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Europe
The Guardian

US lawmakers unveil bill to hold Wall Street’s ‘Epstein-connected’ bosses to account

The proposed bill follows a months-long investigation into Jeffrey Epstein who died in prison in 2019 while awaiting trial on child sex-trafficking charges. Photograph: Uma Sanghvi/APView image in fullscreenThe proposed bill follows a months-long investigation into Jeffrey Epstein who died in prison in 2019 while awaiting trial on child sex-trafficking charges. Photograph: Uma Sanghvi/APBankingUS lawmakers unveil bill to hold Wall Street’s ‘Epstein-connected’ bosses to accountMove comes as Senator Elizabeth Warren condemns Barclays response to questions over ex-boss’s ties to sex offender US lawmakers have unveiled a new bill to hold Wall Street’s “Epstein-connected” bosses to account for helping finance the late sex offender’s crimes. It came as top Democratic senator Elizabeth Warren condemned the UK bank Barclays for “dodging responsibility” over its failure to vet former boss Jes Staley and his ties to the once well-connected billionaire. A bipartisan group of politicians, led by Warren and House representative Robert Garcia, are introducing a bill on Thursday known as the Epstein Wall Street Records Act. The bill follows a months-long investigation into the financier, who died in prison in 2019 while awaiting trial on child sex-trafficking charges. If passed, the bill would force regulators including the Federal Reserve and the Securities and Exchange Commission to investigate “Epstein connected” financial firms and executives for potential breaches of banking, investment or illicit funding laws; and fine or even ban wrongdoers from the US financial sector. The bill – which is also being backed by House Republican Thomas Massie – will also force regulators to publicly disclose any records relating to Epstein and his associates; and refer any potential criminal violations to the US justice department. Warren said: “Since the big banks won’t hold themselves accountable – and the Trump administration won’t either – Congress must act to force real transparency and accountability for them and their executives who enabled Jeffrey Epstein’s crimes.” News of the bill came as Warren condemned the bosses at Barclays, one of the UK’s biggest banks, over their failure to adequately answer questions about its former chief executives Jes Staley and his links to Epstein. Staley’s ties with the well-connected billionaire spelled the end of his career. The American banker resigned from Barclays in November 2021, after UK regulators started investigating the true nature of his relationship with Epstein, whom he met in 2000 during his three-decade stint at JP Morgan. View image in fullscreenA FCA investigation concluded that Jes Staley and Jeffrey Epstein had a relationship that ‘went beyond one that was professional in nature’. Photograph: Isabel Infantes/ReutersThe Financial Conduct Authority’s original investigation, triggered by a cache of more than 1,200 emails between Staley and Epstein, concluded that the pair were “indeed close” and had a relationship that “went beyond one that was professional in nature”. Staley was eventually banned from the UK’s financial sector in 2023 for playing down those ties, and failed to overturn that decision in a court battle that revealed intimate details of the pair’s friendship last year. That included Staley admitting to having sex with a member of Epstein’s staff in New York – an encounter he said was “consensual”. The case also revived a 2010 exchange referring to Disney princesses, in which Staley said: “That was fun. Say hi to Snow White.” Staley denied knowledge of the exchange during a UK court hearing.

US lawmakers unveil bill to hold Wall Street’s ‘Epstein-connected’ bosses to account
North America
CNBC Finance

McDonald's is leaning into chicken and drinks to grow. New data shows it could be a tough task

McDonald's is betting on chicken and beverages to fuel its next phase of growth, but new consumer spending data suggests the fast-food giant faces stiff competition from rivals that specialize in those areas. At its September investor day, McDonald's outlined plans to gain an additional 1.5 percentage points of global market share in both chicken and beverages by 2030. The chain identified the categories as significant opportunities to expand its business beyond beef. CEO Chris Kempczinski told CNBC the size of those markets underscores the potential upside. "Chicken is a $130 billion category. We have about a 20% share of chicken. Beverages is about a $230 billion category. We have a 10% share of beverages," Kempczinski said, saying McDonald's has more room to grow in those areas than in the $50 billion global beef category, where it has about a 40% share. But new data indicates McDonald's could have a tough task in gaining spending from chicken and drink rivals. Many of the restaurant chains winning the most spending from McDonald's diners specialize in those two segments, according to exclusive data shared by Consumer Edge, which tracks credit and debit card transactions. Among McDonald's customers, Chick-fil-A gained 0.58 percentage points of limited-service restaurant spending in the third quarter compared with a year earlier, making it the biggest gainer among the chains tracked by Consumer Edge. Coffee businesses are also capturing more spending from McDonald's customers. Drive-thru-only chain 7 Brew added 0.4 percentage points, while Starbucks, Dutch Bros. Coffee and Dunkin' also ranked among the top 10 gainers. Together, the four coffee chains added 0.88 percentage points of spending share. McDonald's remained by far the largest individual chain in customers' overall limited-service restaurant spending, but its share declined from a year earlier. Restaurant Brands International-owned Burger King, meanwhile, gained 0.24 percentage points, the largest increase among burger chains. "There’s a big battle for a smaller amount of restaurant spend as people become more selective in what they spend," said Michael Gunther, Consumer Edge senior vice president. The data says only so much about the competitive landscape for McDonald's in the chicken and drink spaces, in part because they don't track exactly what customers are ordering at the counter. "If they [McDonald's] are able to attract diners with interesting options, it could work,” Gunther added. While McDonald's has struggled with sluggish sales, executives have said they saw signs of improvement toward the end of the third quarter. At its investor day, McDonald's said U.S. comparable sales were slightly negative in July and August, but the company said it expected September to turn positive.

McDonald's is leaning into chicken and drinks to grow. New data shows it could be a tough task
Europe
BBC Business

Healey says surprise UK growth is 'sign of resilience' ahead of Budget

The UK economy's stronger than expected performance in August has been called a "sign of resilience" by Chancellor John Healey. Healey told the BBC "it's really tough in the face of these economic global shocks" as the latest official figures showed the economy grew by 0.1% for the month, defying analysts' forecasts of a slight contraction. It follows an upgrade to this year's forecast for the UK economy from global watchdog the International Monetary Fund (IMF) earlier this week. Mr Healey said he wanted "to give people a bit of breathing space from the cost of living and cost of business pressures", promising to do so when he delivers his first Budget in two weeks' time. Healey did not elaborate on what measures he will take in the Budget, but promised "where we can take action, we will". But, vowing to keep up the government's approach to fiscal discipline, Healey said "where we want to do things we have to make sure we can pay for them within the Budget that we've got and control spending". The latest figures from the Office for National Statistics showed the economy grew by 0.7% in the three months to August. "It's a sign of resilience in the UK economy that some had not expected," Healey said. The chancellor said the growth was "part of the discipline the IMF here in Bangkok this week has endorsed that they see in Britain". Britain's economy was boosted in August by an increase in production, which includes manufacturing, oil and gas extraction and energy supply. The services industry, which makes up the largest chunk of the UK's economy, was flat during the month, while the construction sector contracted. Over the three months to August, the UK's economy grew by 0.7% overall. ONS director of economic statistics Liz McKeown said computer programming had been the biggest contributor to what she described as "robust" growth over the period.

Healey says surprise UK growth is 'sign of resilience' ahead of Budget
Europe
BBC Business

Living with a stink? Technology might help

Milpitas, an affluent city in California's Silicon Valley tech hub, has an odour problem. For decades, residents have had to endure rank smells wafting from industrial sites, among them a 342-acre landfill. "When I first moved here, I could not open my window for over 10 years," says Chia-Ling Kong, an engineer for a tech firm who lives around half a mile from the dump. While things have got better in recent years, Kong says she and her neighbours must still contend with around "two or three hours of bad smells a day". Perhaps befitting Silicon Valley, the community is putting its hopes in technology. The operators of Newby Island landfill have been ordered by local authorities to use drones and install monitors to systematically track and measure the chemicals responsible for bad odours. They have also been told to automate the collection of landfill gases responsible for smells. Kong is optimistic a data-driven approach will make a difference. "Hopefully with this continuous monitoring, it makes it easier to pinpoint problems at the moment it starts." The operators of the landfill say they are committed to operating it safely and protecting air quality. Just like in Milpitas, where Kong is part of a citizen's campaign against the odours, communities around the world are raising a stink about bad smells making day-to-day life miserable. Sometimes a rubbish dump is to blame, or it might be a sewage treatment works, or a reeking factory. When the complaints start stacking up, resolving them is not always simple. Many countries have no regulations in place dictating how to manage smells. In the US, for example, the Environmental Protection Agency does not regulate environmental odours as a pollutant. This leaves states and local governments to take charge of the issue. Urban sprawl is often part of the problem, bringing communities closer to stinky facilities that may historically have been kept at a distance.

Living with a stink? Technology might help
Europe
BBC Business

I find it quite demoralising in store - why I do all my shopping online

As a plus-size woman, she finds the size ranges available in stores unreliable. "The sizing in store is notoriously bad. I find it quite demoralising in store," she says. "The average size woman in the UK is a size 14 or a size 16. I think a lot of people just don't feel seen or represented," says the 29-year-old from Peterborough. Jess, a culture journalist and author, finds shopping online "much quicker than going into a store, paying for parking, trying things on". And she feels posting back items that don't fit is less hassle than returning in store, while frequent visits to her local post office give her "more of a community connection". Jess notes Primark is one of the few High Street retailers where plus-size people can shop. In her experience, Primark stores usually stock up to a size 22. But soon she'll have the option of staying home even for this - as, after years of holding out, Primark now plans to launch a home delivery service in Britain. Even throughout the Covid-19 pandemic, when shops were closed, Primark didn't offer the ability to shop online. In 2022 it launched a click-and-collect service, but shoppers still had to travel for their purchases. The retailer has not said when it expects to launch the service, but has bought a warehouse in Sheffield to enable it to ship products to homes. Analysts say the decision shows Primark is facing major challenges from ultra-fast-fashion brands such as Shein. Online shopping had been on the rise even before the surge seen during the pandemic. Online accounted for 27.3% of all retail sales in August this year, according to the Office for National Statistics, up from 18.1% in August 2019. Internet shopping has also been boosted by the decline of the High Street in many parts of the country, something which Jess has noticed in Peterborough. "We don't have John Lewis [anymore]. There's kind of not that much of a reason to go into town."

I find it quite demoralising in store - why I do all my shopping online
Europe
The Guardian

Key US voters say economy is getting worse ahead of midterms, exclusive poll finds

Shoppers checking out at a Costco Wholesale store in Colchester, Vermont. Photograph: Robert Nickelsberg/Getty ImagesView image in fullscreenShoppers checking out at a Costco Wholesale store in Colchester, Vermont. Photograph: Robert Nickelsberg/Getty ImagesUS economyKey US voters say economy is getting worse ahead of midterms, exclusive poll findsNearly 61% believe country is in recession and 65% of independents say economy is worse, according to new Harris poll With the midterm elections less than three weeks away, key voting groups including independents, rural voters and even some Republicans are increasingly disenchanted with Donald Trump’s economy, according to an exclusive Harris poll for the Guardian. The majority of those surveyed were pessimistic about the economy, with three-quarters of Americans saying they are concerned about a recession while 61% wrongly believe that the US is already experiencing one. By its typical definition, the US is not currently experiencing a recession. The poll shows growing weariness across the political spectrum over high prices. 33:55Why are prices so high? Robert Reich answers your questions – Stateside with Kai and CarterRepublicans, fighting to keep control of Congress, are losing support with independent voters, who are expected to be the deciding factor in key swing races. Nearly two-thirds (65%) of independents said the economy was worse, up from 48% who said the same in September 2024 in the heat of the 2024 presidential election. Even within the Republican ranks, optimism has waned. In February 2025, just a few weeks after Trump was inaugurated, 39% of Republicans said the economy was getting better. By February 2026, just before the US launched attacks against Iran, that optimism was up to 49%. In the latest poll, just 28% of Republicans said the economy was getting better. Voters say the high prices they are seeing at gas stations and grocery stores will be a key factor when they cast their votes in November. Two-thirds of those polled said that gas prices and grocery prices are their most important issues heading into the election, followed by living expenses, healthcare costs and foreign affairs. Recent inflation data showed that annualized prices increased 3.7% in September, the highest reading before a midterm election, excluding the pandemic, since 1990. Energy prices have been especially high since the Iran war, with average gas prices at the pump crossing $1.20 more per gallon compared with a year ago. California drivers, who are experiencing the highest gas prices, are paying on average $6.20 per gallon, according to AAA. Democrats in swing races have spent much of the last few months framing their midterm battles as a fight, in part, against a growing affordability crisis. James Talarico, the Democratic candidate in a closely watched US Senate race in Texas, has a campaign ad of him holding a paper bag of groceries. “Too many Texans feel like they’re drowning, the cost of groceries, gas, healthcare,” he says in the video. “They say I can’t win because of my name,” Abdul El-Sayed, another Democratic candidate for a US Senate race in Michigan, said at a recent campaign event. “My name is not the reason your gas prices are through the roof. My name is not the reason you can’t afford your groceries.” In the new poll, a vast majority of Americans agreed that there was an affordability crisis, including 96% of Republicans. But Americans still remain divided over who has a solution.

Key US voters say economy is getting worse ahead of midterms, exclusive poll finds
Asia
The Hindu BusinessLine

Gold edges higher on softer oil; Fed rate outlook in focus

Gold ​prices edged higher on Monday as softer oil prices ⁠offered support, while investors assessed the chances of a Federal Reserve interest rate hike later this year and looked for fresh signals on ‌the US central bank's policy trajectory. Spot gold rose 0.3 per cent to $4,175.60 per ounce by 0259 GMT, while US gold futures ‌for December delivery gained 0.4 per cent to $4,196.40. "Gold is posting a ‌modest ⁠rise to start the week. The metal is responding ⁠positively to the softer tone in oil prices from an inflation standpoint," said Tim Waterer, chief market analyst at KCM Trade. "In the near term, a ​more sustained decline in ‌oil prices or a clearer move lower in yields would be the most constructive catalysts (for gold), as both would ease inflation and rate concerns." Oil prices slipped on Monday after US ‌President Donald Trump waived sanctions and tariffs on Russia ​that may lead to more Russian fuel exports. Meanwhile, US import prices increased more than expected in September, boosted ⁠by higher costs for energy products and a range of other goods, further evidence of rising inflation pressures as the Middle ‌East conflict persists. Market participants now await the Federal Open Market Committee's meeting on US interest rates and the Personal Consumption Expenditures (PCE) data due next week. The US central bank tracks the PCE price measures for its 2 per cent inflation target. According to the CME's FedWatch Tool, traders are pricing in a 16 per cent chance ‌of a rate hike this month and a 92 per cent chance of ​an increase in December. While gold is typically considered a hedge against inflation, higher interest rates reduce the appeal ⁠of the non-yielding asset. Elsewhere, the European Central Bank is likely to ⁠raise interest rates by 25 basis points at least one more time this year to fight inflationary pressures, the ‌International Monetary Fund said on Friday. Among other metals, spot silver rose 0.9 per cent to $57.54 per ounce, platinum gained 0.7 per cent to $1,642.29 ​and palladium climbed 1.5 per cent to $1,129.13. 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.

Gold edges higher on softer oil; Fed rate outlook in focus
North America
CNBC Economy

Inflation on many everyday items was entirely due to tariffs, NY Fed says

The cost of many everyday items would have declined last year and early this year without President Donald Trump's tariffs, according to the New York Federal Reserve. The cost of 67 categories of goods was 2.9 percentage points higher as of February thanks to tariffs, according to a paper from a team of researchers at the central bank's New York arm. Without the levies, the team found that prices for the products they studied would have pulled back by almost 1%. The New York Fed's report offers the clearest evidence yet of the impact of Trump's tariffs — a core policy of his most recent campaign and second term in the White House — on consumers' wallets. Economists had widely expected his levies to push up prices, though the precise effects had been hard to estimate due to the changing nature of the policy and the lack of transparency on how companies set their prices. "The Trump administration has consistently maintained that the cost of tariffs will ultimately be borne by foreign exporters who rely on access to the American economy," White House spokeswoman Taylor Rogers said in a statement to CNBC. For each percentage point increase in the average tariff, the team said that consumer goods prices were higher by roughly a quarter of a percent a year later. Annual price growth in the dozens of goods they tracked peaked at the start of 2026, according to the report. But consumers are still expected to pay elevated prices into 2027 as a result of the policy, it said. Roughly two-thirds of the tariff-related price impact has directly come from the levies themselves, according to the New York Fed's report. The remaining increase was driven by knock-on effects, such as U.S.-based companies that use imported parts and materials in their products. "Tariffs have a larger and more drawn-out impact on consumer prices than the direct effect alone would suggest," the study's three authors, Mary Amiti, Sebastian Heise and David Weinstein, wrote. Trump argued that companies could absorb the increased cost from tariffs rather than pass them down to shoppers in the form of price hikes. The New York Fed team said that around 26% of last year's tariff increases ended up trickling into higher prices. The Supreme Court in February struck down many of Trump's tariffs, resulting in billions of dollars in refunds to retailers. The White House has vowed to push forward with levies through alternative measures, and products imported from many countries now often face tariffs of about 10%. In many cases, that is significantly less than what they were under the earlier round of tariffs. Get this delivered to your inbox, and more info about our products and services.

Inflation on many everyday items was entirely due to tariffs, NY Fed says
Europe
BBC Business

Nandy 'minded to intervene' in Sky's £1.6bn takeover of ITV entertainment arm

Image source, Getty ImagesByArchie MitchellBusiness reporterPublished15 October 2026Culture Secretary Lisa Nandy has said she is "minded to intervene" in the proposed £1.6bn deal for Sky to buy ITV's media and entertainment division. Nandy said there were reasonable grounds to believe the deal could affect free expression in the media and the variety of Britain's news landscape. Sky said it would "carefully consider" a letter from the culture secretary and "engage constructively" with the review into the deal. "We remain confident that bringing Sky and ITV's media and entertainment business together will create a stronger British media," it said. ITV welcomed the letter and said the deal would help it "compete with global streaming platforms, benefiting viewers, advertisers and the UK creative industries". The two companies announced in July that Sky had agreed to buy ITV's broadcasting business, including its free-to-air TV channels and the ITV X streaming service. The deal does not include ITV's production arm, ITV Studios, which makes popular programmes such as Love Island and I'm a Celebrity... Get Me Out of Here. It would give Sky access to millions more viewers, while bosses hope it would help both compete with streaming giants such as Netflix. But Nandy has told Sky and ITV that she is considering issuing a public interest intervention notice (PIIN) to the Competition and Markets Authority (CMA) and regulator Ofcom, forcing an investigation into the tie-up. The letter said Nandy recognised Sky News and ITV News were two of the most prominent sources of television news in the UK, with a joint 26% share of those viewing news on linear TV. Consumers would still have access to other sources of news such as the BBC and Channel 4, it added. But Nandy believes that, over time, the tie-up could undermine the range of views available to viewers, with 86% of the linear TV news market controlled by the BBC and Sky/ITV.

Nandy 'minded to intervene' in Sky's £1.6bn takeover of ITV entertainment arm