Latest Developments

Europe
The Guardian

NPR retracts ‘inaccurate’ story saying supreme court justice Samuel Alito retiring

Samuel Alito in Rome last year. A court spokesperson called NPR’s reporting ‘inaccurate’. Photograph: Vincenzo Livieri/ReutersView image in fullscreenSamuel Alito in Rome last year. A court spokesperson called NPR’s reporting ‘inaccurate’. Photograph: Vincenzo Livieri/ReutersNPRNPR retracts ‘inaccurate’ story saying supreme court justice Samuel Alito retiringStory from Nina Totenberg removed and replaced with editor’s note after journalist misheard announcement made by chief justice The US public broadcasting organization National Public Radio (NPR) on Tuesday took the unusual step of formally retracting a major news story, after it published what seemed like a bombshell scoop that the supreme court justice Samuel Alito was retiring. The story was written by Nina Totenberg, 82, one of the most prominent chroniclers of the supreme court in American media. NPR later explained that Totenberg had misheard a court announcement about upcoming retirements. The nearly 1,200-word story was completely removed and replaced with the following editor’s note: “Earlier today we erroneously published a story saying that Supreme Court Justice Samuel Alito was retiring. He has not announced his retirement and we have retracted the story.” The opening paragraph of the story cited a “court announcement” that Alito was retiring, but no announcement had been made at the time of publication. Patricia McCabe, a spokesperson for the court, told NBC News that “NPR’s reporting regarding Justice Alito is inaccurate” and that “their reporting that there was any kind of court statement is inaccurate”. On Tuesday afternoon, NPR’s top editor, Thomas Evans, chalked the errant publication up to a “misunderstanding”. “Neither Justice Alito nor the Supreme Court Public Information Office has announced his retirement,” Evans said in the statement. “As soon as the error was realized, the story was retracted and removed from NPR’s website and an on-air correction was broadcast. We regret the error and any confusion this may have caused.” Journalistic ethics expert Kelly McBride, who serves as NPR’s public editor, published a story on Tuesday afternoon clarifying what happened. The error stemmed from Totenberg mishearing an announcement made by Chief Justice John Roberts about upcoming retirements. “NPR had the lengthy story about Alito’s retirement already written, because that’s what newsrooms do in anticipation of significant retirements and even deaths,” McBride wrote. “Totenberg spoke with both her intern, who was at the court with her, and NPR executive editor Krishnadev Calamur, and told them what she heard. Calamur surfaced the story that NPR had previously prepared for the day Alito did announce his retirement and published it.” Totenberg appeared on NPR on Tuesday afternoon and called it a “rookie mistake”, saying: “This is on me, and only me.” She also read from a letter that she sent to Alito apologizing for the error. “It was the worst professional mistake of my more than 50 years of journalism,” she wrote. “I could go on, but I don’t know what else to say, other than to say that I am so, so sorry.”

NPR retracts ‘inaccurate’ story saying supreme court justice Samuel Alito retiring
Europe
BBC Business

India's biggest share sales tell the story of a country glued to its phones

Image source, NurPhoto via Getty ImagesImage caption, Jio is expected to raise around $4bn (£3.02bn) with an estimated valuation of $120-160bn India's largest stock exchange and its biggest telecoms operator will both go public by the end of this year in what experts say could be landmark listings for the country's capital markets. Jio Platforms, the digital arm of billionaire Mukesh Ambani's Reliance Industries, and the National Stock Exchange (NSE) - the world's largest derivatives exchange and among the top three equity exchanges by trading volume - filed draft papers for their initial public offerings just days apart last month. Jio is expected to mop up around $4bn (£3.02bn) from the market at an estimated valuation of $120-160bn, while NSE's issue will reportedly offer 6% equity for $3.3bn, valuing the bourse at $57bn. Beyond the unprecedented scale of the offerings - which could take India's overall market capitalisation up by several notches - investors are closely watching the listings because they represent the sweeping changes in the way Indians have come to live, consume, invest and transact in the last decade, Yatin Singh, CEO - Investment Banking at Emkay Global, told the BBC. "These are unique businesses which don't get built often. NSE is a direct proxy of the 'financialisation' of Indian household savings into mutual funds and stocks, while Jio is the story of a company that single handedly ushered in a digital revolution, becoming a driving factor for several new-age Indian businesses," said Singh. "Their listings could be seminal for the Indian markets in the way the marquee offerings of software companies became many decades ago," he adds. Jio's belated entry into India's crowded telecom market in 2016 consolidated a highly fragmented industry of 17 operators and turned it into a virtual duopoly, as the Ambanis sparked a fierce pricing war by offering virtually free data to hundreds of millions of new users. Barely 200 million Indians used the internet decade ago. That number is now inching closer to the billion mark with Jio alone amassing 525 million of those subscribers. They use its data to make payments, watch web shows and shop online. In fact, Indians are now the largest consumers of mobile data globally, surpassing even developed markets like the US and China. And this has largely been driven by Jio's cheap tariffs that democratised smartphone use. The way the country spends money and time has also changed dramatically as a result of this digitisation. India's United Payments Interface (UPI), launched in the same year as Jio, went from processing near zero digital payments to 228 billion transactions in 2025, according to Zerodha, a brokerage. And paid subscribers to OTT platforms jumped 40% between 2019 and 2026.

India's biggest share sales tell the story of a country glued to its phones
North America
CNBC Finance

Darden Restaurants earnings beat estimates but Olive Garden growth weakens

Darden Restaurants on Thursday reported mixed quarterly results as same-store sales growth at the company's fine-dining restaurants and Olive Garden fell short of expectations. The company's forecast for its fiscal 2027 earnings and revenue also came on the lower end of Wall Street's projections. Darden reported net income of $404.9 million, or $3.51 per share, up from $303.8 million, or $2.58 per share, a year earlier. Excluding costs of restaurant closures and other items, the company earned $3.66 per share. Net sales climbed 13.7% to $3.72 billion, boosted by the inclusion of an extra week during the fiscal year. Across all of Darden's restaurants, same-store sales rose 4.6%, topping expectations of 4.1% growth based on StreetAccount estimates. LongHorn Steakhouse led the portfolio with same-store sales growth of 9.5%, beating StreetAccount projections of 7.1%. The chain has overtaken Olive Garden to become Darden's top performer, although it still accounts for less of the company's overall sales. For its part, Olive Garden saw same-store sales grow 2.4% in the quarter, missing expectations of 3.2% growth. Darden's fine-dining segment reported same-store sales growth of 1.9%, falling short of StreetAccount estimates of 3.1%. The division includes The Capital Grille and Ruth's Chris. The company's "other business" segment saw same-store sales rise 4.6%, higher than the 3% projected by analysts. The division includes a handful of smaller restaurant chains, like Yard House and Chuy's. Looking ahead to the next fiscal year, Darden is projecting total sales of $13.60 billion to $13.75 billion and net earnings per share from continuing operations in a range of $11.10 to $11.35. Wall Street is expecting the company to report fiscal 2027 revenue of $13.72 billion and earnings per share of $11.40. Darden is also forecasting that it will report same-store sales growth of 2.5% to 3.5% during fiscal 2027 and open between 75 and 80 new locations.

Darden Restaurants earnings beat estimates but Olive Garden growth weakens
Europe
BBC Business

Chinese tycoon sentenced to 30 years in US jail

Guo Wengui, who was once believed to be one of China's richest businessmen, has been sentenced to 30 years in jail in the US for running a billion dollar scam. The former property tycoon fled China to the US in 2017, where he reinvented himself as a Communist Party critic and built a loyal online following. But Guo was later convicted on charges of racketeering, fraud and money laundering. New York court judge Analisa Torres said Guo had "preyed on those seeking to bring democracy to China", taking their money to fund his lavish lifestyle. Guo - who goes by several names, including Miles Guo and Ho Wan Kwok - was sentenced in a courtroom packed with his supporters. US attorney Sean S Buckley told the BBC: "Rather than being satisfied with the many legitimate opportunities afforded to him, Guo exploited the trust that thousands had placed in him for his own greed." "Today's sentence shows that fame and wealth do not place you above the law, and that fraudsters who victimise families to enrich themselves will be met with significant consequences," Buckley said. Before fleeing China, Guo built a fortune as a property developer and had good ties with the country's government. But he sought asylum in the US after being accused by top Chinese officials of corruption. Guo became a critic of China's Communist regime and cultivated a wide online following among the Chinese community in the US. Prosecutors said Guo raised more than $1bn (£760m) from online followers, who joined him in investment and cryptocurrency schemes between 2018 and 2023. The money he raised was used to fund Guo's lavish lifestyle which included a 50,000 square foot mansion, a $1m Lamborghini and a $37m yacht, they said.

Chinese tycoon sentenced to 30 years in US jail
Europe
The Guardian

Return of the ‘greybeards’: AI backfired – so Ford had to rehire humans

I’m thinking old, and probably male? Most likely. Certainly human, that’s the main thing. Who is it about then? Veteran engineers, working for Ford Motor Company in the US. Oh dear, I think I know how this story goes: hundreds of longstanding workers get laid off because of automation and artificial intelligence … That kinda was how the story was going; the company has 5,000 fewer workers than it did in 2020. Recently, though, there’s been an unexpected twist. Ooh, I love those, go on. Over the past three years, the company has hired 350 veteran engineers – known as “greybeards” (or “graybeards” if you’re reading this in the US) – made up of former Ford employees and workers from suppliers. Excellent news! Why, though? I’m guessing it’s not because – despite the threat from the massive acceleration going on in the Chinese automotive industry – Ford has suddenly discovered its charitable side? No. It’s more about doing the things that AI proved to be a bit rubbish at. AI replaced with human beings, man bites dog! Go on! Not quite replaced. But they discovered that the hundreds of AI-powered cameras they were using, including for design and manufacturing checks, were prone to pitfalls. Because? To quote Ford’s vice president of vehicle hardware engineering, Charles Poon: “Artificial intelligence is a fantastic tool, but it’s only as good as the information you use to train it.” Hmm, now who would have that kind of knowhow and experience, I wonder? “Over prior years, we didn’t pay as much attention as we should have to the experience of our most knowledgeable engineers that have been with us through many product cycles,” Poon said. “Who have been with us through many product cycles”, Mr Poon – they’re people, remember. True. With facial hair to prove it. So the AI gets chucked on the scrapheap and the “greybeards” come back through the factory gates, singing, like elves … In the fairytale version maybe. And in the real version? A combination of the two. Ford said that AI is very important to quality gains, “and that, in tandem with deep technical expertise, is what’s needed”. Yeah, until all that expertise has been successfully transferred to the machines. And the human becomes redundant. Not just from work, but existentially. Argggghhh!

Return of the ‘greybeards’: AI backfired – so Ford had to rehire humans
Asia
The Hindu BusinessLine

Indian government urge to look into problems created by fertilizer subsidies

The SOMS (soluble fertilizers, organic and bio-fertilizers, micronutrients and biostimulants) sector has urged the Indian government to look into the problem that subsidies are creating for the entire industry. It has sought an end to dealers’ practice of forcing farmers (tagging) to buy other crop nutrients while buying subsidised fertilizers. Leaders and experts of the sector, who met at a summit in Gandhinagar, Gujarat, on July 1 and 2, focused on strengthening domestic manufacturing capabilities, promoting innovation, reducing dependency on imports, and developing sustainable solutions for Indian agriculture. Stakeholders said demand for subsidised fertilizers led to dealers insisting on farmers being forced to buy other crop nutrients which were not required and mooted direct payment as a solution to most of the issues faced by the sector. Rajib Chakraborty, President, Soluble Fertilizers Industry Association (SFIA), said that India’s speciality fertilizer sector has huge potential to contribute towards subsidy reduction, sustainable agriculture, and nutrition Security. He called for industry-guided research for a self-reliant India or Viksit Bharat. Rahul Mirchandani, President, Indian Micro-Fertilizers Manufacturers Association (IMMA), said the SOMS sector’s market is nearly $1 billion. Water-soluble fertilizers make up ₹3,700 crore, bio-fertilizers ₹2,350 crore and micro-nutrients ₹2,142 crore. The sector faces problems due to fertilizer subsidies, as dealers force farmers to buy other crop nutrients along with it. “In Rajasthan, farmers have complained that they are forced to buy 10 bottles of nano fertilizers if they want to buy 10 bags of di-ammonium phosphate (a subsidised fertilizer),” he said, adding that this forces them to bear an additional burden of ₹2,400. Vinod Goyal, National Secretary, SFIA, said the Centre should consider an amendment to clause 31 of the Essential Commodities Act (ECA) by introducing “unlawful stock” and look at taking action against dealers and firms forcing farmers to buy other fertilizers under the Consumer Protection Act. The conclave welcomed decisions of some States, such as Uttar Pradesh, to crack down on fertilizer “tagging” and lauded Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan’s directive to States to end the unethical practice. Maharashtra farmer-leader Sandeep Shamrao Vinde sought the appointment of an ombudsman, while another farmer-leader, Shankarao Narekar, said tagging forced farmers to buy poor-quality fertilizers. The summit witnessed important issues being raised during panel discussions on “Linking Practices in Fertilizer Distribution: Opportunity, Challenge or Necessity”, “Fertilizer Start-ups and Innovation for Self-Reliance: Reality or Gimmick?” and “United for Growth: Past, Present & Future of Speciality Fertiliser Policy – Industry Perspective”. A two-day SOMS B2B Expo 2026 was held during the summit, receiving an overwhelming response from the agriculture and fertilizer industry, according to a statement from SFIA. Over 70 exhibitors showcased advanced solutions, innovative products, and new technologies in the specialty fertilizer sector at the expo. More than 2,000 visitors, including industry professionals, farmers, researchers, entrepreneurs, and stakeholders, visited the exhibition.

Indian government urge to look into problems created by fertilizer subsidies
Europe
BBC Business

Homes harder to sell as high mortgage rates frustrate buyers

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoThree in five homes listed for sale since January remain on the market, according to property portal Zoopla, as high mortgage rates frustrate potential buyers. A lack of demand from buyers, as well as some high asking prices from sellers, have left homes in some areas unsold. Agreed sales were 7% below last year, Zoopla said, but the picture varied across the country with sales down 12% in Wales and 11% in the East Midlands. First-time buyers were most exposed to high mortgage rates, although there are now signs of greater competition among lenders who are lowering rates. A jump in mortgage rates in April - prompted by financial upheaval caused by the US-Israeli war with Iran - added an average of £125 a month to a typical mortgage at its peak compared with January. In London, the peak saw £232 a month added to the average first-time buyer's costs. The average two-year fixed rate jumped from 4.83% at the start of March to a peak of 5.90% on 12 April, according to the financial information service Moneyfacts. It has since dropped to 5.54%. The increase was a major factor in pushing down demand from buyers in the UK by 15% compared with a year earlier, according to Zoopla's report which considers the market to the end of May. However, in the north east of England mortgage costs for first-time buyers were only £66 a month higher over the same period. "The national picture can only tell you so much," said Richard Donnell, executive director at Zoopla. "For sellers still waiting for an offer, the conversation to have is about price. Correctly priced homes are selling, while overpriced homes are sitting." However, he pointed out that recent cuts in mortgage rates were a positive for buyers.

Homes harder to sell as high mortgage rates frustrate buyers
Europe
BBC Business

Trump threatens 100% tariff on European nations over tech tax

Image source, Getty ImagesImage caption, US President Donald Trump speaks during an event in the Oval Office of the White House on June 22, 2026 in Washington, DC. US president Donald Trump has vowed to impose a 100% import tariff on any European country that introduces a digital services tax on American technology giants. Writing on his Truth Social platform, Trump said "Numerous European countries" had been discussing bringing in such a levy and some were close to doing so. He warned that the punitive penalties would be applied immediately and would completely "supersede" any existing bilateral trade agreements. While the post targets nations planning the "imminent implementation" of new levies, the precise implications for the UK were not immediately clear, given London has had such a tax in place since 2020. "Please let this statement serve to represent that any Country that imposes such a Tax will immediately be met with a 100% TARIFF on any and all Goods sent to the United States of America," he wrote. Britain's 2% Digital Services Tax (DST) applies to major search engines, social media platforms, and online marketplaces with global revenues from their digital businesses exceeding £500 million, and total UK revenues surpassing £25 million. It impacts some of the largest US companies, including Apple, Google, Meta, and Amazon and raised more than £800 million in 2024–25, up from £678 million in 2023–24, according to the Treasury. In April, Trump said that the UK faced "a big tariff" for purportedly targeting major US companies with a tax. "They think they're going to make an easy buck, that's why they've all taken advantage of our country", Trump said at the time. The Department for Business and Trade and the Treasury have been contacted for comment. Trump's threat of retaliation against European nations that may be planning to launch or revise their own such tax comes just days after the US and EU finali, externalsed a new trade deal, external.

Trump threatens 100% tariff on European nations over tech tax
Europe
BBC Business

Hollywood director gets two and a half years in prison for defrauding Netflix

Image source, Getty ImagesByMadeline HalpertPublished7 hours agoA Hollywood director convicted of defrauding Netflix of $11m (£8.3m) last year has been sentenced to two and a half years in prison. Carl Erik Rinsch was accused of using Netflix funds intended to complete a science fiction series to buy cars, cryptocurrency and other luxuries for himself. The 48-year-old, best known for the 2013 film 47 Ronin, was convicted of federal fraud and money laundering for misusing funds. Rinsch faced up to 90 years in prison, but was expected to receive a lighter sentence. Judge Jay Rakoff also sentenced Rinsch to three years of supervised release, $11m in forfeitures, and a $700 fine. Speaking to the court before the judge issued his sentence, Rinsch apologised and said he accepted responsibility for his crimes. "Today's sentence sends a deterrent message: Fraud will not be tolerated," US Attorney Jay Clayton said in a statement. Prosecutors said Netflix gave Rinsch roughly $55m for the unfinished sci-fi show, initially named White Horse, including $11m he told them he needed to complete production. Instead, prosecutors said, he put the money in a personal account where he invested it and lost half within a couple of months. He put funds into cryptocurrency, and spent money on lavish purchases such as Rolls Royce cars and mattresses costing hundreds of thousands of dollars, according to prosecutors. During his one-week trial in New York, several Netflix executives were called to testify, saying they only agreed to one season of the show, which Rinsch failed to deliver. Rinsch took the stand as well - a rare move for a defendant in a criminal case - claiming the situation was a misunderstanding and he believed the money was meant to keep the show going during the pandemic.

Hollywood director gets two and a half years in prison for defrauding Netflix