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Business news, market updates, and economic developments
Jaguar Land Rover (JLR) has started reopening its operations in phases after a cyber attack in August. The company is working to fix its IT systems and clear payment backlogs to suppliers while its factories remain closed. The government may support JLR's suppliers to prevent small businesses from going bankrupt.
Key Facts
JLR began a "phased restart" after a cyber attack disrupted its operations.
The attack in August caused JLR to shut down its IT networks and halt production.
Parts of JLR's IT system are now back online, helping with invoicing and sales.
JLR factories are not expected to reopen until next month at the earliest.
The government is considering supporting JLR suppliers to prevent bankruptcies.
JLR's global parts logistics centre is returning to full operations.
The company says restoring IT systems helps improve cash flow by allowing vehicle sales and registrations.
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Nigel Farage and Richard Tice from Reform UK want the Bank of England to stop selling bonds, which they say is costing taxpayers a lot of money and raising government debt costs. They also want the Bank to change its approach to cryptocurrencies to encourage innovation. The Bank of England started selling bonds in 2022, reversing previous efforts to support the economy by buying bonds.
Key Facts
Nigel Farage and Richard Tice met with the Bank of England governor to discuss concerns.
Reform UK claims selling bonds, known as quantitative tightening, is leading to financial losses.
Quantitative easing involved the Bank buying bonds to support the economy; now it's selling them.
The Bank of England started its bond-selling program last year.
Tice argues these actions can affect government taxes and budget decisions.
Farage wants the Bank to relax its rules on cryptocurrencies to boost innovation.
Reform UK plans to accept Bitcoin donations and promote cryptocurrency use.
The Bank of England has warned that stablecoins could threaten the financial system.
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Starbucks plans to close some of its underperforming stores in the U.S. and UK, which will result in cutting about 900 jobs. The company aims to save costs and improve sales while still planning to open new locations in both regions. The job cuts will mostly affect support teams, not the baristas who serve customers in the stores.
Key Facts
Starbucks will close some stores in the U.S. and UK as part of a cost-saving move.
About 900 jobs will be cut, affecting mostly support teams.
This action is part of efforts to improve sales and reduce wait times.
In February, Starbucks announced a previous job cut of 1,100 positions and changes to its U.S. menu.
The company still plans to open 80 new stores in the UK and 150 across Europe, the Middle East, and Africa this year.
Some stores in Switzerland and Austria will also close.
The job cuts will not affect baristas working in the stores.
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Papa Johns introduced a new pizza called the "Papa Dippa," which comes with four different garlic-based dipping sauces. This menu change aims to attract customers as people spend less due to economic uncertainty.
Key Facts
Papa Johns launched the "Papa Dippa" on September 22.
The new pizza includes four dipping sauces: Special Garlic, Garlic Parmesan, Garlic Pesto, and Garlic Hot Honey.
The pizza is available for $13.99 and is cut into 16 strips for easy sharing and dipping.
Each strip has 160 calories, 6 grams of fat, and 6 grams of protein.
From September 25 to October 9, customers can send the pizza to others using Uber Eats with a personalized message.
Papa Johns plans to grow sales by 2% to 5% by 2025 and open 85 to 115 new stores in North America.
The company will keep focusing on digital ordering and partnerships, like with Uber Eats, to boost business.
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Amazon will pay $2.5 billion to settle with the Federal Trade Commission (FTC) over claims that it misled customers into signing up for Prime memberships and made it hard to cancel them. This settlement includes $1 billion in civil penalties and $1.5 billion in refunds to customers. Amazon denies any wrongdoing.
Key Facts
Amazon has agreed to a $2.5 billion settlement with the FTC.
The settlement involves $1 billion in civil penalties.
An additional $1.5 billion will go towards refunds to affected Prime members.
The FTC claims Amazon misled customers into signing up for Prime.
The FTC also says Amazon made it difficult for users to cancel their Prime memberships.
Amazon denies any wrongdoing in this case.
Amazon has not yet responded to requests for comments about the settlement.
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Amazon agreed to pay $2.5 billion to settle with the Federal Trade Commission (FTC) over accusations that it misled customers into enrolling in its Prime service. The FTC claimed that Amazon made it hard for people to cancel their Prime memberships. Despite the settlement, Amazon did not admit to any wrongdoing.
Key Facts
Amazon will pay $2.5 billion to settle allegations with the FTC.
The FTC accused Amazon of tricking customers into signing up for Prime memberships.
Amazon also allegedly made it difficult for customers to cancel Prime.
The settlement includes $1 billion in civil penalties, the largest fine ever by the FTC.
$1.5 billion from the settlement will go to consumers affected by the Prime enrollment practices.
The trial began in Seattle and relates to a case filed two years earlier.
Amazon did not admit to any wrongdoing in the settlement.
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Starbucks is closing about 200 stores and laying off 900 corporate employees in the U.S. and Canada as part of a strategy to improve the company. The CEO, Brian Niccol, aims to enhance customer experience by investing in new store openings and making current stores more appealing to customers. Recent changes have not yet improved the company’s financial performance significantly.
Key Facts
Starbucks will close roughly 200 stores in the U.S. and Canada.
The company will lay off 900 corporate employees as part of a turnaround plan.
Starbucks plans to finish the fiscal year with nearly 18,300 locations in these regions.
The company’s strategy includes opening new stores and renovating over 1,000 existing ones.
This is the second wave of layoffs following 1,100 job cuts in February.
CEO Brian Niccol, who joined from Chipotle, aims to improve customer experience by speeding up service and upgrading store designs.
Starbucks has reported declining sales for six consecutive quarters.
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Starbucks announced it will close some stores and lay off 900 employees as part of a $1 billion restructuring plan. This move comes as the company works to improve after having lower sales for a long time.
Key Facts
Starbucks will close an unspecified number of stores.
The company plans to lay off 900 employees.
The restructuring plan will cost $1 billion.
Starbucks is trying to improve its business after ongoing sales drops.
This is part of the company's larger turnaround efforts.
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Amazon decided to settle a lawsuit by agreeing to pay $2.5 billion after being accused of tricking people into its Prime membership program. The U.S. Federal Trade Commission (FTC) claimed that Amazon used confusing web designs to get people to sign up and made it hard for them to cancel. Amazon did not admit it did anything wrong but agreed to the settlement as a trial was about to start.
Key Facts
Amazon will pay $1 billion to the government and $1.5 billion to affected customers.
The FTC accused Amazon of using confusing web designs to enroll users in auto-renewing Prime memberships.
Prime memberships cost $139 per year or $14.99 per month.
Regulators said Amazon made the cancellation process difficult on purpose.
Amazon denied any wrongdoing and said its practices were clear and beneficial to customers.
A trial was about to start in Seattle, with a jury set to decide if Amazon broke the law.
Amazon faces another lawsuit accusing it of running a monopoly, expected to go to trial in 2027.
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Krispy Kreme is celebrating National Coffee Day by giving away free coffee and doughnuts at participating locations on September 29 without any purchase required. Additionally, customers can buy an Original Glazed dozen for $1 with the purchase of another dozen at the regular price over the weekend.
Key Facts
Krispy Kreme offers free medium-sized hot or iced coffee and a free doughnut on September 29 at participating stores.
No purchase is needed to get the free coffee and doughnut.
A separate promotion offers an Original Glazed dozen for $1 when buying another dozen at the regular price, valid from Saturday to Monday.
The promotions are available in-store and via drive-thru at participating shops nationwide.
National Coffee Day has been celebrated in the U.S. for over ten years.
Singer Joe Jonas is partnering with Krispy Kreme for this promotional event.
The $1 BOGO (buy one, get one) deal is available for pickup or delivery via Krispy Kreme's website or mobile app with a promo code.
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New home sales in the U.S. rose significantly in August 2025, reaching an annual rate of 800,000 homes, according to the U.S. Census Bureau. This marked a 20.5% increase from July and a 15.4% rise from the same month in the previous year. Builders offered price cuts and incentives, which helped boost sales despite higher overall median home prices.
Key Facts
New home sales hit an annual rate of 800,000 in August, according to the U.S. Census Bureau.
This rate was 20.5% higher than July's rate and 15.4% higher than August 2024.
Sales increased most in the Northeast, with a 72.2% rise from July.
Builders offered price cuts, with 37% doing so in August, according to a survey by the National Association of Homebuilders.
The median sales price for a new home was $413,500 in August.
The inventory of new homes dropped to 490,000, equivalent to a 7.4-month supply.
The percentage of homebuilders offering discounts rose to 39% in September, the highest in over five years.
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Twenty One Pilots' album "Breach" hit No. 1 on the Billboard 200 albums chart, marking a notable comeback for rock music. The album sold 200,000 units, with 169,000 from sales including 72,000 on vinyl. Ed Sheeran's "Play" debuted at No. 5, while streaming continues to play a significant role in album rankings.
Key Facts
"Breach" by Twenty One Pilots is the No. 1 album on the Billboard 200 chart.
The album sold 200,000 equivalent units, with 169,000 from sales.
72,000 of the album's sales were vinyl records.
This is the biggest rock debut since Tool's "Inoculum" six years ago.
Twenty One Pilots last topped the albums chart in 2015 with "Blurryface."
Ed Sheeran's "Play" debuted at No. 5 with 71,000 equivalent units.
Streaming significantly impacts chart rankings, as seen with new artists like sombr.
"Golden" by HUNTR/X is No. 1 on the Hot 100 singles chart for the sixth week.
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Customers in England, Wales, and Scotland owe a total of £4.4 billion to energy suppliers, setting a new record. Over one million households have no plan in place to repay this debt, and the regulator, Ofgem, is exploring ways to address the issue, including proposals for a Debt Relief Support Scheme.
Key Facts
Customers owe £4.4 billion to energy suppliers, which is a new high.
This debt increased by more than £750 million from the previous year.
More than one million households do not have repayment plans for their energy debt.
Ofgem is considering a Debt Relief Support Scheme to help manage and possibly reduce this debt.
Energy prices have dropped from their peak but remain high, causing payment difficulties.
The average debt for households without a repayment plan is £1,716.
Ofgem aims to make it easier for people to get help from charities and debt support groups.
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A dog owner in California got two DNA tests from different companies for her adopted dog, Lydia, to find out its breed for sure. This reflects a broader trend, as the U.S. pet DNA testing market is growing, expected to reach $234 million by 2030.
Key Facts
The dog owner, Allie, adopted her dog Lydia from a rescue in Southern California.
Lydia was first identified as a dachshund mix by the rescue.
Allie used two DNA test companies, Wisdom Panel and Embark, to confirm Lydia's breed mix.
The tests showed Lydia is 33% Yorkshire terrier, 25% Chihuahua, 9% poodle, and a mix of other breeds.
The U.S. pet DNA testing market was valued at $144.4 million in 2024.
The market is projected to grow to $234 million by 2030.
Some research suggests DNA test results can vary and might be influenced by factors like photos.
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Ticketmaster is required to provide better information about ticket prices. The change comes after complaints about unclear pricing during an Oasis tour. The company will now inform fans 24 hours in advance if a tiered pricing system is used.
Key Facts
Ticketmaster must give more detailed price information to music fans.
This change follows complaints about Oasis's reunion tour last year.
The Competition and Markets Authority (CMA) pushed for this change.
Fans will now get a 24-hour notice if a tiered pricing system is used.
Ticketmaster sold "platinum" tickets much higher than standard ones, without clear explanations.
The CMA said Ticketmaster potentially misled fans with unclear prices.
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Recent economic data shows an unexpected improvement in the U.S. economy. The federal government revised the economic growth rate from April to June to 3.8%, and jobless claims decreased to 218,000 last week.
Key Facts
The government updated the GDP growth rate for April to June to 3.8%.
The previous GDP growth estimate for that period was 3%.
Jobless claims in the U.S. fell to 218,000 last week.
This is the lowest level of jobless claims in two months.
The number of jobless claims was lower than expected.
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In the Bay Area, an Airbnb host named Jane Ng found her rental home in a chaotic state after a group of 10 guests, including eight children, checked out. The guests left the doors open, took all the kitchen knives, left dirty towels lying around, and made a mess that took double the usual cleaning time. Despite the incident, Ng remains committed to hosting, noting that most guests are respectful.
Key Facts
Jane Ng owns four Airbnb homes and manages 10 others for different owners.
A group of 10 guests left her rental untidy, with open doors and missing kitchen knives.
The mess took longer than usual to clean, costing around $300 extra in cleaning fees and replacements.
Ng checked the doorbell camera and found more people in the house than expected.
Airbnb stated they could not confirm the issue was related to their service.
Ng continues to host and acknowledges that most guests are respectful and well-behaved.
Airbnb has over 5 million hosts globally, and hosts have earned $250 billion since its founding.
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Starbucks will close over 150 stores in the U.S. and Canada in 2025, affecting about 1% of its locations. The company will try to transfer employees from closing stores to nearby branches, and also plans to renovate more than 1,000 other locations.
Key Facts
Starbucks will close over 150 of its coffeehouses in the U.S. and Canada in 2025.
The closures represent about 1% of Starbucks locations in North America.
The company will notify employees at affected stores and offer transfers to nearby locations when possible.
Starbucks will provide severance packages for employees who cannot be transferred.
The company plans to renovate more than 1,000 locations across the U.S. and Canada.
Starbucks identified stores for closure due to lack of profitability or inadequate physical environments.
Brian Niccol, the chairman and CEO, announced these changes.
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Changes in IRS tax brackets for 2026 might help first-time homebuyers by reducing their taxes, which could make buying a home more affordable. Expected adjustments are predicted to benefit people with lower and middle incomes. Along with falling mortgage rates, these changes could make the housing market more favorable for buyers.
Key Facts
The IRS will adjust tax brackets for 2026, likely benefiting lower and middle-income earners.
Income tax bracket adjustments are based on inflation to match the cost of living.
New tax bracket changes will be announced later in 2023.
Lower effective taxes could help first-time buyers save for down payments and qualify for mortgages.
Current mortgage rates are around 6.26 percent, expected to drop below 6 percent by the end of 2026.
Some U.S. metropolitan areas, particularly in Florida, are becoming buyer's markets, offering better negotiations for homebuyers.
Falling mortgage rates could increase home listings and help more buyers enter the market.
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The U.S. housing market saw more homes listed for sale this summer, with high prices and mortgage rates keeping many buyers away. Despite more options on the market, most of these homes did not sell, and sellers had to reduce prices. Some sellers turned their unsold homes into rental properties or removed them from the market.
Key Facts
The number of active home listings increased by 4.9% this summer compared to last year, reaching 3.06 million.
About two-thirds of these homes are still for sale, and many had their prices cut.
Only 27.6% of the listed homes sold this summer, often at prices lower than the original asking price.
The housing market has faced a shortage of homes since the 2008-2009 recession, worsened by high demand during the pandemic.
High mortgage rates around 6.8% to 6.5% have made homes less affordable, reducing buyer interest.
Some sellers have turned their unsold homes into rental units, with renting now being cheaper than buying in most major U.S. cities.
Many sellers have not changed their home prices or taken them off the market, leaving over 1.96 million homes unsold.
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