States is responsible for nearly half of these newly minted millionaires, adding an average of more than 1,200 new millionaires a day last year for an annual increase of about 441,000. Stock market gains boosted global personal wealth by 10.8%, the biggest jump since 2017 and more than double the rate of 2024 and 2023, UBS found. However, this robust growth was belied by declines in median wealth in most of the 56 markets monitored by UBS, pointing to a growing wealth gap. In the U.S., for example, median wealth per adult dropped nearly 20% from 2020 to 2025, while average wealth increased by about 10% over the same period of time, net of inflation, according to the bank's data analysis. UBS estimated that the world's millionaire population, which the bank puts at 58 million, owns nearly half of the world's wealth, or approximately $250.6 trillion. UBS economist James Mazeau told CNBC that richer individuals reaped bigger gains compared with the broader population last year as they have more exposure to financial markets, noting that the U.S. stock market rose by approximately 18% in 2025. "The higher you go in the wealth bands, the more wealth creation will tend to be linked to either the performance of your business or your investment portfolio — or both," Mazeau said at a media conference. These gains are also uneven among the ranks of millionaires. The bank estimated that the combined assets of so-called everyday millionaires, or individuals worth $1 million to $5 million, has jumped by 170%, net of inflation, since 2000. Over that same period, the collective fortune of richer peers soared by 343%. As for the world's billionaires, their collective net worth surged by nearly 25% in the year ended in April, according to UBS. However, the report noted that much of this rise was due to an increase in the number of billionaires, not just three-comma club members getting richer. The depreciation of the U.S. dollar last year also contributed to discrepancies in global wealth creation as the bank tracks wealth in terms of USD. America's millionaire population, while still the largest in the world, increased by a modest 1.9% in 2025, while most European and Middle Eastern markets saw higher percentage gains, including Turkey (6.4%) and the United Arab Emirates (3.5%). In terms of combined personal assets, the Americas' growth rate was estimated at 8.5%, outranking the Asia-Pacific region at 5.9% but less than half of the 17.5% rate seen in Europe, the Middle East and Africa. Mazeau said it is too early to predict how the Iran war will weigh on high-net-worth individuals in the Middle East. Asset allocation and currency trends are two of many factors that will determine the outcome. "It will really depend on what share of international assets are held by these investors. If you are, let's say, based in the Middle East, and most of your wealth is tied into U.S. stocks, and furthermore, you have a currency that's pegged to the U.S. dollar, well, the currency moves really don't matter at all," he said. "Now, if you tend to diversify your holdings into other investments that tend to be in currencies that have appreciated versus the U.S. dollar, and if we measure things in U.S. dollars, then that will, for 2026 get a bit better outlook."

Stock market gains minted nearly 1 million new millionaires in 2025, new UBS report says
North America
CNBC Finance

Nike results top estimates even as China sales drop 12%; retailer expects $986 million tariff refund

Nike on Tuesday posted quarterly earnings and revenue that topped Wall Street expectations, despite another sales decline in its key China market. Shares of Nike dropped as much as 8% in extended trading Tuesday before making up much of the losses. The company said its gross margin increased 8.9% during the quarter, largely due to an expected tariff refund of nearly $986 million after the Supreme Court struck down many of President Donald Trump's global duties. The tariff refunds contributed 52 cents to Nike's earnings per share for the quarter. Company executives said on a call with analysts that as of the end of the quarter, Nike had collected over $300 million of cash related to its tariff refund claims. Nike posted net income of $1.07 billion, or 72 cents per share, compared with $211 million, or 14 cents per share, a year earlier. Revenue climbed to $10.97 billion, down 1% from $11.10 billion in the prior-year period. Nike's revenue in North America, its largest market, climbed 3% to $4.83 billion. It fell short of analysts' expectations of $4.88 billion, according to StreetAccount. Sales in Nike's Greater China market dropped 12% to $1.30 billion. Even so, the company beat Wall Street's expectations of $1.24 billion in revenue. On a call with analysts, CEO Elliott Hill said the company is "fully committed to winning" the China market back. "Overall, the results aren't there yet," Hill said. "We know we're not living up to our full potential, particularly in Nike sportswear and Jordan streetwear, where sell through remains challenged, impacting both current discounting and future order books." For the full fiscal 2026, Nike reported net income of $3.11 billion, or $2.10 per share, compared with $3.22 billion, or $2.16 per share, in the prior year. As the company looks ahead, it reiterated the guidance provided last fiscal quarter, expecting earnings to be "flattish" through the first two quarters of fiscal 2027, according to Friend. Nike also expects gross margin for the first fiscal quarter of 2027 to be slightly positive.

Nike results top estimates even as China sales drop 12%; retailer expects $986 million tariff refund
Europe
BBC Business

Samsung profits jump 1,800% as AI chip sales soar

South Korean technology giant Samsung Electronics says it expects to post a 19-fold jump in its profits, driven by global demand for artificial intelligence (AI) memory chips. The company forecast that it made 89.4tn won (£43.6bn; $58.4bn) between the start of April and the end of June, marking its third record quarterly operating profits in a row. Major South Korean firms like Samsung release forecasts of their earnings ahead of official detailed reports to help guide investors. Samsung's latest forecast, released on Tuesday ahead of its full results due later in July, comes as demand for semiconductors continues to outstrip supplies - which has pushed up prices. Samsung said in the preview, known as earnings guidance, that it brought in around 171tn won of sales during the quarter, more than double the amount for the same period last year. The company's projected earnings mark one of "the best quarterly performances ever", which was close to the tech sector record set by Nvidia earlier this year, said industry analyst Marc Einstein from Counterpoint Research. "This has everything to do with the AI boom as memory companies continue to ride a tidal wave driven by limited supply and unprecedented demand," he added. Research firm IDC said demand for semiconductors for data centres and other AI infrastructure has been "different from anything the memory industry has navigated", impacting the supply of chips for everyday electronics. "We do expect supplies to be tight through next year given the unabated demand from AI data centres," said tech devices researcher Bryan Ma from IDC. Samsung is one of the world's biggest semiconductor manufacturers, making chips for firms like Nvidia and Google along with its range of electronic devices. The shares major tech firms have soared in recent months due to surging demand for chips. Samsung's shares fell by more than 8% in Seoul on Tuesday morning as some investors had expected its profits to have been even higher. Its stock market value has more than doubled since the start of this year, while South Korean rival SK Hynix has jumped by more than 200%.

Samsung profits jump 1,800% as AI chip sales soar
Asia
The Hindu BusinessLine

Oxford Vaccine Group launches world’s first Phase I Bundibugyo ebolavirus vaccine trial

India’s Serum Institute will provide doses for the world’s first Phase I clinical trial for a vaccine against the Bundibugyo ebolavirus (BDBV) – being undertaken by the Oxford University’s Oxford Vaccine Group. The BDBV strain is responsible for the ongoing ebola outbreak in the Democratic Republic of the Congo (DRC), and Uganda. Over 600 deaths from ebola have been reported in DRC, according to latest reports. The trial will be conducted in Oxford and will assess the safety and immune response of the ChAdOx1 BDBV vaccine in 50 healthy adults between 18–55 years, they said in a joint statement. “Recruitment of volunteers into the study is now underway, where they will then attend screening visits. In the coming weeks, and following regulatory review for trial commencement, participants will then be vaccinated and attend follow-up visits in Oxford,” the note said. To speed up development of the vaccine candidate into clinical evaluation, “Serum Institute of India (SII) has manufactured and stockpiled approximately 620,000 doses of the ChAdOx1 BDBV vaccine candidate in two weeks for potential future use and has supplied 4,000 investigational doses for this Phase I trial,” the note said. The Coalition for Epidemic Preparedness Innovations (CEPI) is funding the University of Oxford and SII, as part of a $8.6 million programme to advance the development of Bundibugyo vaccines, the note said. The programme builds on CEPI’s strategic partnership with the University of Oxford and SII’s participation in CEPI’s Vaccine Manufacturing Facility Network, it added. Efforts are also underway, subject to regulatory approvals, to conduct clinical studies with partners -including the Medical Research Council/Uganda Virus Research Institute and London School of Hygiene and Tropical Medicine Uganda Research Unit, it said. The said vaccine was developed by scientists at the Oxford Vaccine Group (OVG) and Pandemic Sciences Institute and uses the same viral vector platform as the Oxford/AstraZeneca COVID-19 vaccine, the note explained. Professor Teresa Lambe, Calleva Head of Immunology at the Oxford Vaccine Group and Pandemic Sciences Institute, and the study’s Lead Scientific Investigator, said, “This milestone comes after only 57 days since the World Health Organization declared the outbreak a public health emergency of international concern.” Adar Poonawalla, Serum Institute’s Chief Executive added, “During outbreaks, speed, preparedness and global collaboration are essential to advancing vaccine candidates quickly and responsibly.” Dr Nicole Lurie, CEPI Executive Director ( Preparedness and Response), pointed out that the Bundibugyo epidemic is already the third-largest Ebola outbreak on record, as infection numbers are continuing to rise. If all goes to plan, CEPI expects to work with Oxford University and SII to support late-stage trials to generate data for emergency use authorisation or licensure, it said. The three entities are committed to “enabling rapid, affordable supply of Bundibugyo virus vaccines to affected countries and to the populations that need them,” it added. Earlier this month, the WHO had added the first molecular diagnostic test for the BDBV virus to its Emergency Use Listing (EUL). The test detects the virus by identifying its genetic material in blood samples, helping confirm infection rapidly and accurately, the WHO said. The EUL paves the way for easy adoption in low-resource regions. 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.

Oxford Vaccine Group launches world’s first Phase I Bundibugyo ebolavirus vaccine trial
Asia
The Hindu BusinessLine

IRDAI mandates independent validation of insurers’ preparedness for implementing Ind AS

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated an independent validation of insurers’ preparedness for implementing Indian Accounting Standards (Ind AS), requiring an external review of governance, systems and transition processes during the first year of adoption. In a circular providing additional information and clarifications on the IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, the insurance regulator said every insurer would have to obtain an independent validation of its Ind AS implementation process. The requirement will apply in FY2026-27 for insurers adopting Ind AS from that year and in FY2027-28 for insurers that have been granted regulatory forbearance. The independent validation will assess whether insurers have established a robust implementation framework, including a Board-approved strategy and roadmap, governance and accountability mechanisms, adequacy of actuarial, finance, risk and IT resources, data management practices, transition plans under Ind AS 101 and Ind AS 117, and technology readiness, the IRDAI said. The validation should be conducted on an ongoing basis throughout the first year of implementation, with the independent validator engaged from the first quarter itself to facilitate timely review and course correction. The independent validation report will have to be submitted to the insurer’s Board every quarter before completion of the audit or limited review of Ind AS financial statements. An annual report must also be filed with the regulator before publication of the audited Ind AS financial statements, the circular said. 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.

IRDAI mandates independent validation of insurers’ preparedness for implementing Ind AS