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North America
CNBC Economy

Trade deficit hits $105.6 billion, widest since just before Trump tariffs enacted last year

The U.S. trade deficit widened sharply in August amid an influx of goods related to the artificial intelligence build-out and the vagaries of import tariffs, the Commerce Department reported Tuesday. Imports swelled 4.3% for the month, pushing the total imbalance to $105.6 billion. That marked a 13.7% jump from July and was ahead of the Dow Jones consensus estimate for $102 billion. It also was the steepest deficit since the all-time gap in March 2025, recorded just before President Donald Trump's "liberation day" announcement of "reciprocal" tariffs against U.S. trading partners. Though the monthly total was up, the year-to-date deficit of $138.2 billion was off nearly 20% from the same period a year ago. "Rising prices overstate the moves, but nonetheless net trade is set to drag on Q3 GDP growth," said Oren Klachkin, financial economist at Nationwide. "We see this as a sign of strong domestic demand, not economic weakness." Imports as a rule generally subtract from gross domestic product calculations. However, if the imports reflect stronger demand and consumption, they can be offset elsewhere. Nevertheless, Goldman Sachs cut its tracking estimate for third-quarter economic growth to 3.1%, down 0.3 percentage point from its prior estimate. The Atlanta Federal Reserve's GDPNow tracker lowered its estimate to 3.7% following the trade report, down 0.1 percentage point from the last update. 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.

Trade deficit hits $105.6 billion, widest since just before Trump tariffs enacted last year
North America
CNBC Finance

Delta CEO: 'Safety is going to make the call' on launching Saudi Arabia flight

Delta Air Lines CEO Ed Bastian said his carrier is weighing whether to go ahead with debuting a flight between Atlanta and Riyadh, Saudi Arabia, after attacks claimed by Iran-backed Houthi rebels in Yemen have escalated there. The flights between Riyadh and Delta's biggest hub are scheduled to begin on Oct. 23. Three people were killed in attacks at Riyadh's King Khalid International Airport as the Houthis stepped up strikes in the country, Saudi Arabia's civil aviation authority said. "Obviously, we were disappointed to see the news this week," Bastian told CNBC in an interview. "Safety is is going to make the call." He said that the airline will let customers know of its decision soon. German airline Lufthansa said it was pausing flights into Saudi Arabia through at least Oct. 16, a spokesman told CNBC. Delta is planning to operate the Atlanta-Riyadh flight daily from Oct. 23 to Oct. 30 before moving to three-times-a-week service. When it announced the route earlier this year, Delta said it would be the first nonstop service between the U.S. and Riyadh operated by a U.S. airline. 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.

Delta CEO: 'Safety is going to make the call' on launching Saudi Arabia flight
Europe
BBC Business

Heating oil customers face tough winter despite shake-up promise

Image source, Getty ImagesByKevin PeacheyCost of living correspondentPublished4 hours agoHeating oil customers facing soaring bills have been promised better regulation of the sector by the government. Ministers say they will tighten up rules, promote competition and give customers clearer compensation routes if things go wrong. Minimum order levels, set for some customers, will be reviewed. With prices close to having doubled in the past year, some campaigners have called for heating oil customers to benefit from the same cap as regular, variable gas and electricity tariffs in England, Scotland and Wales. But there is no sign of the government proposing such a change, nor when the stricter rules will take effect. Ministers said they would work with industry to "develop a regulatory regime for the heating oil market, protecting consumers and promoting competition". In the meantime, oil users have been offered discounts on heat pumps, a code of practice is in place, and industry practices setting minimum order volumes at 500 litres for some consumers will be reviewed. Domestic tanks typically hold between 1,000 and 2,000 litres. The government said this had left some people having to pay for more heating oil than they might need. Prices have soared since the start of the US-Israeli war with Iran. In March, the government announced a support package worth £53m for low-income families who use heating oil. The funding is distributed by local authorities, which set their own criteria for eligibility. A subsequent inquiry by the UK's competition watchdog, the Competition and Markets Authority, found that 1,700 households were forced to "re-order at significantly higher prices or go without fuel" after the war broke out, costing them up to £350. But those whose orders were cancelled and prices raised were told they were entitled to compensation. The government has now announced it will accept the CMA's recommendation to strengthen regulation in the sector.

Heating oil customers face tough winter despite shake-up promise
North America
CNBC Finance

Delta Air Lines cuts 2026 forecast on fuel surge, but CEO says demand is still strong

Delta Air Lines missed earnings estimates for the first time in two years and slashed its 2026 profit outlook as high fuel prices persist, but CEO Ed Bastian said higher fares aren't turning off travelers. Delta on Friday forecast full-year earnings per share of between $5.10 and $5.60 on an adjusted basis, compared with its outlook in July, when fuel prices were lower, of $6.50 to $7.50 a share. The company's fourth-quarter guidance was below analyst estimates, too. Delta cut its free cash flow outlook for the year to $2.5 billion, from as much as $4 billion it expected in July. Still, Bastian said in an interview that fares have continued to tick up as the airline passes along much of a $6 billion increase in fuel costs this year, and that travelers keep booking. "The consumer response continues to be quite strong. We're seeing it across all channels, all cabins of service, all geographies, business, leisure," he said. Delta forecast a 20% increase in revenue for the fourth quarter over the same period last year, more than the 16% rise in the third quarter, when adjusting for the airline's benefit from its refinery in Trainer, Pennsylvania, where it refines crude oil into jet fuel and other products, giving it an advantage over other carriers. "Obviously the fuel pricing, the volatility of fuel prices have something to do with that," Bastian said. Delta is the country's most profitable airline and the first to report results from the third quarter, which encompasses the busy summer season. Costs continued to weigh on the bottom line. The fuel price surge since the Iran war began in February has put a damper on airline profits even as carriers flex pricing power. The latest inflation read in September showed airfare up more than 23% from a year earlier. Delta reported net income of $756 million, or $1.15 a share, down 47% from $1.42 billion, or $2.17 per share, a year earlier. Adjusting for one-time items, Delta posted earnings of $1.76 per share. Adjusting for sales from its refinery, maintenance business and profit-sharing, revenue rose 16% from the previous year to $17.59 billion. Operating revenue jumped 21% in the third quarter to $20.19 billion. Delta's premium revenue, which has become a larger portion of its total sales, grew 18% in the third quarter to $6.82 billion, while main cabin sales rose only 12% to $6.8 billion.

Delta Air Lines cuts 2026 forecast on fuel surge, but CEO says demand is still strong
Europe
BBC Business

Trump announces deal for Russian diesel as Zelensky calls it a gift to Putin

Image source, Anna Moneymaker/Getty ImagesByRachel Clun, Business reporter, Reporting fromNew York and Anthony Zurcher, North America correspondentPublished9 October 2026Updated 3 hours agoPresident Donald Trump has announced a deal to import Russian diesel into the US, as he faces mounting pressure to bring down fuel prices. Trump said Putin had agreed to release 300,000 tonnes of diesel immediately "to the American and global marketplace" followed by 500,000 tonnes in November and another million after that. The move on Friday sparked anger from Ukraine's President Volodymr Zelensky, who called it a gift to Putin that amounts to "an investment in a war that must be ended, not prolonged". It is understood the US Treasury is suspending sanctions on Russian diesel exports until 7 April as part of the deal, but other assets like those in American banks are still frozen. In his Truth Social post, Trump added that a further three million tonnes of Russian diesel would be delivered "within a short period", dependent on the condition of its refineries, which have been attacked by Ukraine. Putin later said Russia, which introduced a ban on diesel exports earlier this year, was willing to supply both the US and global markets with oil and petroleum products, but his statement did not specify amounts. Analysts, however, have questioned whether Russia is capable of providing that quantity of diesel and the extent to which doing so will ease prices for American consumers. Tim Armitage, investment strategist at Quilter Cheviot, said the numbers mentioned by Trump were "relatively small". He said the first tranche equated to approximately 2.25m barrels, and daily US consumption was around 3.8m barrels, "so it won't make a material difference to pump prices in the US". "Granted, there are then two more releases to come, but it does appear to be a slightly desperate move by President Trump to try to lower inflation ahead of the midterms." The BBC has asked the White House what Russia will get from the US in return for the commitment. Meanwhile, the UK government spokesperson said its position "could not be clearer" and it would continue working with international partners to support Ukraine and bring about sustained peace.

Trump announces deal for Russian diesel as Zelensky calls it a gift to Putin
Europe
BBC Business

Poundland in rescue talks as owners seek buyer

Image source, Getty ImagesPublished13 October 2026, 10:42 BSTUpdated 1 hour agoRetail chain Poundland is in talks with potential buyers as it seeks a rescue deal, it has confirmed. Executives are working with an Irish property development group on a management buyout, as first reported by Sky News, external. But a union representing shopworkers warned that the retailer could fall into administration if that deal falls through, putting thousands of jobs at risk. The chain has been struggling for a number of years due to pressures including rising costs and competition. However, it expects sales to have grown more than 3% in 2026 compared with the previous year, which managing director Barry Williams said earlier this month was evidence that its recovery plan "is working". The retailer was sold for £1 last summer by previous owner Pepco to US investment firm Gordon Brothers. The current owners are in the process of seeking buyers, with the Poundland management attempting a buyout, a spokesman said. Mr Williams, along with the firm's leadership team and Andy Bond, a former chairman of Pepco, have been working with Irish real estate firm Martin Property Group on a management buyout. Martin Property Group is the management team's "preferred partner", the spokesman said, but the team will "work with whoever can deliver the best result for the business, colleagues and suppliers and build on the successful recovery that's already taking shape," he added. However, Bally Auluk, a national officer at Usdaw, said there are "deep concerns that the business could go into administration" should this buyout fail. "We are aware that a management buy-out has been attempted and we are told that their offers are being turned down," he added. A Poundland source disputed this, however, saying the Martin Property Group is part of the sale process and remains the management team's preferred partner.

Poundland in rescue talks as owners seek buyer
Europe
BBC Business

Analysis: Trump's shock Russia deal highlights mounting pressure to curb fuel prices

Image source, Getty ImagesByAnthony ZurcherNorth America correspondentPublished5 hours agoDonald Trump's decision to import Russian fuel to the US represents a remarkable about-face from the president. Just three weeks ago, Trump signed legislation to authorise fresh American sanctions and tariffs on nations that import Russian oil and gas. Now, Trump says, Russian President Vladimir Putin has agreed to supply hundreds of thousands of tons of diesel fuel to the US and world markets in the coming months. The deal comes as Trump is still grappling with the political fallout of the Iran war and its impact on global energy prices, weeks before American voters head to the polls in the midterm elections. As the cost of fuel has skyrocketed in America, his standing with the public – stung by the higher prices at the pump and knock-on effects that led to across-the board inflation – has soured. The toll the war is taking has been acutely felt by US agricultural states, which rely heavily on diesel to operate farming machinery and to transport their products to market. It is these states – places like Iowa, Kansas, Texas and Ohio – that have become unexpected political battlegrounds in the upcoming elections that will determine if Republicans maintain control of Congress. For months, the American president has been searching for ways to ease his party's political pain. He recently pressured European allies to further tap their oil reserves. He deferred federal taxes on the fuel and authorised supplies designated for farm use to be used in interstate trucking. He has also promised that he would not renew attacks on Iran until after the midterms – an unusually frank acknowledgement of the political impact the ongoing conflict is having. His decision to strike a deal with Russia's Putin is only the latest, most dramatic effort. Trump's Truth Social posts often provide incomplete information, of course. The details of exactly how Russia is supplying this fuel to the global market, and what they might get for in return – besides much-needed hard currency – is unclear.

Analysis: Trump's shock Russia deal highlights mounting pressure to curb fuel prices
Europe
BBC Business

Phase Eight and Hobbs owner hit by cyber-attack, as H&M probes separate hack claim

Image source, Getty ImagesByLiv McMahonTechnology reporterPublished2 hours agoThe owner of high-end fashion brands Hobbs, Whistles and Phase Eight says it is investigating a cyber-security incident. According to TFG London - the UK arm of retail conglomerate The Foschini Group - it identified an incident on Sunday affecting some IT systems and "specifically impacting our Phase Eight, Hobbs, and Whistles brands". "We are actively investigating and working with external cyber security specialists," the company told BBC News in a statement. Meanwhile, H&M is investigating a separate claim that it was attacked by a notorious hacking group. TFG said its brands' stores are operating as normal but some website capabilities may be unavailable, adding "we apologise for any disruption and will provide additional updates to our customers as appropriate". The retail group reportedly told customers in an email that it did not believe customers' payment information had been affected by the incident. "As our investigation continues, we will be working to identify if any sensitive information related to our customers was impacted," it said. The email, seen by news service PA, also said that those whose personal information had been impacted would be informed directly. "We do not believe it is necessary to change your account login information at this time," it added. Beverley Griffiths, senior lecturer in security and resilience at Bucks New University told PA that this was "a clear sign that major brands are firmly in the crosshairs of cyber attackers". Fashion giants ranging from Adidas to Alexander McQueen have been targeted by cyber-criminals seeking to extort money by threatening to release customer data unless they are paid a ransom. "No organisation is immune, so the real test of resilience is how quickly a business can detect an incident, respond and recover while keeping its customers informed," Griffiths said - adding customers should stay "vigilant" and wary of suspicious messages.

Phase Eight and Hobbs owner hit by cyber-attack, as H&M probes separate hack claim
Europe
The Guardian

Trump establishes committee to investigate Fed governor Lisa Cook

Lisa Cook, a Federal Reserve governor, leaves the supreme court in Washington on 21 January 2026. Photograph: Mark Schiefelbein/APView image in fullscreenLisa Cook, a Federal Reserve governor, leaves the supreme court in Washington on 21 January 2026. Photograph: Mark Schiefelbein/APFederal ReserveTrump establishes committee to investigate Fed governor Lisa CookUS president renews his efforts to oust Cook despite supreme court ruling that her firing was unconstitutional Donald Trump announced on Friday that he is establishing a committee to investigate Lisa Cook, the US Federal Reserve governor, over allegations that she committed mortgage fraud, renewing his efforts to oust her despite a June supreme court ruling that her earlier firing was unconstitutional. Trump said a committee will consult with justice department officials to decide whether there is “cause” for her removal. The White House will hold an in-person hearing on 5 November to consider the allegations against Cook, which will be closed to the public but transcribed and published. Cook will be able to submit a written statement to present her own evidence and will be subject to examination from White House and her own legal counsel. “As President, it is my job to ensure the laws are faithfully executed, including by firing subordinates who cannot be trusted to tell the truth and follow the law,” Trump said in a statement posted to the White House’s website. Her legal team has maintained that the White House is “cherrypicking” facts and any claims of fraud are based on unrelated clerical errors. In response to the announcement, Cook’s lawyers said that they had “grave doubts” that the White House hearing would be “a legitimate one that would conform to the law”. “But if it is anything close to objective,” they continued, “the conclusion will be that Governor Cook did not commit mortgage fraud, leaving no cause to remove her from the Federal Reserve Board.” They added that Cook “welcomes the opportunity to present the facts so she can clear her name and demonstrate there is no legal basis to fire her”. Cook was appointed by Joe Biden in 2022 to a 14-year term, becoming the Fed’s first Black governor. Before her tenure at the central bank, she taught at Harvard University and Stanford University and served on Barack Obama’s council of economic advisers. Cook’s battle with the White House began in August 2025 when she was abruptly fired after Trump said she committed mortgage fraud by listing two properties in Georgia and Michigan as her primary residence and failing to report rental income on her Atlanta property. Cook immediately sued the Trump administration, and the supreme court reinstated her after a 5-4 ruling that she could stay on as governor while fighting the fraud allegations. In June, the court ruled that Trump’s firing was unconstitutional because he did not follow proper procedure and give Cook an opportunity to dispute the allegations before she was fired.

Trump establishes committee to investigate Fed governor Lisa Cook