The UK government is considering changes to rules that require private housing builders to include affordable homes in new rural developments of 10 to 49 houses. Analysis shows this change could risk half of the affordable housing supply in rural England and reduce the total affordable homes built by 32,000 over 10 years.
Key Facts
The government may end the rule that developers must build affordable homes in medium-sized developments (10-49 houses).
These rules are called section 106 agreements, which require some homes to be affordable.
In rural areas, over half of affordable homes come from developments of this size.
Ending these rules could lead to 32,000 fewer affordable homes over the next decade.
Affordable housing is important for rural families who often cannot afford market prices.
Developers might instead pay money to local councils to build affordable homes elsewhere.
Section 106 agreements currently provide about 36% of all affordable homes built in 2024-25.
Officials say no final decision has been made, but changes aim to simplify the building process amid concerns about building costs and delays.
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Asian stock markets and U.S. futures showed mixed results after a long holiday weekend in the U.S. Oil prices fell slightly after some OPEC+ members decided to increase their oil production in August. Uncertainty about oil supplies remains due to delayed talks related to the Strait of Hormuz during funeral ceremonies in Iran.
Key Facts
Asian shares and U.S. futures were mixed, with some stock indexes falling and others rising.
Technology stocks contributed to declines in Tokyo and Seoul markets.
OPEC+ members Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman will increase oil production by 188,000 barrels per day in August.
This is the fifth month in a row that OPEC+ has agreed to raise oil output.
Brent crude oil price dropped 25 cents to $71.87 per barrel; U.S. crude dropped 10 cents to $68.59 per barrel.
Talks about reopening the Strait of Hormuz are on hold during the funeral of Iran’s Supreme Leader Ayatollah Ali Khamenei.
Japan’s Nikkei 225 fell by 0.4%, and South Korea’s Kospi dropped by 0.8%.
The U.S. dollar rose against the Japanese yen, trading at about 161.92 yen compared to 140 yen a year ago.
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Two major fuel providers in the Channel Islands, Rubis and ATF Fuels, say that lower wholesale fuel prices are starting to reduce the prices at gas stations in Guernsey and Jersey. Prices reached a high due to the Iran war in May but have since dropped, and further reductions are expected if wholesale prices keep falling.
Key Facts
Fuel prices at pumps in Guernsey and Jersey are gradually going down.
Petrol and diesel prices peaked in May because of the Iran war.
Global oil prices have recently returned to levels seen before the Iran war.
Diesel prices fell by 17p per liter in June, the fastest monthly drop since 2000.
Petrol prices have also decreased, but less quickly than diesel.
Rubis expects more price cuts at pumps as new lower-cost fuel stocks arrive.
ATF Fuels said refining costs and war damage in Iran slow the drop in fuel prices.
A local politician suggested temporarily cutting fuel taxes to ease living costs.
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Allison Kirkby became BT’s first female chief executive over two years ago, and since then, the company’s share price has increased by 80%. Under her leadership, BT has made progress in selling its international division, expanding full-fibre broadband coverage in the UK, and raising cost-saving targets, though some credit earlier progress to her predecessor.
Key Facts
Allison Kirkby became BT’s first female CEO more than two years ago.
Since she took over, BT’s share price has risen by 80%.
Kirkby earned a pay and bonus package of £5.6 million last year, the largest at BT in over a decade.
BT’s international division, which had been a financial drag, is being sold off to focus on UK operations.
More than two-thirds of UK homes now have full-fibre broadband thanks to BT’s investments.
BT expects to reduce its workforce by about 40% by the end of the decade, partly due to AI and fewer engineering needs.
The company raised its cost-saving target from £3 billion to £3.7 billion.
BT faces competition from Vodafone and had revenue decline by 3% last year.
BT reversed a plan to retire its brand in favor of EE, aiming to position BT as a national connectivity brand.
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OPEC+ members including Saudi Arabia and Russia plan to increase oil production by 188,000 barrels per day starting in August. This is their fifth monthly increase as they respond to improving market conditions following disruptions caused by the US-Israel conflict with Iran.
Key Facts
Seven OPEC+ countries will raise oil output by 188,000 barrels per day from August.
The countries involved are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
This marks the fifth straight monthly production increase by these countries.
OPEC+ had cut oil production in 2023 due to supply disruptions and financial market impacts.
The Strait of Hormuz near Iran, a key shipping route, was partially blocked but traffic is now increasing after a peace agreement.
Brent crude oil prices have dropped from over $126 per barrel in April to around $72 recently.
Total OPEC+ oil production fell from 42.77 million barrels per day in February to 33.13 million in May due to the blockade.
Analysts say the new production increases reflect easing shipping limits and higher supply, causing prices to fall.
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A Chinese tea company called Molly Tea was ordered by a court in Jiangsu province to pay about $1.5 million to Louis Vuitton for copying its trademarked four-petal flower logo. The court also required Molly Tea to stop using the logo and publicly apologize, sparking a large online debate in China about copyright and design inspiration.
Key Facts
Molly Tea, based in Shenzhen, was found to have copied Louis Vuitton’s four-petal flower logo.
The court ruling came from Suzhou city in eastern China.
Molly Tea must pay 10.3 million yuan (about $1.5 million) in damages and stop using the logo.
The tea company’s affiliated firms had several trademark applications rejected by China’s intellectual property agency.
Only Molly Tea’s trademark with Chinese characters was approved officially.
The court decision led to heated discussions on Chinese social media, reaching over 400 million views.
Some users defended Molly Tea, saying Western luxury designs are inspired by Chinese art.
Others supported the ruling, saying Louis Vuitton legally owns the trademark and must protect it.
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Annin Flagmakers is the oldest and largest company that makes flags in the United States. The company has a factory in South Boston, Virginia, where they produce flags.
Key Facts
Annin Flagmakers is the oldest flag-making company in the U.S.
It is also the largest flagmaker in the country.
The company has a factory located in South Boston, Virginia.
CBS News correspondent Jericka Duncan visited the factory.
The company produces various types of flags used across the U.S.
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A report says making UK public transport fully accessible for disabled people could add £176 billion to the economy by helping millions find jobs. The Institution of Mechanical Engineers highlights current transport barriers that prevent many disabled people from working or taking part in daily activities.
Key Facts
Nearly one quarter of working-age people in the UK find the transport system inaccessible.
Problems include lack of lifts, ramps, tactile paving, and sensory-friendly environments at stations.
Almost half of disabled professionals have turned down jobs because of transport issues.
About 2.8 million disabled people are partly excluded from the workforce due to these barriers.
The potential economic benefit of full accessibility is estimated at £176.4 billion annually.
The cost of making the rail network fully accessible is expected to be between £20 billion and £24 billion over several years.
Improving accessibility could also boost sectors like retail, leisure, and tourism by £22.3 billion per year.
There could be an extra £10 billion to £34 billion annually in fare revenue from more passengers using public transport.
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Seven countries in the OPEC+ group agreed to increase their oil production by 188,000 barrels per day in August. This decision comes as oil prices have fallen close to levels seen before recent conflicts involving the U.S., Israel, and Iran.
Key Facts
The seven countries increasing production are Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman.
This is the fifth month in a row that OPEC+ has raised oil production.
Oil prices recently dropped to under $72 a barrel, near pre-conflict levels.
The drop in prices follows an interim deal between the U.S. and Iran to end fighting and ease port blockades.
The deal allows ships to pass through the Strait of Hormuz, a key route for about one-fifth of the world’s oil.
Despite the deal, ship traffic through the strait is still below levels before the conflict.
Iran warns oil tankers to use approved routes through the strait or face strong consequences.
Earlier conflicts caused an energy crisis by limiting shipping and oil supplies worldwide.
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EasyJet has reached a preliminary agreement with the US investment firm Castlelake over a possible takeover offer valued at about £5.2 billion. Castlelake’s latest offer is £6.90 per share, higher than previous bids, but the deal is not final and must pass regulatory reviews and shareholder approval.
Key Facts
EasyJet is a low-cost airline based in Luton, UK, flying around 1,200 routes in 35 European countries.
Castlelake owns about 2.14% of EasyJet’s shares and has made multiple takeover offers before, all previously rejected.
The new offer from Castlelake is £6.90 per share, better than their earlier bids of £5.60 to £6.50 per share.
The takeover still requires approval from regulators and EasyJet shareholders.
EU rules require that EasyJet remain at least 51% owned by a European company; Castlelake is US-based but has plans to meet this rule.
EasyJet’s board said they would likely recommend this offer to shareholders if it becomes official.
EasyJet’s share price has dropped over 30% in the last year, partly due to tensions affecting travel, like the US-Israel conflict involving Iran.
Castlelake manages assets worth about $36 billion (£27.3 billion).
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“Minions & Monsters” earned $36.4 million and was the top movie at the Fourth of July holiday box office in the U.S. It narrowly beat “Toy Story 5,” which earned $31 million over the same weekend.
Key Facts
“Minions & Monsters” is the seventh film in the “Despicable Me” series.
The movie opened on Wednesday and made $61.4 million in its first five days.
Globally, “Minions & Monsters” made $160 million in its debut week.
“Toy Story 5” earned $31 million during the Fourth of July weekend.
“Young Washington,” a movie about George Washington, came in third with nearly $21 million.
“Supergirl” earned $9.6 million but dropped 74% from its opening weekend.
The overall box office was down 24% compared to last year but up 12% from 2025.
Other notable films include “Obsession” and “Backrooms,” popular with younger audiences.
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EasyJet has agreed in principle to a £5 billion takeover by the US investment firm Castlelake, which would make the airline private. The deal followed several weeks of talks and earlier rejected offers, with EasyJet’s board likely to recommend the new offer to shareholders if it becomes firm.
Key Facts
EasyJet is Britain’s largest low-cost airline.
Castlelake, a US investment firm, has agreed on a £5 billion takeover deal with EasyJet.
The agreed price is £6.90 per share, higher than the previous rejected offer of £6.50 per share.
EasyJet’s board will likely advise shareholders to accept the offer if it becomes official.
The takeover deal requires a formal offer by 3 August at 5pm.
Castlelake supports EasyJet’s plans to modernise its fleet with newer, more fuel-efficient planes.
EasyJet is part of Britain’s FTSE 250 stock market index.
The deal would make EasyJet a private company instead of publicly traded.
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AustralianSuper, Australia’s largest superannuation fund managing $388 billion, reversed its previous decision to avoid coal by becoming the largest investor in Whitehaven Coal. This move raises questions about its commitment to net zero carbon emissions, a target aligned with the Paris agreement.
Key Facts
In 2020, AustralianSuper committed to a net zero carbon emissions target and sold its shares in Whitehaven Coal.
By 2026, AustralianSuper became Whitehaven Coal’s biggest investor, holding more than $600 million in shares.
Whitehaven operates six coal mines in New South Wales and Queensland and plans to develop more.
AustralianSuper states the investment was based on market value and metallurgical coal’s role in steel production.
Many super funds limit investments in thermal coal due to its environmental harm, but AustralianSuper’s move may encourage others to increase coal investments.
Experts express concern that the fund focuses on investment returns more than climate risks.
AustralianSuper also holds shares in Woodside Energy, an oil and gas company with expansion plans.
Research shows most Australians want their super funds to avoid investments that harm the environment or society.
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Queensland's government is reviewing rules that require mining companies to set aside money for cleaning up mines after they close. Some people worry that if these rules are weakened, taxpayers might end up paying for mine cleanups, especially for abandoned or poorly managed sites.
Key Facts
Queensland is reviewing a financial provision scheme started in 2019 that makes mining companies guarantee funds for mine cleanup.
The review aims to balance strong environmental standards with encouraging investment in mining, especially for smaller or junior mining companies.
Some environmental groups worry that smaller mining companies might abandon mines without proper cleanup, leaving costs to the public.
Larger mining companies sometimes sell mines to smaller firms that may not have enough money to cover rehabilitation.
A cattle farmer near the Bluff coal mine in Queensland is concerned about damage to her land and unanswered compensation claims after the mine owner went into receivership.
The Queensland Resources Council, representing mining companies, supports the government’s review and wants to contribute to the process.
Critics urge the government not to weaken the financial protections to avoid environmental damage and costs falling on ordinary Queenslanders.
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Delivery company Evri is suing the BBC for £1.2 million, claiming a Panorama documentary caused it financial harm by making false statements about its business practices. Evri says the documentary wrongly accused it of exploiting workers and underpaying couriers, leading to lost potential contracts.
Key Facts
Evri has filed a lawsuit against the BBC in the High Court for £1.2 million.
The claim relates to a Panorama documentary titled "Evri: Where’s my parcel?" aired on 15 December 2025.
Evri says the documentary falsely accused it of paying couriers below the minimum wage and misleading parliament.
The company claims it lost prospective clients and contracts worth about £1.2 million due to the broadcast.
Evri seeks special damages, general damages, and a court order stopping the BBC from repeating the claims.
The documentary remains available online with a note about the libel claim.
Evri was owned by Apollo Capital Management as of 2024, after rebranding from Hermes in 2022.
The BBC declined to comment on the legal case, and Evri has not made further public comments as the case is ongoing.
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Residents at more than 50 aged care homes run by Arcare in Australia are suing the company for charging fees for extra services like high teas, exercise classes, and internet, even when many could not use these services. The lawsuit says Arcare included these fees as part of a mandatory package from 2020 to 2026, which may have broken laws about charging residents only for services they can use and agree to.
Key Facts
The class action covers over 50 Arcare aged care facilities across four Australian states.
Residents were charged a daily "additional services fee" from July 2020 through July 2026.
Some residents were immobile, unable to swallow, or had cognitive impairments, making them unable to use some charged services.
Charges included items like high teas, exercise classes, alcohol, Foxtel TV, newspapers, and wireless internet.
Australian law says aged care fees can only be charged if residents agree and can access the services.
The lawsuit claims Arcare forced these fees as a non-negotiable condition to enter the facility.
Some charges were based on how much Arcare thought residents could afford, not the real value of services.
Arcare has not yet responded formally to the court but says they are committed to quality care.
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A financial adviser explains how parents can help their children become millionaires by age 30 through early investing and smart money habits. Key steps include avoiding large student debt, investing from birth, encouraging good financial behavior, avoiding costly mistakes, and not rushing to buy a home.
Key Facts
Investing $1,000 a month from a child's birth at a 7% average return can grow to about $1.2 million by age 30.
The goal is to help children become financially independent, not just to give them money.
Student loan debt should ideally be zero or at most equal to one year’s starting salary; options to reduce debt include 529 plans, scholarships, and tuition reimbursement.
Start investing early, such as funding a Roth IRA for a teenager with earned income, to benefit from decades of compounding interest.
Parents should match children’s good financial habits, like contributions to retirement accounts, instead of giving cash.
Common wealth destroyers include large student loans, expensive car payments, credit card debt, buying too much house too soon, and delaying investing early in a career.
Owning a home is not always a good investment for young adults and can sometimes be a financial mistake.
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William Blyth is a traditional tile-making company in North Lincolnshire, England, using century-old machines to make roof tiles from local clay. The British ceramics industry faces challenges from rising energy costs, competition, and economic pressure, causing some firms to close while others adapt by diversifying their business.
Key Facts
William Blyth has been making roof tiles since 1840 using old machines, some from the 1800s and 1920s.
The clay for tiles comes from the nearby Humber Estuary.
The company is one of about a dozen traditional tile makers still operating in the UK.
Roof pantiles have a unique curved shape and have been made in the region since the 1700s.
The ceramics industry struggles with high energy prices, labor costs, and cheaper imports.
Denby Pottery, a 200-year-old ceramics firm, recently closed due to these pressures.
The UK clay roof tile production dropped from 4.5 million sq meters in 2021 to just over 3 million in 2025.
William Blyth expanded its business by adding a garden centre and cafe to improve financial stability.
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A former top economic adviser, Nicholas Stern, urged Andy Burnham to pick Ed Miliband as chancellor if he becomes prime minister. Stern believes Miliband has the experience and clear plan to boost investment, especially in clean energy and infrastructure, to help the economy grow.
Key Facts
Nicholas Stern was a chief economic adviser at the UK Treasury and a former chief economist at the World Bank.
Stern supports Ed Miliband as chancellor because of his experience and strategic vision.
Miliband is known for focusing on clean energy, modern infrastructure, and investment in new technologies.
Stern praised Miliband’s moratorium on new oil and gas drilling licenses in the North Sea.
Stern said investing in old industries like oil is not a good long-term strategy; new technology investment is key.
Miliband has worked closely with the Treasury and understands economic strategy well.
Appointing Miliband as chancellor would help rebuild public trust in government spending and economic planning.
Miliband is seen as a respected figure globally, especially on climate issues.
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Sky, owned by American company Comcast, is set to buy ITV’s TV and streaming channels, creating a new British media company under American ownership. This deal will not remove ITV’s free-to-air service but could lead to future changes in how content is streamed or bundled.
Key Facts
Sky is expected to buy ITV’s TV and streaming channels, including ITVX.
Sky is owned by Comcast, an American company.
ITV must provide a free-to-air service until at least 2034 by law.
Popular ITV shows like Coronation Street and Love Island will continue to air on ITV and ITVX in the short term.
ITV Studios, ITV’s production arm, is not included in the sale and will remain separate.
A supply deal will likely keep ITV Studios producing shows for ITV after the takeover.
Sky might merge its streaming service with ITVX and offer more bundled content in the future.
Changes to beloved ITV shows can only happen after the current production agreement ends.
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