Oil prices rose by about 1% following concerns about ongoing tensions in the Middle East, especially regarding Iran's conditions for reopening the Strait of Hormuz. At the same time, wheat prices increased due to worries about risks to grain exports from the Black Sea amid conflicts and restrictions on ship traffic.
Key Facts
Oil prices went up by 1% as worries about the Iran conflict continued.
Iran has set several conditions before reopening the Strait of Hormuz, a key shipping route.
Wheat prices increased because traders fear disruptions to grain exports from the Black Sea.
Turkey temporarily restricted commercial ship traffic entering the Black Sea but later allowed normal passage through the Turkish straits.
Turkey has asked Russia and Ukraine to pause attacks in the Black Sea to protect grain exports.
US stock markets showed mixed performance, while gold prices rose due to lower interest rate hike expectations and Middle East tensions.
Heatwaves in Europe caused thousands of deaths and warnings from insurance companies about underestimated risks.
The disruptions in trading markets reflect concerns over global conflicts and climate-related risks.
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A 35-year-old Mars Bar was found during a house clearance in Scunthorpe. The old chocolate bar weighs 62.5 grams, which is 20 grams heavier than a current Mars Bar that weighs 40 grams, showing how the size of the bar has shrunk over time.
Key Facts
The Mars Bar found was made in 1991 and has a best-before date from that year.
It was discovered by Victoria Gordon while clearing out a hoarder’s house.
The 1991 Mars Bar weighs 62.5 grams.
A Mars Bar sold today weighs 40 grams.
This difference points to "shrinkflation," where products become smaller but often keep the same price.
Victoria Gordon shared photos on social media, and the discovery has gone viral.
She runs a cleaning service called Pocket Rockets.
Gordon is considering showing the old Mars Bar in a UK tour or keeping it as a collectible.
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Starting a physical product business is easier now due to online platforms and digital marketplaces. However, as businesses grow and sell more products, managing production, quality, and delivery becomes a bigger challenge that requires new skills beyond just making a good product.
Key Facts
Over 21 million new business applications were filed in the U.S. from 2021 to 2024, showing strong growth in entrepreneurship.
Online commerce platforms like Shopify have greatly increased the number of first-time sellers, lowering entry barriers.
Many entrepreneurs start by designing products but later need to learn about production, logistics, and operations to succeed.
Manufacturing is becoming a key part of business strategy, not just a step in making products.
Entrepreneurs often make the mistake of buying cheap production equipment, which can lead to problems and extra costs later.
Reliable, consistent manufacturing is an investment that helps keep production running smoothly.
Successful companies combine good production with strong marketing and sales to grow their business.
Operational excellence in manufacturing helps businesses meet demand, but creating demand first is crucial.
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Fed Chair Kevin Warsh has created a new task force to improve how the Federal Reserve uses real-time economic data to guide its decisions. This group includes former Walmart CEO Doug McMillon and aims to use better data and AI technology to help the Fed make smarter policy choices.
Key Facts
Kevin Warsh is the current Chair of the Federal Reserve.
He appointed a task force to improve the quality and timing of economic data for the Fed.
The task force members include Harvard professor Raj Chetty, former Walmart CEO Doug McMillon, and economics professor Kevin Murphy.
They want to use real-time sales data and banking trends instead of older government surveys.
Artificial Intelligence (AI) is expected to help analyze this data more effectively.
Better data could help the Fed make clearer decisions about interest rates and economic policy.
Warsh’s approach signals a new way of using modern technology and data in economic planning.
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Small independent restaurants are starting to use artificial intelligence (AI) to improve their operations and connect better with customers. This technology helps with tasks like marketing, ordering, and managing schedules, which can help restaurants grow despite tight profit margins.
Key Facts
Nearly 60% of small businesses used generative AI in 2025, up from 40% in 2024, according to the U.S. Chamber of Commerce.
Nearly half of adults pick up takeout weekly, and 37% order delivery every week, showing the importance of off-premises dining.
Many restaurant owners feel they are behind in adopting technology, especially in marketing, ordering, payments, and back-office work.
Paul Birrell, founder of Decade Strategy, uses his experience to help restaurants create AI-supported tools for marketing, ordering, and customer communication.
AI allows small restaurants to adapt quickly and build systems that were once only affordable for large companies.
Decade Strategy works with restaurants to automate tasks, improve customer connections, and encourage repeat business.
Using AI can help restaurants regain personal connections with customers that were more common before digital ordering became widespread.
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Communities across the United States are concerned about the impact of new data centers on their water, land, and jobs. There is a growing idea that people with different political views could work together to set clear standards for data center projects to ensure they benefit local communities and the environment.
Key Facts
In July, 142 protests against data centers took place in 42 states, organized by a conservative former Tea Party activist.
Some political leaders, including Representative Alexandria Ocasio-Cortez and Senator Bernie Sanders, have voiced concerns about data centers affecting water quality and are calling for limits on their construction.
Both conservatives and progressives share concerns about environmental protection and local community impacts related to data centers.
Companies have made some efforts toward using clean energy, saving water, and creating jobs, but communities find it hard to know which promises are genuine.
Ideas include using technologies like geothermal power, rainwater harvesting, and waste heat reuse to reduce environmental harm.
There is a proposal to create a certification system, like Energy Star for appliances, to rate data centers on social and environmental responsibility.
Such a certification would help communities judge data center projects fairly and encourage developers to meet high standards.
The certification system would aim to be simple and avoid creating heavy bureaucracy.
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Harvey Nichols, a luxury department store chain, said it cannot continue operating without new investment and is up for sale by its Hong Kong owner, Dickson Poon. Mike Ashley’s Frasers Group is a leading buyer, but the company reported large financial losses and warned it will run out of money within a year.
Key Facts
Harvey Nichols was put up for sale in June by owner Dickson Poon.
The store has not been profitable since the COVID-19 pandemic reduced tourist spending.
It reported a £105 million loss for the year ending March 2025.
The company warned it will run out of money within a year without new funding.
Several bids have been made to buy the company; Frasers Group, led by Mike Ashley, is a top contender.
Next, a FTSE 100 retailer, showed interest but later withdrew.
Mike Ashley plans to keep main stores and rebrand others under Frasers Group’s other brands.
Harvey Nichols was founded in 1831 and has locations across the UK and internationally.
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Federal Reserve Chairman Kevin Warsh is working to rethink how the central bank manages the economy by using artificial intelligence (AI) to improve decision-making. While developing this new approach, he is still relying on traditional methods like raising interest rates to control inflation.
Key Facts
Kevin Warsh became Federal Reserve Chairman about 10 weeks ago.
Warsh wants to use AI to better understand the economy in real time and improve future policy decisions.
Current Fed policy focuses on raising interest rates to reduce inflation, which has been high for over five years.
A recent market reaction showed uncertainty after Warsh’s press conference, where he was vague about interest rate hikes.
Warsh encourages Fed staff to use generative AI to explore new ways to analyze economic data.
Some traders were surprised by Warsh’s reluctance to confirm immediate rate hikes, causing market swings.
Experts say it is too early to judge Warsh’s AI-driven strategy and advise giving it more time.
Warsh created AI bots based on famous economists to help with economic questions before taking office.
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Thames Water paid its new finance chief a £1 million signing bonus recently, even though the company is dealing with a huge amount of debt and possible government takeover. The payment came from emergency loan funds, and the company is working with lenders and the government to avoid temporary nationalisation.
Key Facts
Thames Water gave its finance chief, Steve Buck, a £1 million signing-on fee in July 2025.
Steve Buck joined Thames Water in April 2025, but the payment was delayed until after legal advice.
The money likely came from emergency funding provided by the company's lenders.
Thames Water owes about £20 billion in debt.
If no agreement is reached with creditors, Thames Water could enter a "special administration regime," a temporary government control to keep it running.
The company has faced criticism for environmental issues, including sewage leaks.
Thames Water was fined £122.7 million last year for poor customer service and environmental failures.
The company’s chief executive wants to improve but says some environmental targets are unrealistic.
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A woman staying at a Travelodge hotel in London was assaulted after hotel staff gave her abuser a key to her room. Travelodge said it regrets the incident, called such cases rare, and has updated its security policies and staff training to prevent this from happening again.
Key Facts
A woman escaped her abuser by staying in a Travelodge hotel in London.
The abuser entered the hotel, lied about her condition, and asked reception for her room details.
Staff gave the man a key and directed him to her room without confirming with the woman.
The man kicked in the door, assaulted the woman, and tried to take her phone.
Travelodge apologized and said their safety rules were not properly followed.
The company hired an expert to review its security and changed policies and staff training.
MPs have asked Travelodge to improve safety measures for vulnerable women.
A similar 2022 case involved a man getting a key without consent and sexually assaulting a guest; the victim received a small refund.
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Thames Water paid its chief financial officer, Steve Buck, a £1 million signing fee recently, despite facing financial problems and restrictions on bonuses due to environmental failures. The company is negotiating with creditors to avoid government takeover as it struggles with debt and infrastructure issues.
Key Facts
Thames Water paid CFO Steve Buck a £1 million signing fee last month.
The payment came from a £3 billion emergency debt fund agreed with creditors.
Thames Water serves 16 million customers in London and the Thames Valley.
The company has been restricted from paying performance bonuses due to environmental problems.
Thames Water has been nearly collapsing for over two years.
Creditors are negotiating to take ownership, offering the government a “golden share” to avoid debt write-offs.
Steve Buck’s base salary increased to £630,000 in April, with total pay previously around £591,000.
Thames Water also paid £4.1 million in bonuses to senior managers despite the bonus ban.
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Clothing companies like Levi’s, Uniqlo, and Primark are offering repair services and sewing workshops in stores to attract young shoppers. These efforts aim to help customers fix clothes instead of buying new ones, saving money and reducing waste.
Key Facts
Levi’s has a program teaching high school students how to sew on buttons, hem, patch holes, and fix tears.
Repair and customization services are available at hundreds of Levi’s stores worldwide.
Other brands like Uniqlo and Primark are also introducing in-store clothing repairs.
These initiatives appeal mainly to Generation Z, who care about sustainability and saving money.
Consumer Chloe Halprin shifted from buying trendy cheap clothes to secondhand and sewing repairs to reduce waste.
The repair trend builds on long-standing practices by some luxury and outdoor brands.
The goal is to extend the life of clothing and reduce the fashion industry’s textile waste.
Levi’s calls this effort “Wear Longer” and is expanding it across the United States.
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Taylor Farms is recalling more than a dozen food products, including salsa and guacamole, because they may contain salmonella from fresh jalapeños. The outbreak has affected people in 27 states, with 345 reported infections and 36 hospitalizations.
Key Facts
Taylor Farms recalled products sold at stores like Walmart, Target, Whole Foods, Kroger, and Trader Joe’s.
The recall involves products containing fresh jalapeños possibly contaminated with salmonella bacteria.
Salmonella can cause serious food poisoning, especially in young children, elderly people, and those with weak immune systems.
The outbreak is linked to fresh jalapeños supplied by Coast Citrus Distributors, with the source traced to a farm in Sinaloa, Mexico.
Since late July, 345 salmonella cases have been reported across 27 states, with 36 hospitalizations and no deaths.
Taylor Farms has stopped buying from the Sinaloa farm and is getting jalapeños from other suppliers.
The recall is voluntary and aims to prevent more people from getting sick.
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Asian stock markets showed mixed results following gains on Wall Street, with Japan’s Nikkei 225 rising sharply while other indexes had smaller gains or losses. Oil prices climbed due to tensions in the Middle East, including Israel rejecting a U.S. deal for Gaza and disputes over the Strait of Hormuz.
Key Facts
Japan’s Nikkei 225 increased by 2%, led by technology companies like Tokyo Electron and Advantest.
South Korea’s Kospi rose 0.8%, but major chipmakers Samsung Electronics and SK Hynix saw their shares fall.
Investors sold some Big Tech shares to take profits and moved money into industries like defense.
Hong Kong’s Hang Seng rose 0.6%, Shanghai’s index was nearly unchanged, while Australia’s S&P/ASX 200 fell 0.4%.
Oil prices went up due to political conflicts: Israel rejected a U.S. deal for Gaza, and Iran proposed restrictions on certain ships in the Strait of Hormuz.
Iran’s potential deal with Oman involves managing the Strait of Hormuz, a key oil shipping route.
Yemen’s Houthi rebels attacked a government port on the Red Sea coast, increasing concerns about shipping security.
On Wall Street, U.S. stocks rose after a report showed fewer job losses than expected, giving hope that interest rate increases might slow down.
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Raleigh, once a major bicycle manufacturer in Nottingham employing 8,000 people, has begun insolvency proceedings, signaling possible closure. The company played an important role in the local community and economy for decades by producing bikes for both local use and export.
Key Facts
Raleigh was one of Nottingham's largest employers along with Boots and Players cigarettes.
At its peak, Raleigh employed about 8,000 people and produced thousands of bicycles monthly.
The factory was well known in the area for its large size and distinct smell of metal, grease, and oil.
Raleigh bicycles were exported all over the world, including places like Paris.
The company faced strong competition from cheaper aluminum bicycles from Asia, which impacted its steel bike production.
Over time, layoffs increased and plans to expand the company were abandoned.
Employees shared that Raleigh was more than a workplace; it was a social hub with clubs and even a factory football league.
Raleigh has started insolvency procedures, indicating financial troubles and a possible end for this historic business.
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A survey shows that 30% of UK manufacturers were hit by cyber-attacks last year, either directly or through their supply chains. These attacks caused production delays and increased costs, but only half of the manufacturers have plans to handle such incidents.
Key Facts
Nearly one-third (30%) of British manufacturers faced a cyber-attack in the past 12 months.
Cyber-attacks caused lost production time and increased expenses for many companies.
Only about 50% of manufacturers have a plan to respond to cyber-attacks.
Hackers, some linked to hostile states, have become more skilled and frequent.
The 2023 cyber-attack on Jaguar Land Rover (JLR) forced production to stop for weeks.
The JLR hack alone cost the UK economy around £1.9 billion due to lost production.
Generative AI has increased the risk by enabling some automated hacking attempts.
Cybercrime costs the UK economy £14.7 billion annually according to the government.
Other large companies like IMI, Smiths Group, Marks & Spencer, and Harrods have also suffered recent cyber breaches.
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A woman named Lucy was attacked by her abuser in a Travelodge hotel room after staff gave him a key. Travelodge admitted their policy was not followed and said they have improved their room access security since the incident.
Key Facts
Lucy was staying at a Travelodge hotel to escape abuse.
Her abuser gave the receptionist false information and asked for her room key.
The receptionist gave him a key and directed him to Lucy’s room.
The abuser attacked Lucy, kicked down the door, and forced his way inside.
Lucy fled and asked for help but was only offered another room by Travelodge.
Travelodge confirmed their policy is to never confirm guest details or give keys without permission, but this was ignored.
After a similar attack in 2022, Travelodge updated their key access policy to require guest permission.
Travelodge said they retrained staff after discovering policy breaches in these cases.
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The trading card industry has grown significantly during the pandemic and is now valued at about $50 billion. Some people are concerned that certain parts of trading and collecting cards might be similar to gambling.
Key Facts
Interest in trading cards increased during the COVID-19 pandemic.
Many people searched their homes for old trading cards to collect or trade.
The trading card industry is currently worth approximately $50 billion.
There are growing questions about whether some trading card activities resemble gambling.
The rise in popularity has attracted media attention and reports.
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Taylor Farms is recalling over a dozen grocery store products that contain jalapeños because of a salmonella outbreak affecting 345 people in 27 states. The recalled items include dips, salsas, and guacamole sold at major stores like Walmart and Whole Foods.
Key Facts
Taylor Farms recalled more than 20 jalapeño-containing products from grocery stores across 26 states.
The salmonella outbreak has made 345 people sick in 27 states.
Products recalled include dips, salsas, and guacamole sold at stores such as Walmart, Target, Whole Foods, Trader Joe’s, and Kroger.
The jalapeños came from Coast Citrus Distributors, sourced from Sinaloa, Mexico.
Taylor Farms stated it is no longer sourcing jalapeños from that supplier and is using alternative suppliers instead.
The recalled products have “Best If Used By” dates up to August 16, 2026.
Taylor Farms produces a large portion of salad kits sold in the U.S. and distributes millions of servings of fresh vegetables weekly.
The USDA, FDA, and retailers are taking action to remove contaminated products from stores and restaurants.
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The Powerball lottery prize has grown to an estimated $905 million because no one won in the last drawing. This amount is the largest jackpot for this year. The next drawing will be on Monday.
Key Facts
The Powerball jackpot increased after no winner was found recently.
The estimated prize for the upcoming drawing is $905 million.
This is the biggest Powerball jackpot so far in the current year.
The next drawing is scheduled for Monday.
Powerball is a popular lottery game where players try to match numbers to win large cash prizes.
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