Latest Developments

Europe
BBC Business

Burnham vows end to 'rip-off parking charges' under new rules

Image source, PA MediaByFaarea MasudBusiness reporterPublished6 hours agoDrivers will be given the right to challenge "rip off" private parking charges and more grace when using private providers under new rules set out by Andy Burnham. The Prime Minister announced the changes after drivers repeatedly raised concerns penalties issued by private providers were too harsh and left motorists unfairly penalised. In one case, a woman was taken to court in a £1,906 claim after taking longer than five minutes to pay at a car park in Derby. The charge was eventually dropped. Private car parks already have an industry code of practice, but the RAC motoring group said the government's changes would protect drivers from the "poor practices of some private parking companies". Burnham, the prime minister, said: "Being a few minutes late back to your car or typing one digit of your numberplate wrong shouldn't end with a hefty fine landing on your doormat. "These charges leave people feeling ripped off and out of pocket, so I'm putting a stop to them." Operators who do not comply risk losing access to DVLA data, making it far more difficult to pursue the car's owner even if they do issue a charge. Private car parks are different to council-owned car parks and streets. RAC analysis of government data showed a record 17 million private parking tickets were issued in 2025/2026 - a 17% increase from a year earlier. With each charge worth up to £100, the data, analysed by the Press Association and the RAC Foundation, suggests drivers could collectively face private parking charges worth more than £4.6m each day. The yellow and black envelope of a Penalty Charge Notice, or PCN, is a dreaded sight for motorists returning to their car. The AA has warned some drivers pay up even if they have done nothing wrong, just to avoid the hassle. It said people felt they would not get a fair hearing if they appealed fines, with many saying they feared legal action. The current private parking industry Code of Practice, created by the British Parking Association and the International Parking Community, was introduced in 2024.

Burnham vows end to 'rip-off parking charges' under new rules
Europe
BBC Business

Ex-OpenAI worker accused of planting device had Saudi support, says court filing

Image source, Reuters/DOJByLaura CressTechnology reporterPublished19 October 2026A Saudi national charged with secretly planting a recording device in one of OpenAI's meeting rooms has been accused of having "considerable support" from the Saudi government, according to a court filing, external in California. US prosecutors claimed Abdulrahman Alfozan, who worked for the AI firm, was in "frequent communication... with a member of the Saudi royal family", and say a member of the country's military paid for a one-way flight to Saudi Arabia for his wife and son after his arrest. The 35-year-old engineer was on Monday deemed a flight risk and denied bail, pending trial. Alfozan had worked at OpenAI for around a year before he allegedly made his attempt to plant an audio recorder. The AI company discovered the device, which was plugged into the back of a TV in a conference meeting room and covered up with toilet paper, on 30 September. A camera was placed in the room and on 5 October, Alfozan was filmed entering and appearing to look behind the television where the audio recorder had been inserted. He was arrested by the FBI on 9 October and his contract with OpenAI was terminated. The court filing claimed the suspect's alleged conduct could pose "a danger to the national security of the United States", because executives from the tech firm met with government officials in the room during the days the device was believed to have been installed. It said Alfozan's arrest came three days before he was scheduled to fly from San Francisco to Riyadh on a one-way itinerary with his wife and son. Following the arrest, the document claims the defendant's wife told FBI agents who interviewed her that "her US visa was expiring" and so she and her son were "permanently moving back to Saudi Arabia", and her husband intended to do the same. On 10 October, the day after Alfozan was arrested, his wife and son flew from San Francisco to Doha, Qatar. They travelled on a one-way business class ticket booked and paid for by a Saudi military official. "Ultimately, the defendant has little incentive to remain in the United States to see this case through," the prosecutors argued.

Ex-OpenAI worker accused of planting device had Saudi support, says court filing
Asia
The Economic Times

Anand Rathi, Cyient among 5 stocks to buy for up to 18% returns in short term

Markets witnessed a sharp correction during the holiday shortened trading week, with benchmark indices declining in each of the four sessions amid geopolitical concerns and heightened uncertainty. The sustained weakness indicates that the previous week’s recovery has lost momentum, with investors becoming increasingly selective amid global uncertainties and the ongoing corporate earnings season. Corporate earnings will remain a key driver, with TVS Motor, Asian Paints, Trent, Sun Pharma, Bharat Electronics, Indian Oil, Bank of Baroda and GAIL India, among others, scheduled to announce their results. Anand Rathi has witnessed a strong rebound from its 100-DEMA, aligning with a previous consolidation zone, and has reclaimed all key EMAs, signalling strengthening bullish momentum. The stock has demonstrated relative outperformance within its sector, highlighting its underlying resilience. The recent resurgence reinforces the positive technical outlook, with the counter trading near its lifetime high zone. Additionally, an ascending trendline breakout in the RSI further strengthens the bullish bias and momentum outlook. JSW Cement has entered a phase of firm consolidation following a sharp corrective move from the 142 zone, indicating the possibility of a trend reversal from oversold levels. The stock has reclaimed its 20-DEMA after an extended corrective phase, signalling improving price momentum. Additionally, the 14-day RSI has staged a U-turn from oversold territory, a pattern that has historically coincided with meaningful rebounds. This technical setup presents a potentially attractive risk-reward opportunity, subject to sustained momentum and confirmation. Firstsource Solutions has maintained a sustained uptrend since the beginning of the current fiscal year and is currently trading above all its key EMAs on the daily charts, reflecting robust underlying momentum. The formation of successive higher bottoms further reinforces the bullish price structure. Recent positive crossovers among multiple EMAs indicate strengthening trend dynamics. Additionally, both MACD and RSI remain positively positioned, with bullish crossovers and comfortable levels above the zero line, supporting the likelihood of continued upward momentum. Cyient demonstrates a decisive horizontal resistance breakout above recent consolidation on the daily chart, surging to Rs 1,233.00 (+7.81%). Trading comfortably above its key 20/50/100/200 EMAs with massive volume expansion and a bullish RSI rising past 66.70, the setup confirms accelerated upside momentum toward Rs 1,350. Ipca Laboratories Limited demonstrates a strong falling trendline breakout on the daily chart, advancing to Rs 1,953.30 (+2.62%). Holding firmly above its key moving average cluster with supportive trading volume and a bullish RSI recovery crossing past signal lines to 54.92, the setup confirms accelerated upside momentum toward Rs 2,130. Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here.

Anand Rathi, Cyient among 5 stocks to buy for up to 18% returns in short term
Asia
The Hindu BusinessLine

Q2 Results Today Live: Paytm, Tata Consumer, Mankind Pharma, REC, IOB, Ather Energy, Aegis Logistics, Supreme Ind, ITC Hotels, Sumitomo Chemical Q2 results today, Kotak Mahindra, IDFC shares in focus

Infosys shares declined to Rs 1,107 on the NSE; Net profit rose 6.2 per cent y-o-y. Sensex fell 414.35 pts or 0.57% to 72,709.48 at 9.17 am after opening at 72,990.04 from 73,123.83 previous close. Nifty 50 depreciated by 147.30 pts or 0.65% to 22,452.70. Hi Tech dipped sharply by 10.6%, while retail dipped 9% QoQ. FS grew 1.6% QoQ, Energy/Life Sciences grew sharply by 7.3%/6.3% QoQ FY27 revenue growth guidance cut to 1%-2% from 1.5-3.0% incl acquisitions. Excl acquisition guidance for FY27 would be -0.7 to +0.3%. Our est was 50bps cut on top end. On the upper end CQGR implied is 0.3% 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.

Q2 Results Today Live: Paytm, Tata Consumer, Mankind Pharma, REC, IOB, Ather Energy, Aegis Logistics, Supreme Ind, ITC Hotels, Sumitomo Chemical Q2 results today, Kotak Mahindra, IDFC shares in focus
North America
CNBC Economy

Wholesale prices jumped 6.3% annually in September, biggest gain since 2022

September's producer price index came in much hotter than economists forecast on Thursday, underscoring the continued inflationary pressure from energy amid the U.S. war with Iran. The measure of underlying inflation pressures climbed 1.3% in September and 6.3% on an annual basis, according to the Bureau of Labor Statistics. That marked the largest monthly and annual gains since March 2022 and December 2022, respectively. Both readings topped expectations of economists polled by Dow Jones, who forecast an advance of 0.6% on the month and 5.5% annually. Energy drove a sizable chunk of those increases as the Middle East conflict curtailed oil supply and sent prices surging. The so-called core PPI, which excludes volatile food and energy prices from the wholesaler inflation index, added 0.7% on the month and 5% over the 12-month period. But there are signs that soaring energy prices are having downstream effects on other categories. The BLS said in Thursday's release that almost half of September's increase in processed goods for immediate demand was connected to the rise in diesel fuel prices. It's the latest report in recent days showing that inflation continues to hit consumers and companies. Wednesday's consumer price index release showed a rise of 0.6% from August to September and 3.7% on a 12-month basis. Economists polled by Dow Jones had forecast growth of 0.6% and 3.6%, respectively. Excluding food and energy, the core CPI added 0.3% on the month and 2.6% compared with a year ago. Economists anticipated increases of 0.2% and 2.5%, respectively. Wednesday's Beige Book, a chronicle of economic activity published by the Federal Reserve, had the highest number of mentions of terms related to inflation on record, according to an analysis from Bespoke Investment Group. Retail sales grew 0.8% in September, surpassing the rate of 0.4% anticipated by economists, according to government data released in a separate report Thursday. That marked a slowdown from a month prior, when retail sales rose by more than 1%. Excluding spending on autos and gas stations, retail sales increased 0.25% from August to September, a drop from around 1.1% in the prior period. This slowdown offers a sign that high prices related to fuel are causing consumers to tighten the belt elsewhere. This week's data has left a growing minority of fed funds futures traders expecting the central bank to raise rates at its meeting later this month. Traders are now pricing in a nearly 34% likelihood that the Fed hikes borrowing costs on Oct. 28, up from under 18% a week prior, according to CME's FedWatch tool. About 90% expect at least one hike by the end of the year.

Wholesale prices jumped 6.3% annually in September, biggest gain since 2022
Europe
BBC Business

China's growth accelerates as AI export boom outweighs domestic weakness

Image source, VCG via Getty ImagesByOsmond ChiaBusiness reporterPublished19 October 2026, 03:03 BSTUpdated 40 minutes agoChina's economic growth picked up in the three months to the end of September, rebounding from a three-year low as the artificial intelligence (AI) boom helped boost exports. The world's second largest economy grew by 4.5% in the third quarter, up from 4.3% in the previous period but below the 5% expansion recorded from January to March, according to official Chinese data. The latest figure is at the bottom end of Beijing's annual growth target of 4.5%-5%, which analysts have said gives policymakers room to address the country's economic challenges. Exports have helped offset weak spending at home, but global trade tensions and uncertainty over AI investments are clouding its outlook. China's National Bureau of Statistics said on Monday that the economy "sustained steady development against pressure" and showed "momentum with new growth drivers and improving structure". With exports climbing, China's trade surplus - the amount of goods and services it sells abroad compared to what it buys from other countries - is on track to overtake the record $1.2tn (£900bn) seen last year. But property investment fell by more than 20% in the first nine months from the same period last year, official data also showed. Oxford Economics researcher Sheana Yue said manufacturing and high-tech exports have boosted China's growth, despite weak investment and domestic spending. China's economy has struggling to shake off a long-running property slump, after years of overbuilding and excessive borrowing by private developers. Trade uncertainties and geopolitical issues have also made Chinese consumers more "pessimistic" and unwilling to spend, she added. 'Investing in people': Can China's new push to boost spending revive the economy? The technology industry has been a key driver of China's growth in recent quarters.

China's growth accelerates as AI export boom outweighs domestic weakness
North America
CNBC Economy

Economists: Hot PPI shows Fed's work is not done

Wall Street estimates for the Federal Reserve's preferred inflation indicator now expect an acceleration from the level that prompted the central bank to hike rates last month. The estimates come after a hotter-than-expected producer price index came in at 1.3% Thursday, the biggest monthly gain since March 2022 and more than double the 0.6% consensus. That drove the year-over-year increase to 6.3%, the biggest jump since December 2022. The increase was paced by a 20% rise in gasoline prices. But taking out food, energy and trade services, prices still rose a healthy 0.5%, indicating that inflation was broader than just energy. Seven Wall Street estimates gathered by CNBC show core personal consumption expenditures inflation for September, which will be published later this month, is forecast to rise 0.32%, up from 0.25% in August. Wall Street economists use the consumer price index, released Wednesday, and the PPI to estimate the PCE. "We see real risks the Fed will deliver another rate hike in two weeks' time even as recent Fedspeak tempered expectations for back-to-back increases,'' wrote Kathy Bostjancic, chief economist at Nationwide. Several Fed officials have argued that the Fed does not need to hurry to hike rates, though they have suggested more rate hikes are needed. As a result, Fed futures on Thursday showed just a 29% probability of a hike at the Fed meeting at the end of this month, but a 91% probability of at least one hike by December. A 0.32% increase in PCE would boost the year-over-year core inflation rate to 3.1%, up from 3.01% in August. Estimates ranged from a high of 0.35% from Barclays to a low of 0.29% from Oxford Economics. "The picture is not benign with inflation elevated and intensifying," wrote Alex Pelle, senior U.S. economist at Mizuho Securities. "On the economic data alone, there is little reason for the Fed to hesitate to continue moving the policy rate higher." Fed Chairman Kevin Warsh has suggested one litmus test for not hiking is confidence that inflation will return in a timely manner to the Fed's 2% target. Both headline and core PCE inflation have been above target since 2021. They have inched steadily higher since tariffs were introduced in April 2025. The gains have accelerated since the beginning of the Iran war. The Fed prefers the PCE because, compared to the CPI, it believes it more closely resembles how Americans actually spend their money and changes its weightings when consumers change their spending patterns. 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.

Economists: Hot PPI shows Fed's work is not done
Europe
BBC Business

Anthropic says it will commit 5% of its shares to 'public benefit fund'

Artificial intelligence (AI) giant Anthropic says it will commit 5% of its shares to a fund that will make donations for the "public good". The announcement comes as Anthropic lays the ground for a potential blockbuster stock market listing that could value the firm at more than $1tn (£750bn). The AI industry has come under intense scrutiny recently over safety concerns and fears about its impact on society and the economy. Anthropic reportedly said in its initial public offering (IPO) filing that AI could pose "catastrophic or existential risks to humanity". Anthropic said its proposed fund could support nonprofit organisations, and efforts to address AI's impact on the jobs market. None of the shares held by the the fund would be used for lobbying or political donations in the US or overseas, it added. Anthropic's Public Benefit Fund could also receive another 2% of the firm's shares at its board's discretion, the Claude developer said in a statement released on Sunday. Technology billionaire Elon Musk responded to the announcement on social media with: "I recommend giving the shares directly to the public." "This is what I will be doing," he added. Last week, Anthropic told prospective investors that its revenue surged by 45% to $16.8bn (£12.6bn) in the three months to the end of September. In common with other AI firms, it is seeking to position itself as being able to generate huge profits despite spending billions on developing the technology and building infrastructure to power its models. Companies around the world, primarily technology firms, have cut thousands of jobs after investing in AI, with many pointing to higher efficiencies from its adoption. Research by the International Monetary Fund (IMF) published in 2024 suggested that almost 40% of jobs around the world will be affected by AI, with that figure rising as high as ​60% in advanced economies.

Anthropic says it will commit 5% of its shares to 'public benefit fund'
Europe
BBC Business

Bikes 'not for jousting,' says Lime after duel video

E-bike rental company Lime has said its bikes are "not for jousting" after footage of two riders dressed as knights charging at each other in an east London park circulated over the weekend. Hundreds of people congregated in London Fields, Hackney, to watch artist Jack Carden and actor Camtholomew the First joust, while riding the bright green rentable e-bikes. The videos on social media showed them dressed as knights in armour, complete with chainmail and lances, attempting to knock each other off the bikes. A spokesperson for the company said: "While we appreciate the medieval spirit, safety must always come first." Ahead of the event, Carden said the "free public joust" was "performance art" in a post on social media. A video on his Instagram account of the event has been watched more than four million times. Despite their popularity, hospitals have reported an increase in injuries to both e-bike riders and pedestrians. A spokesperson for Lime said on Monday: "We always love seeing Londoners come together and build a sense of community in unexpected ways. "We discourage anyone from attempting similar events, to help keep riders and those around them safe." Listen to the best of BBC Radio London on Sounds and follow BBC London on Facebook, external, X, external and Instagram, external. Send your story ideas to hello.bbclondon@bbc.co.uk, external

Bikes 'not for jousting,' says Lime after duel video