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Europe
BBC Business

We've saved £6,000 on holidays by swapping homes with strangers

Would you swap homes with a stranger in exchange for a cheaper holiday? Or would the idea of someone sleeping in your bed and using your kitchen while you were away put you off? Henry Vanderpump, 42, his wife Elliw, 39, and their two young children have had two home exchange holidays in the past two years and have another planned this summer. In each case, they have stayed in another family's home, while that family stays in theirs, a five-bedroom house in Tarporley, rural Cheshire. Neither side pays anything for their accommodation, although they do pay an annual membership fee to Home Link, the listings site they use to book the trips. So far, the Vanderpumps have stayed in similarly sized properties in Hamburg and Copenhagen, and Henry says they have saved around £2,500 on accommodation per trip, plus a further £700 on transport, as they also swapped cars. "We used to have one holiday a summer, now we have two [because of the savings we make from home exchanges]. And the kids love the idea of living in someone else's house while that person is living in theirs." Home exchanges have been around since at least the 1950s, but an increasing number of people seem to be embracing them because of the rising cost of living, or simply to experience a new type of travel, commentators say. Henry says the best thing about swapping homes isn't the savings but getting to visit places off the tourist trail and have a "really authentic experience". When the family visited Hamburg in 2024, they stayed in a suburb and lived "like a German family" for a week, exploring lakes on the edge of the city recommended by their hosts. Last year, they stayed in "a very Scandinavian house" in suburban Copenhagen, which was "all on one level and had no clutter". "They also left us several electric bikes to use," Henry says. "We cycled to the beach, swam in the Baltic and tried restaurants they recommended." Some people are not comfortable with the idea of strangers staying in their home, and for those who are, there's a lot of preparation and tidying to do before their guests arrive.

We've saved £6,000 on holidays by swapping homes with strangers
Europe
BBC Business

Chip giant SK Hynix raises $26.5bn in mega US share sale

South Korean computer chip maker SK Hynix has raised $26.5bn (£19.8bn) in its New York share offering, marking the largest ever listing by a foreign firm in the US. The company, a key supplier to artificial intelligence (AI) chip giant Nvidia, said on Thursday that it had sold 177.9 million American depositary shares for $149 each. The shares are set to begin trading on Friday on the Nasdaq. SK Hynix saw its market value top $1tn in its home country in May, lifted by the boom in demand for AI chips. Its share price has more than tripled in South Korea this year, which along with Samsung Electronics has helped boost the benchmark Kospi index by more than 70% over the same period. SK Hynix is one of the world's leading memory chip makers. The industry has been given a major boost by the hundreds of billions being spent on AI. Shares in rivals Samsung Electronics and Micron have more than doubled in recent months. The US listing gives SK Hynix easier access to huge amounts of potential investment from the world's biggest economy, which has fewer barriers than South Korea, said Seoul National University finance professor Jaewon Choi. Traders are closely watching the listing as a "yardstick to test the water" for whether investor enthusiasm for memory chip makers will continue, Choi said. The AI boom has triggered a rush of companies raising money on the the stock market. In June, GrokAI owner SpaceX became the world's biggest ever listing as it raised $85.7bn. Meanwhile, AI developers Anthropic and OpenAI are preparing to go public, with valuations of more $1tn. Demand for SK Hynix's offering was reportedly over seven times more than the number of shares available, highlighting the strong investor appetite for a key company in the AI supply chain.

Chip giant SK Hynix raises $26.5bn in mega US share sale
North America
CNBC Finance

Goldman Sachs wins $70 billion in asset management deals with Verizon, Lockheed Martin

Goldman Sachs said Thursday it won deals to manage a combined $70 billion in retirement assets for Verizon Communications and Lockheed Martin, one of the larger recent announcements in the fast-growing market for outsourced corporate investing. The mandates include about $30 billion in pension assets for Verizon and Lockheed Martin and $40 billion in Verizon defined-contribution retirement assets, which are typically 401(k)s, according to Goldman. The moves underscore how some of America's largest employers are increasingly handing responsibility for managing retirement assets to outside firms such as Goldman as portfolios become more complex and require expertise across public and private markets. Competition in the multitrillion-dollar market for retirement assets is fierce among managers including Goldman, BlackRock, Russell Investments and Mercer, because the long-term institutional mandates generate steady fee revenue. By growing that business, Goldman hopes to increase its share of revenues that are seen as stable and recurring, unlike the more volatile trading and investment banking operations. "Large plan sponsors are consolidating responsibilities with one partner with the investment expertise and depth of platform to manage their bespoke needs," Marc Nachmann, Goldman's global head of asset and wealth management, said in a statement. Goldman's outsourced chief investment officer business had about $480 billion in assets as of March 31, while the firm's broader asset and wealth management division oversees roughly $3.7 trillion worth of investments. 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.

Goldman Sachs wins $70 billion in asset management deals with Verizon, Lockheed Martin
North America
CNBC Finance

June home sales disappoint as prices reach an all-time high

High mortgage rates coupled with record-high prices are causing homebuyers to pull back. Sales of previously owned homes in June dropped 2.4% from May to 4.09 million units on a seasonally adjusted, annualized basis, according to the National Association of Realtors. Housing analysts were predicting a slight gain month over month. "The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions," said Lawrence Yun, the Realtors' chief economist, in a release. "However, job gains—more than half a million since the beginning of the year—will continue to provide support for the housing market." This count represents closed sales, so contracts that were likely signed in May, when the average rate on the 30-year fixed mortgage was still moving higher. It began rising sharply at the start of March at the beginning of the Iran war. Inventory at the end of June was 1.56 million units, down 0.6% from May but 1.3% higher than June 2025. At the current sales pace, that represents a 4.6-month supply. The market is considered balanced between buyer and seller at a six-month supply. With the market still lean, prices continue to rise. The median price of an existing home sold in June was $440,600, an increase of 1.8% from the year before and the highest on record. June is usually the strongest month for both sales and prices. CNBC's Property Play with Diana Olick covers new and evolving opportunities for the real estate investor, delivered weekly to your inbox. "Progress on long-term housing affordability could be hampered if inventory growth continues to stall. Without consistent gains in inventory, home prices can accelerate. It is critical to introduce more supply to the market to widen the opportunity for homeownership," Yun said. Sales continue to be strongest on the higher end of the market. Sales of homes priced below $100,000 were down 1.7% from a year ago, and sales of those priced between $100,000 and $250,000 were up less than 1%. Meanwhile sales of homes priced between $750,000 and $1 million were up nearly 14% from the year before, and sales of homes priced above $1 million were up 18%. Regionally, home sales were down in June month over month everywhere except in the Northeast. One-quarter of all sales were all-cash, down from 29% last year. First-time buyers made up 33% of sales, up from 30% a year ago. Get this delivered to your inbox, and more info about our products and services.

June home sales disappoint as prices reach an all-time high
Europe
BBC Business

'Cool in 90 seconds' - the fake portable air conditioners sweeping the internet

Image source, Proper DIYByLaura CressTechnology reporterPublished10 July 2026, 02:33 BSTAs parts of the UK brace for another hot weekend, online adverts have been appearing for portable air conditioners claiming to be "designed by former Nasa engineers" and able to "cool a room in 90 seconds". The adverts have emerged on platforms including Facebook and YouTube, but the Advertising Standards Authority (ASA) has now warned the products are often "too good to be true". YouTuber Stuart Matthews, who bought several devices to test on his Proper DIY channel, told the BBC that despite paying £70 for one machine, it turned out to be "a small, simple fan worth only a few pounds". The ASA told the BBC that some of the adverts it had seen online in recent weeks made exaggerated claims, including that a small device could cool an entire home within minutes or used very little electricity. It also said the adverts frequently featured fake customer reviews describing dramatic temperature drops or exceptional performance. The adverts direct shoppers to websites selling the devices, typically for between £70 and £120. Many of the adverts also appeared to be AI-generated, using visuals such as copper coils and metallic boxes to make the products seem more sophisticated. The ASA said there were several ways for customers to tell if an advert for a portable air conditioner was likely to be misleading. The watchdog advised consumers who were unsure to research the retailer and check it provided genuine contact details and a business address. Customers should also look for independent reviews rather than relying solely on testimonials on the seller's website. It added that anyone concerned about an air conditioner advert could report it via their website, external. Matthews said he bought several of the devices to see whether they performed as advertised.

'Cool in 90 seconds' - the fake portable air conditioners sweeping the internet
North America
CNBC Finance

Levi Strauss beats quarterly expectations, raises guidance and dividend

Levi Strauss beat Wall Street's quarterly expectations on the top and bottom lines on Wednesday, leading the retailer to increase its guidance and its dividend. The denim maker is now expecting full-year adjusted earnings per share to be between $1.46 and $1.52, up from a prior range of between $1.42 and $1.48. At the high end, that's ahead of expectations of $1.50 per share, according to LSEG. Levi also raised its top-line outlook and is now expecting full-year sales to rise between 7% and 7.5%, compared with a prior range of between 5.5% and 6.5%. That's ahead of expectations of 6.6%, according to LSEG. About half of that growth is expected to come from higher prices and the other half is expected to come from unit sales, said finance chief Harmit Singh. The company's reported net income for the three-month period that ended May 31 was $87.3 million, or 22 cents per share, compared with $67 million, or 17 cents per share, a year earlier. In an interview with CNBC, CEO Michelle Gass said the company's core consumer is proving to be resilient — even in the face of higher gas prices. She said about two-thirds of the quarter's sales growth came from units — not just higher prices — giving the company the confidence to raise guidance and its dividend. "Our demand remains healthy," Gass said. "We're seeing strength across our key segments of consumers, so we have our core Levi's, but we're also seeing strength in signature, as well as our new premium blue tab." 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.

Levi Strauss beats quarterly expectations, raises guidance and dividend
Europe
BBC Business

Jackdaw boss warns of winter fuel shortages if gas field not approved

The owners of the Jackdaw gas platform in the North Sea say it is "hyper critical" that the UK government approves production to avoid the risk of domestic supply shortages this winter. Speaking to BBC News at the field 150 miles east of Aberdeen, Adura chief executive Neil McCulloch said the project was in its final stages and could meet 6% of the UK's gas needs from 1 October. The industry regulator is considering revised applications for production at Jackdaw, and Adura's Rosebank oil field west of Shetland, after a court ruled that both had been unlawfully approved. Environmental campaigners say this summer's deadly and record-breaking heatwaves demonstrate the need to tackle climate change by rejecting both projects. But McCulloch said with only about eight days of gas storage, the UK would have limited options in the event of "a gas supply emergency." He said this could come in the form of a prolonged period of still, cloudy weather which impeded the generation of wind and solar power, or hostility from "foreign threat actors". BBC News has been given exclusive access to Jackdaw which is undergoing final checks and tests to be ready for production in the event of government approval being granted. The "business-as-usual" atmosphere is somewhat surreal given the uncertainty hanging over the project, which has so far cost around £1.5bn according to Aberdeen-based Adura, a joint venture between Shell and the Norwegian state energy firm Equinor. McCulloch said: "If I were the secretary of state for energy security and net zero, I'd be looking closely at where's my next source of energy security, and you're standing on it. "The wells are drilled, they're hooked up. We're just readying the systems. It will be ready for the 1st of October. "Jackdaw will play a vital part of this winter's gas supply," he added, providing energy security, employment and taxation to the UK. Environmentalists say Jackdaw will only produce 2% of the country's annual gas demand during the lifetime of the field.

Jackdaw boss warns of winter fuel shortages if gas field not approved
Europe
BBC Business

How can I get air conditioning in my home and how much does it cost?

Image source, Getty ImagesByMichael RaceBusiness reporterPublished1 hour agoAs the UK experiences hotter summers and more regular heatwaves, households have been grappling with how to keep sweltering homes as cool as possible. Air conditioning has been in hot demand, with retailers seeing their stock fly off the shelves and units online sell out. The technology already features in many modern cars, hotels and other public places, yet historically homes have been designed to cope with cold weather and keeping heat in them. The main function of air conditioning is to cool the temperature inside a building. Portable air conditioners: The clue is in the name. They are portable, standalone units, which can be used to cool individual rooms. They are simply plugged into the nearest socket and work by drawing in warm air, cooling it, and venting heat outside through a window via a pipe or ducting. Split systems: These involve two units, one inside and one outside, that are fixed to a wall and linked by a pipe. The one outside acts as a condenser, which expels the unwanted heat into the air outside. You can buy one for just one room or you can get multiple indoor units to work with a single outdoor condenser, according to LG, the household appliance and white goods retailer. British Gas says, external such "ductless systems" are one of the most common options for UK homes. Ducted air con: These systems are designed to serve the entire home, with a central unit pushing cooled air through a network of ducting, with vents in each room. Unlike the other options, this would require invasive renovation work to an existing property. Portable units are the cheapest form of air con, ranging from £350 to £650 on average, depending on the brand and performance, according to Checkatrade., external However, as demand has soared in recent weeks some retailers began selling the cooling machines for £149, as Lidl did in its infamous middle aisles. Wall mounted or split air con units can cost between £750 and £1,100 each, Checkatrade says - but that is just the unit, and does not include the labour and other installation costs, such as hooking it up to the property's electricity fuse board. Installation company Heatable suggests, external a full cost is typically £2,000 to £3,500, but can go up to £6,000 if you want to have it in more than one room. Ducted air con systems cost the most, between £990 and £1,750 without installation costs, according to Checkatrade. Fitting the ducting or remedial work to hide it inside properties means it is likely to be more expensive than any of the other systems given the level of work involved. Heatable estimates it to be between £5,000 and £10,000, depending on the property size, layout and how complex the ductwork needs to be. The size of both split and ducted units are determined by what is known as the BTU (British Thermal Unit), Checkatrade says, to ensure it will cool the space it's required to. The larger the BTU number, the bigger the room to cool, and therefore the more expensive the unit.

How can I get air conditioning in my home and how much does it cost?
Europe
BBC Business

Package holidays to Dubai and Egypt cheaper as European prices creep up

Image source, Getty ImagesByColletta Smith, BBC Your Voice correspondent and Elaine Doran, BBC Your Voice producerPublished4 hours agoFamily package holidays to destinations like Dubai and Egypt are cheaper this summer than last as tour operators cut prices to tempt people back. The war in Iran has put many UK holidaymakers off travelling to countries near to the conflict or through Middle Eastern airspace - opting instead to stay in Europe. Prices for an average all-inclusive seven-night family stay in the United Arab Emirates (UAE) have dropped by 25% this August compared with last. And the same holiday to Egypt is 8% cheaper, according to TravelSupermarket data compiled for the BBC. At the same time, the cost of package deals to Spain, Portugal and Greece are up between 3-5%, the data suggests. Tim and Natalie Harris from Swansea had booked a holiday to Dubai with their two teenage daughters this summer, but when the Iran war broke out they cancelled and lost their deposit. "We did manage to find a package for £6,400 for all-inclusive in Mexico which we've booked," says Tim. Last month, the Foreign Office dropped its advice against travelling to Dubai, after the US and Iran reached an agreement to stop the war, but warned British citizens that "the situation remains unpredictable" in the region. Tour operators have cut prices to other destinations - an average holiday to Morocco is down 6.5%, Tunisia down 2.5% and Turkey 1.6% cheaper than last summer. Mollie Hitchen, assistant manager of Marple Travel Hyde, says customers were more nervous this year about going anywhere near the Middle East, or getting stuck somewhere further afield because of fuel shortages. "People will ask questions, but we just reassure people that there is absolutely no problems with those destinations," she says. Flora Badger is taking three teenage girls on their first holiday abroad this summer. She contacted BBC Your Voice to share her frustrations in watching holiday prices fluctuate.

Package holidays to Dubai and Egypt cheaper as European prices creep up