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Europe
The Guardian

Largest landlord in the US accused of civil rights violations

Union on Knox, an apartment complex, in College Park, Maryland. Photograph: Karl Merton Ferron/Baltimore Sun via Getty ImagesView image in fullscreenUnion on Knox, an apartment complex, in College Park, Maryland. Photograph: Karl Merton Ferron/Baltimore Sun via Getty ImagesThe price we payUS newsLargest landlord in the US accused of civil rights violationsFair housing complaints accuse Greystar of refusing to take tenants who use federal rent vouchers About this contentTracie McMillanThu 16 Jul 2026 14.09 EDTLast modified on Thu 16 Jul 2026 14.19 EDTSharePrefer the Guardian on GoogleGreystar, the largest owner and manager of apartments in the US, systematically flouts local laws designed to make housing affordable to the poor, according to civil rights complaints filed with authorities in six states and the District of Columbia. The complaints – filed this week with government agencies in California, Hawaii, Maryland, Michigan, New Jersey, Virginia and Washington DC – accuse Greystar of 114 violations of state and DC fair housing laws. They allege that the company refuses to accept federal housing choice vouchers (also known as Section 8) in places that require landlords to accept them. “We have never encountered a landlord that operates with such brazen contempt and hostility toward the rule of law as Greystar,” Aaron Carr, executive director of the Housing Rights Initiative, said in a statement. “… As the largest landlord in America, Greystar should be setting the standard of best practices for the nation, not systematically rejecting legitimate prospective tenants.” Carr’s group and a national law firm, Cohen Milstein, submitted the complaints and publicly shared recordings of calls made to Greystar-run buildings by undercover testers posing as potential tenants with vouchers. At every building, the group says, Greystar staff either refused to accept vouchers or imposed unlawful conditions on voucher use. In a statement, Greystar did not address the specifics of the complaints but said it is “committed to fair housing practices in everything we do” and provides related training to staff. As of December, the company operated more than 1m units of housing in the US, including roughly 235,000 in the jurisdictions where the complaints were filed, according to Yardi Matrix data analyzed by the Private Equity Stateholder Project. The allegations come less than a month after a Guardian investigation reported that tenants in Greystar-run buildings face a mass of fees drawn from a menu of 125 different add-on charges. Lawsuits currently seeking class-action status in multiple states allege Greystar charges inflated or illegal fees. In 2025, Greystar agreed to a $50m settlement to resolve a federal class action alleging it colluded with other landlords to raise rents and reached a $24m settlement in a Federal Trade Commission case alleging it gouged tenants with hidden fees. Greystar did not admit wrongdoing in connection with those settlements and has said that the claims in the pending class actions are implausible and factually deficient.

Largest landlord in the US accused of civil rights violations
North America
CNBC Finance

Lucid dismisses report that it is weighing filing for bankruptcy or going private after shares plunge

Lucid Motor stock fell more than 40% at one point and trading was halted for volatility multiple times Tuesday amid speculation that the company is considering new options. The stock recovered some of its intraday losses and closed the day 16% lower, trading for $4.62 a share. A site focused on electric vehicles called EV reported Tuesday Lucid was considering going private or filing for Chapter 11 bankruptcy protection. According to the site, the company asked AlixPartners to review those options and deliver its findings to Lucid's board before its next meeting. The report from EV also said AlixPartners had encouraged the board to further restructure in the U.S. and Europe and to focus on the Gravity SUV. AlixPartners said it had no comment on the report. Lucid said in a statement that "the rumors are completely false." "The company has sufficient liquidity to carry its operations well into next year, as recently published in its last quarterly filings, and it has not formed any special Board committee to explore the scenarios reported today," the company said in a statement." Our focus is on improving execution, strengthening operations, and positioning Lucid to realize the full potential of its technology, products, and innovation. AlixPartners is assisting us in that and nothing else and has not recommended bankruptcy to management or the Board." Lucid has been facing an increasingly challenging market amid slower-than-expected adoption of EVs and changing regulations under the Trump administration, including the elimination of a $7,500 federal incentive for purchasing an EV. The EV maker, which is heavily backed by Saudi Arabia's Public Investment Fund, said last month that it was laying off 18% of its U.S. workforce as part of a cost-savings plan. Earlier this month, Lucid missed Wall Street expectations for second-quarter delivery results. The company's new CEO Silvio Napoli announced a shake-up of the company's leadership team at the time to "simplify the company's structure." Lucid in May suspended its production guidance as Napoli said he would be evaluating the company's business decisions, adding that it needs to lower its "elevated inventory" of vehicles. Get this delivered to your inbox, and more info about our products and services.

Lucid dismisses report that it is weighing filing for bankruptcy or going private after shares plunge
North America
CNBC Economy

World Cup gave bars and restaurants a needed boost as consumers flash warning signs, Fed says

While the FIFA World Cup provided a tourism boost to host cities, its positive impact was mitigated by economic weakness seen elsewhere, according to a Federal Reserve report released Wednesday. The soccer tournament, which the U.S. co-hosted, has fetched median admissions prices topping $900, according to TicketData. Yet the latest edition of the Fed's Beige Book — a recap of regional conditions published eight times a year — indicated that the event wasn't necessarily catalyzing broader economic growth. The Boston Fed reported that city hotel bookings related to the World Cup were initially softer than expected. But these hotels saw stay levels rise to meet forecasts after the hotels lowered prices for rooms. Bars in the Massachusetts city reported higher beer sales connected to the tournament. Some Boston watering holes reportedly ran out of beer when Scottish fans descended on the city. The Boston Fed's coverage region saw more visitors from Canada than it did last summer. Still, it said those levels were still far lower than historical averages, a trend that's specifically hit towns in coastal Maine and northern Vermont. Some restaurants and bars in New York City said sales were "strong" as a result of match-viewing events, the New York Fed said. However, other eateries said they had fewer international visitors, with Canadian foot traffic specifically down. The Canadian government has reported fewer citizens crossing the U.S. border following President Donald Trump's tariff policy rollout and sovereignty threats. It's part of a bigger push among residents of the Great White North to spend money on services and products within their country. New York City had hotels reporting higher occupancy and prices per room from the tournament, according to the New York Fed. But the bank reported some mid-tier attractions are seeing softness, while a department store said an increase in foot traffic from the tournament didn't result in higher sales. In cities hosting World Cup matches tracked by the San Francisco Fed, tourist volumes came in high. Yet in other markets, locals pulled back spending on restaurants, hotels and entertainment. Overall, the San Francisco Fed said, demand for consumer and business services "slowed somewhat on net." Across the board, the Fed said growth in consumer spending was capped as rising oil prices led them to cut back elsewhere. Several regions observed consumers looking for cheaper alternatives to products or decreasing discretionary spending to save money, according to the report. Get this delivered to your inbox, and more info about our products and services.

World Cup gave bars and restaurants a needed boost as consumers flash warning signs, Fed says
Europe
BBC Business

UK economy returns to growth in May

Image source, Getty ImagesByNick EdserBusiness reporterPublished16 July 2026, 07:17 BSTUpdated 5 hours agoThe UK's economy returned to growth in May, but the expansion was modest as businesses were affected by the impact of the Iran war. The economy grew by 0.1%, the Office for National Statistics (ONS) said, driven by expansion in the UK's service sector, although this was offset by falls in the production and construction sectors. May's growth comes after a slight contraction in April, and analysts said the latest figures suggested the economy had weathered the rise in energy prices caused by the conflict in the Middle East better than expected. However, others noted the UK economy remained "fragile" and incoming Prime Minister Andy Burnham faced a challenge to boost growth. Over the three months to May, the ONS said the economy grew by 0.7%, external compared with the previous three-month period. "The economy recorded robust growth in the three months to May, though the pace eased slightly as the latest two months showed a weaker picture," said Liz McKeown, director of economic statistics at the ONS. "Computer programming and advertising led the way, while the often-volatile pharmaceutical industry also performed well," she added. The economy saw a strong start to the year, but growth has faltered in recent months with the conflict in the Middle East having affected some businesses. The Iran war has pushed up oil and fuel prices, and also disrupted supply chains. The ONS said firms in a number of sectors had flagged the conflict as affecting activity, including some manufacturing industries, hospitality firms, travel agencies and entertainment companies. Since hostilities resumed between the US and Iran last week, the price of oil has risen from about $72 a barrel to $84, although it remains well below the peak of around $120 seen earlier this year. "Today's data confirm that growth remains fragile," said Fergus Jimenez-England, associate economist at the National Institute of Economic and Social Research.

UK economy returns to growth in May
Europe
BBC Business

British Steel taken into public ownership to protect 'vital' UK supply

Image source, Getty ImagesByHarry Sekulich, Archie Mitchell, Business reporters and Theo Leggett, Business CorrespondentPublished16 July 2026, 06:22 BSTUpdated 3 hours agoBritish Steel has been taken into public ownership in a move the government said would protect jobs and safeguard "a vital national capability". The future of the steelworks, which employs roughly 2,700 people in Scunthorpe and supports many other industries in north Lincolnshire, has been dogged by uncertainty over recent years. The UK government had taken control of British Steel's operations in Scunthorpe last year, though it was still owned by China's Jingye Group, limiting the government's ability to decide on its future strategy. Nationalisation buys the government time and gives it the power and freedom to decide on the future of the plant, while keeping the blast furnaces going. Ultimately it is unlikely the government will want to remain in charge of a business that is costing it more than a million pounds a day. In March, the National Audit Office released a report noting that the Scunthorpe steelworks was costing the government about £1.3m a day. The nationalisation came after Parliament on Wednesday passed legislation allowing the government to bring the steel industry into public ownership under circumstances where it met a public interest test. Jingye is seeking compensation for nationalisation, having previously said the business was losing £700,000 a day. The BBC has been unable to get a response from Jingye to Thursday's announcement. Business Secretary Peter Kyle told the BBC the government will need to cover the running costs "for the immediate future". He said an independent assessor would determine whether Jingye should be compensated for the nationalisation based on the value of the company. "But let me be really clear, there is an alternative here - that we let this business go bust," he said. "If that business disappears, we will lose the ability for primary steel production in our country, we will become entirely dependent on global supply."

British Steel taken into public ownership to protect 'vital' UK supply
Europe
BBC Business

TikTok faces Ofcom investigation over child age checks

Image source, Getty ImagesByLiv McMahonTechnology reporterPublished16 July 2026, 08:04 BSTUpdated 3 hours agoAn investigation has been launched into whether TikTok is doing enough to keep children off its platform. The probe by media regulator Ofcom comes a month after the UK government announced that under-16's would be banned entirely from a range of platforms. Ofcom will examine how the video-sharing app assesses if a user is a child and whether it has adequate systems to prevent children from viewing harmful content. "We're confident that we meet our Online Safety Act obligations and will work with Ofcom to demonstrate it," a TikTok spokesperson said. It follows a review by regulator in May which criticised the platform for not being "safe enough" for children and called for stronger action on children's online safety. Kate Davies, Ofcom's group director for strategy and research told BBC's Today programme: "This is where TikTok comes in. We found that some method of age checks being used by social media are not working well enough". At the heart of the regulator's probe into the platform is its use of technology known as "age inference". This essentially relies on estimating how old a user is based on how they use the platform, such as the videos they watch or others they interact with. Davies said Ofcom had "serious doubts" over whether such tools are good enough at checking the age of users. The regulator requires social media platforms, among others, to use "highly effective" methods to check users are old enough to use them and prevent children from seeing harmful material. "We have very serious questions about whether age inference can be highly effective," she said. But a TikTok spokesperson said: "We strictly enforce age-appropriate experiences through expert-informed platform rules and advanced age inference technologies, in line with major industry peers."

TikTok faces Ofcom investigation over child age checks
Asia
The Hindu BusinessLine

Centre designed Modified UDAN scheme after decade of feedback: Civil Aviation Minister

The Centre designed the Modified UDAN scheme after incorporating feedback received over the past decade, moving beyond a mere extension of the existing programme to create a broader framework aimed at accelerating regional aviation growth, said Civil Aviation Minister Kinjarapu Ram Mohan Naidu. Speaking at an UDAN workshop here on Thursday (July 16, 2026), the Minister said the new scheme seeks to unlock the next phase of regional aviation growth on the back of the strong foundation laid over the past decade through the expansion of airport infrastructure as well as improved connectivity. Accordingly, Naidu said the Centre has earmarked nearly ₹29,000 crore over the next 10 years under the Modified UDAN scheme, which was launched by Prime Minister Narendra Modi on July 4 from Jodhpur. Under the new framework, the eligibility threshold for an airport to be classified as underserved has been relaxed from fewer than seven weekly flights to 14 or fewer weekly flights. For priority regions, including the Northeast and hilly States, the threshold has been increased to 21 weekly flights, enabling a larger number of routes to qualify for viability gap funding (VGF) support. The Centre has also extended VGF support for airlines from three years to five years under a tapered funding structure. In the new framework, airlines will receive 100 per cent support during the first two years, followed by 75 per cent in the third year, 50 per cent in the fourth year and 25 per cent in the fifth year to improve the long-term sustainability of regional routes. Besides, the Minister said the government plans to develop 100 airports over the next decade and is working with states under a challenge-mode approach to accelerate airport infrastructure development. He added that all States and Union Territories participated in consultations on the revised scheme. Furthermore, the expanded programme envisages the development of 100 airports and 200 heliports while promoting indigenous manufacturing through the procurement of two Hindustan-228 Dornier aircraft for Alliance Air and two helicopters for Pawan Hans. According to Naidu, the initiative will strengthen the domestic maintenance, repair and overhaul (MRO) ecosystem while supporting the government’s Make in India and Atmanirbhar Bharat initiatives. In addition, the Minister said the Centre will, for the first time, provide operational and maintenance support to airports in tier-2 and tier-3 cities that are unable to attain financial viability because of low passenger traffic.

Centre designed Modified UDAN scheme after decade of feedback: Civil Aviation Minister
Asia
The Hindu BusinessLine

Wipro reports mixed Q1: Guidance improves, margins contract

Wipro reported a mixed performance for the June quarter, with revenue growth exceeding expectations and guidance coming in slightly ahead of Street estimates, even as operating margins slipped to a 15-quarter low and net profit declined sequentially. The IT giant’s revenue grew 10.6 per cent year-on-year (y-o-y) and 1 per cent sequentially to ₹24,479 crore. Net profit stood at ₹3,352 crore, down 4.7 per cent quarter-on-quarter, but marginally up 0.6 per cent from a year earlier. Meanwhile, operating margin contracted 130 basis points (bps) sequentially and 120 bps y-o-y to 16 per cent. For the September quarter, the company guided for constant currency (cc) revenue growth in the range of -1.5 per cent to +0.5 per cent. Total bookings stood at $3.37 billion, down 2.4 per cent sequentially in cc, while large-deal bookings rose 12.9 per cent sequentially to $1.63 billion, indicating continued momentum in big-ticket contracts despite softer overall booking trends. Meanwhile, Srini Pallia, CEO and Managing Director, said, “The macro environment remains resilient, but uncertainty continues to shape decision-making. Technology investment has not slowed, but has become more focused. Clients continue to invest in AI, Data, Cloud, Cybersecurity, Modernisation and productivity-led transformation. Spending, today, is measured with more rigour and longer decision cycles.” He added that despite selective client spending, Wipro’s pipeline remains healthy. The company continues to see strong engagement across its markets and industries. Addressing the impact on margins, Aparna Iyer, Chief Financial Officer, said, “What has happened is the two-month incremental increase of wage hike, which will take a few quarters for us to recoup. It becomes a little more challenging in the background of our weaker revenue environment, but we have both traditional levers and AI coming in.” She highlighted that Wipro would leverage productivity gains across its fixed-price engagements to optimise project delivery while implementing cost-reduction measures, which it described as a key lever for improving performance. Geographically, the Americas remained a weak spot, with revenue declining both sequentially and annually. However, the company continued to see strong momentum in the Technology & Communications vertical, alongside healthy deal activity in the Consumer segment. It also expects demand in the BFSI vertical to strengthen in the second quarter. The APMEA region posted growth on both a sequential and annual basis, driven by continued momentum in the BFSI and Consumer sectors. In Europe, revenue increased y-o-y, supported by robust demand in BFSI and Technology & Communications. While the Energy, Manufacturing & Resources vertical remained subdued, the company said it has a healthy deal pipeline across key markets, including the UK and the Nordic region. “The real story for Wipro is that margins are under pressure and the management can’t spin that away. Wage hikes have kicked in. AI investments are ramping up. And clients are demanding more for less. That combination is squeezing profitability across the board, not just at Wipro. TCS and Infosys are dealing with some version of the same problem. This is the tax the sector is paying to stay relevant in an AI-led world,” said Tushar Badjate, Director of Badjate Stock & Shares.

Wipro reports mixed Q1: Guidance improves, margins contract
North America
Yahoo Finance

Inflation Risks Flare Up Ahead of Crucial Week for Wall Street

Federal Reserve interest-rate hikes are back in focus this week, thanks to rising inflation concerns following another surge in crude-oil prices. The U.S. and Iran traded fresh strikes over the weekend, and continued to dispute control of oil and energy flows through the Strait of Hormuz, after the breakdown of peace talks aimed at ending a conflict that has simmered for more than 4½ months. U.S. Central Command said around 140 Iranian targets were hit, while military officials from Tehran launched strikes on U.S. bases in the Gulf region, as well as a Kuwait-owned drilling installation.

Inflation Risks Flare Up Ahead of Crucial Week for Wall Street