The Bank for International Settlements warns that the current surge in investment in artificial intelligence (AI) resembles past big technology booms that ended in economic downturns. If AI investments do not bring expected returns soon, the global economy and financial markets could face serious problems.
Key Facts
The Bank for International Settlements (BIS) compares today’s AI investment boom to past technology-driven investment booms like canals, railroads, and the internet.
Past booms led to large investments before clear economic benefits appeared, often followed by recessions when investments reversed.
AI investments are currently high, supported by investors, lenders, and suppliers expanding their businesses based on expected future gains.
If AI returns disappoint, companies and lenders involved could struggle financially, leading to wider market stress.
Problems could spread through private credit markets where some funds are starting to face withdrawal requests.
A correction in AI-related stocks, mainly in U.S. markets, could reduce wealth worldwide due to global financial connections.
The AI sector’s financial links are complex and heavily reliant on debt, increasing risk if investment slows.
Policymakers face additional challenges like inflation, public debt issues, and supply problems that could worsen if the AI boom falters.
Read the Original
Want the full story? Tap a source to open the original
article.
The growth of the U.S. population has slowed significantly, falling from 3.2 million new people in one year to just 1.8 million between July 2024 and July 2025. This slowdown is partly due to lower birth rates, an aging population, and reduced immigration under President Donald Trump’s administration. Experts say this slower growth reduces housing demand but does not solve the country’s housing shortage or affordability problems.
Key Facts
U.S. population grew by 1.8 million (0.5%) from July 2024 to July 2025, down from 3.2 million the year before.
The decline in population growth is mainly caused by fewer births, an older population, and less immigration.
Immigration fell sharply during President Trump’s second term, contributing to slower population growth.
Housing demand has dropped, with household growth falling from about 2 million during the pandemic to 1.1 million last year.
Home prices increased only slightly, by 2% in a year, with the median home price around $399,000 as of May 2025.
Vacancy rates for homes and rentals are rising from historically low levels but remain below average.
Housing affordability problems continue to limit home buying and family growth, which in turn affects population growth.
The population growth slowdown helps ease housing demand but does not fix the long-term shortage of available homes.
Read the Original
Want the full story? Tap a source to open the original
article.
The EU will cut the amount of duty-free steel it allows from outside countries nearly in half to limit cheap steel from China. However, 12 countries with free trade agreements, including the UK, will face smaller cuts, keeping about two-thirds of their usual steel import limits.
Key Facts
The EU is reducing its duty-free steel quota by 47% starting July 1, 2026.
Tariffs on steel imports above the quota will rise to 50%.
Countries with free trade agreements (FTAs) like the UK, Turkey, and South Korea will get higher quotas, around 66-67% of their past trade levels.
The quota system is based on historical steel trade from 2022 to 2024.
The EU wants to protect its steel industry from cheap Chinese imports.
There are 28 steel product categories covered, including steel used in cars and construction.
The UK steel industry had warned the quota system could have serious negative effects.
Plans for a UK-EU “steel club” to trade steel tariff-free and cooperate against China have ended due to these new rules.
Read the Original
Want the full story? Tap a source to open the original
article.
An employee at EY, a major accounting firm in Australia, was fired after allegedly accessing Prime Minister Anthony Albanese’s personal bank account without permission. Two men have been charged and are awaiting further court appearances related to this case.
Key Facts
The accused men are 21 and 25 years old and face charges for unauthorized access to restricted data.
The younger man, Paul Issa, was accused of both accessing and sharing personal data.
The men were charged on May 6 and appeared in court on May 9, with bail extended until August 25.
The breach reportedly happened while the EY employee was working temporarily at Commonwealth Bank.
Prime Minister Albanese holds a savings account and mortgage with Commonwealth Bank.
Treasurer Jim Chalmers expressed serious concern about the data breach affecting not just the PM but all Australians.
EY confirmed the employee involved no longer works at the firm but declined further comment.
Other large accounting firms like KPMG and PwC have recently faced scandals related to leaking confidential client information.
Read the Original
Want the full story? Tap a source to open the original
article.
Almost one in four pubs, bars, and restaurants in the UK are losing money, according to a recent survey. Industry leaders, including chef Tom Kerridge, want the government to lower the VAT (a sales tax) on hospitality from 20% to 10% to help the struggling sector.
Key Facts
A new survey shows 23% of UK hospitality businesses are losing money, up from 15% three months ago.
About 1 in 6 of these businesses risk going bankrupt within a year.
The hospitality sector is campaigning to reduce VAT on food and drink services from 20% to 10%.
This VAT cut could cost the government between £10.5 billion and £12 billion.
Other European countries have lower VAT rates for hospitality, ranging from 7% to 13.5%.
The campaign is led by well-known chefs and business owners who say high taxes harm the industry.
Labour's recent increases in national insurance and minimum wage, plus rising inflation and energy prices, are adding pressure on hospitality businesses.
Some experts warn that a VAT cut may benefit larger companies more and that government funds could be used differently to support growth.
Read the Original
Want the full story? Tap a source to open the original
article.
The cost to upgrade Great Britain’s electricity network in the 2030s could reach nearly £90 billion, which is 50% more than earlier estimates. This increase reflects the government’s goal to expand clean energy and meet rising electricity demand.
Key Facts
The energy system operator (Neso) now estimates £89 billion is needed to improve the electricity network by the 2030s.
Previous estimates put the cost at £58 billion before the Labour government took office.
The increased cost is due to faster clean energy projects, higher inflation, and rising electricity use, including from data centres.
Neso recommends 43 network projects, including 16 new ones not in earlier plans.
Projects include connecting wind farms in the Celtic Sea to parts of Wales and south-west England.
The Labour government aims to make the UK a clean energy superpower by 2030.
Plans include doubling onshore wind, tripling solar power, and quadrupling offshore wind capacity by 2030.
Transmission companies are speeding up upgrades to support economic growth and keep costs down for consumers.
Read the Original
Want the full story? Tap a source to open the original
article.
Millions of people in Britain need to send in their energy meter readings before Wednesday to avoid paying higher bills when the energy price cap increases. The price cap, which limits how much energy companies can charge, will go up by 13%, raising average household bills by about £221 per year.
Key Facts
The energy price cap in Britain will increase by 13% on Wednesday.
Around 5.3 million households without smart meters are urged to submit their readings before the price rise.
If they don't, some of their energy use in June might be charged at the higher new rates.
Electricity prices will rise from 24.67p to 26.11p per kilowatt hour; gas prices from 5.74p to 7.33p per kilowatt hour.
The average annual energy bill will increase to £1,862, up £221 from before.
The price increase is linked to higher global energy prices caused by conflict involving Iran.
Some cheaper fixed-price deals are still available, costing less than the new price cap.
The price increase occurs during warmer months when heating use is lower, which may reduce the impact on bills.
Read the Original
Want the full story? Tap a source to open the original
article.
An original Mr Blobby costume from the 1990s TV show sold for £8,500 at an online auction, exceeding the predicted price. The costume, used for stunts and outdoor appearances, attracted 26 bids from around the world including the USA.
Key Facts
The Mr Blobby costume sold for £8,500 at Auctioneum Ltd in Bristol.
It was one of three original costumes made for the BBC’s Noel’s House Party show in the 1990s.
The costume was mainly used for stunts and work outside TV studios.
The auction received 26 bids, including international bidders from the USA.
Auctioneers initially estimated the costume would sell for up to £5,000.
A related item, a Baby Blobby figure, sold for £2,100 at the same auction.
Mr Blobby became a popular character in the 1990s, known for pranks and bright colors.
The costume originally belonged to Mickey Wills, the former head of entertainment at the Blobbyland theme park.
Read the Original
Want the full story? Tap a source to open the original
article.
The Shetland Islands Council plans to build undersea tunnels connecting several northern islands to replace ferries. The project, costing about £1.5 billion, aims to improve transport, reduce costs, and support the local economy, including industries like spaceport operations and tourism.
Key Facts
The council proposes tunnels linking Shetland’s mainland to Yell, and Yell to Unst, with possible future tunnels to Whalsay and Bressay.
The project is expected to cost around £1.5 billion.
Tunnels would replace current ferry services, which serve 750,000 passengers yearly at a cost of £23 million.
Building tunnels is seen as cheaper and more reliable long-term compared to ferries.
Funding may include private investment, government money, borrowing, and tolls for maintenance.
Unst hosts the UK’s only spaceport at Saxavord, and tunnels could help its growth and related industries.
The Faroe Islands, with a similar tunnel network, inspired the plan and have shown such infrastructure can boost development.
Current ferry services struggle to meet demand and have staffing difficulties.
Read the Original
Want the full story? Tap a source to open the original
article.
The British folding bike maker Brompton has sold shares to French sports retailer Decathlon and Chinese investment group BA Capital. These investments, worth about £18 million, will help Brompton's staff and long-term investors access some cash and bring new expertise to the company.
Key Facts
Decathlon bought a 10% stake in Brompton.
BA Capital, an early investor in Labubu soft toys, bought 5%.
The deal is estimated to be worth around £18 million in total.
Brompton’s CEO, Will Butler-Adams, and other shareholders will be able to sell some shares for cash.
Decathlon’s investment arm aims to help Brompton expand, including placing "Brompton corners" in some Decathlon stores.
China is Brompton’s biggest market, and BA Capital will provide expertise there.
Brompton’s bike prices range from about £999 to nearly £6,000 for a top titanium electric bike.
Brompton’s sales declined after a pandemic boom but are now recovering as cycling grows in popularity worldwide.
Read the Original
Want the full story? Tap a source to open the original
article.
India’s two major companies, Jio Platforms and the National Stock Exchange (NSE), are planning to go public by the end of this year with large stock sales. These listings show how digital technology and investing have grown in India, driven by widespread smartphone use and online trading.
Key Facts
Jio Platforms is expected to raise about $4 billion with a value estimated between $120 billion and $160 billion.
The NSE plans to sell 6% of its equity for $3.3 billion, valuing the exchange at $57 billion.
Jio launched in 2016 and quickly gained over 525 million users, offering low-cost data and changing how Indians use the internet.
India now has nearly one billion internet users, making it the largest mobile data consumer worldwide, surpassing the US and China.
Digital payments through India’s United Payments Interface (UPI) reached 228 billion transactions in 2025.
The number of online trading accounts in India grew from 30 million to over 200 million during the pandemic.
The NSE is a key part of India’s $4.85 trillion stock market, which is the fourth largest in the world by total value.
These stock sales reflect the growth of India’s digital economy and the increase in household investment in stocks.
Read the Original
Want the full story? Tap a source to open the original
article.
Carl Rinsch, a Hollywood director, was sentenced to two and a half years in prison for taking $11 million from Netflix for a sci-fi show he never finished. He spent the money on luxury items instead of the show and was convicted of fraud.
Key Facts
Carl Rinsch was convicted of fraud for cheating Netflix out of $11 million.
Netflix paid him money to produce a series called White Horse, which was never completed.
Instead of using the funds for the show, Rinsch spent the money on luxury cars, watches, clothes, and expensive mattresses.
Prosecutors said he lost about half the money in bad investments and put some into cryptocurrency.
Rinsch apologized and said mental health struggles affected his judgment.
A judge sentenced him to 2.5 years in prison and ordered him to pay back the money.
Rinsch has support from some people, including actor Keanu Reeves, who sent a letter asking for leniency.
Rinsch must report to prison in September and plans to appeal the case.
Read the Original
Want the full story? Tap a source to open the original
article.
Metallica has announced details for the 2026 Metallica Scholars Initiative, which provides grants to support workforce education at community and technical colleges. The program will give more than $3.3 million to over 90 schools, including the first international partner in the UK.
Key Facts
The Metallica Scholars Initiative is now in its eighth year.
It supports community and technical college students with workforce education grants.
Over $3.3 million will be distributed to more than 90 schools in 2026.
The 2026 program includes the first international partner: Capital City College Group in the UK.
The initiative is part of Metallica’s All Within My Hands charity foundation.
All Within My Hands supports workforce education, fighting hunger, and local disaster relief efforts.
The charity was created in 2017 by Metallica and their management team.
The foundation also helps communities affected by natural disasters like wildfires and hurricanes.
Read the Original
Want the full story? Tap a source to open the original
article.
The United States, Canada, and Mexico face a July 1 deadline to decide the future of their North American trade agreement called USMCA. However, no final decision is expected by that date, as talks continue amid disagreements on trade rules and tariffs.
Key Facts
The USMCA trade deal covers about 510 million people in North America.
It replaced the older NAFTA agreement and supports nearly $1.6 trillion in annual trade between the three countries.
Canada and Mexico want to renew the deal, but the US has not clearly stated its position.
President Donald Trump recently said the deal might "expire immediately," favoring no agreement.
Key issues include US demands for Canadian market access, taxes on US streaming companies, and provincial alcohol boycotts in Canada.
Talks have been ongoing, with separate negotiations between the US and each country.
Another round of talks between the US and Mexico is scheduled later in July.
Canada’s trade minister said the July 1 meeting will build on recent discussions, and negotiations will continue beyond that date.
Read the Original
Want the full story? Tap a source to open the original
article.
Durian prices have dropped sharply due to a large oversupply in Malaysia, the main producer of the fruit. This has led sellers in Singapore to give away durians for free or sell them at very low prices, while Malaysian farmers face financial losses.
Key Facts
Malaysia produces about 550,000 tonnes of durians each year, mainly for export.
An unusually large harvest in 2026 caused durian prices to fall steeply.
Some sellers in Singapore give away two durians per customer daily, totaling about 600kg of free fruit.
Malaysian farmers planted many durian trees over the past decade to meet growing demand from China.
Most trees planted in this boom period are bearing fruit at the same time, causing a supply glut.
Prices for premium durians like Musang King have dropped by about half since last year.
Some farmers say the quality of durians has fallen due to younger trees producing inconsistent fruit.
Farmers are also affected by bad weather, which harms durian growth and yields.
Read the Original
Want the full story? Tap a source to open the original
article.
Many homes listed for sale since January are still unsold because mortgage rates are high, which makes buyers hesitant. This has caused home sales to drop, especially for smaller flats and first-time buyers, but mortgage rates have recently started to fall, giving hope to buyers.
Key Facts
About 60% of homes listed since January remain unsold.
Home sales are 7% lower than last year, with bigger drops in some areas like Wales (12%) and the East Midlands (11%).
Higher mortgage rates, which increased in April due to global events, raised monthly payments by around £125 on average.
First-time buyers in London saw mortgage costs rise by £232 a month at the peak.
Mortgage rates jumped from 4.83% in early March to 5.90% in April, then fell to 5.54%.
The increase in mortgage rates led to a 15% fall in buyer demand across the UK.
Two-thirds of smaller flats (one or two bedrooms) listed this year remain unsold.
Recently, lenders have started lowering mortgage rates, which is helping buyers and encouraging sellers to negotiate prices.
Read the Original
Want the full story? Tap a source to open the original
article.
Alan and Katie Donegan saved money by living very frugally, such as bringing packed lunches and avoiding takeaways, which helped them retire early, at ages 40 and 35. They invested heavily and reached one million pounds in savings, allowing them to stop working and gain financial freedom. This approach is part of a growing movement called FIRE (Financially Independent, Retire Early), where people save intensely to retire sooner than usual retirement ages.
Key Facts
Alan and Katie Donegan avoided spending on heating by wearing layers and using hot water bottles in winter.
They saved about £40,000 over 10 years by always bringing packed lunches instead of buying food.
Alan worked in landscaping then started a coaching business; Katie was an actuary in finance.
They retired early after accumulating £1 million in savings through strict budgeting and investing.
FIRE stands for Financially Independent, Retire Early, a movement that encourages extreme saving to retire young.
Nearly a million people follow FIRE discussions on Reddit, showing its growing popularity.
Average retirement ages in the UK and US are rising, currently around 65 for men and 64 for women.
Some people, like Amy Minkley, retired early by working abroad in lower-cost countries and living simply.
Read the Original
Want the full story? Tap a source to open the original
article.
The UK’s Financial Conduct Authority (FCA) will introduce new rules next October to regulate crypto companies operating in the country. These firms must prove they have enough financial backup to handle market problems and conduct yearly tests on their ability to survive economic shocks.
Key Facts
Crypto firms in the UK must meet capital requirements, meaning they need financial reserves to cover risky assets.
They will perform annual stress tests to show they can handle big market drops, based on their own risk assessments.
The rules apply the same basic principles used in regulating other financial services.
Some crypto assets like stablecoins will have lower capital requirements after industry feedback.
The FCA aims to reduce bad business practices and protect consumers, though investing in crypto still carries risks.
Crypto companies will report their stress test results to the FCA every year.
The new regulations provide clearer guidance, responding to calls for better crypto oversight.
Experts warn consumers should still be careful as regulation helps reduce but does not eliminate risks.
Read the Original
Want the full story? Tap a source to open the original
article.
Carl Rinsch was sentenced to 2.5 years in prison for illegally using $11 million from Netflix meant for a sci-fi series. He spent much of the money on luxury items instead of completing the show and now faces additional financial penalties and supervised release.
Key Facts
Carl Rinsch was convicted of wire fraud linked to Netflix funding for a show called "White Horse."
Netflix initially paid about $44 million, then gave another $11 million after Rinsch claimed he needed more money.
Instead of finishing the series, Rinsch transferred the $11 million to a personal account and spent it on luxury cars, watches, clothes, and mattresses.
He also made risky investments, losing about half of the money, and put some into cryptocurrency.
Rinsch pleaded mental health issues affected his decisions and apologized for the harm caused.
Prosecutors asked for a 5-year sentence; the judge sentenced him to 2.5 years plus three years of supervised release and financial restitution.
Actor Keanu Reeves supported Rinsch, asking the court for leniency.
U.S. Attorney Jay Clayton said the sentence sends a message that fraud will not be tolerated.
Read the Original
Want the full story? Tap a source to open the original
article.
The UK’s new defence secretary, Dan Jarvis, has secured an extra £1.5 billion to fund the country’s defence investment plan, mainly to increase spending on drones. This additional money will help close a major funding gap and supports projects aimed at deterring threats from Russia and Iran.
Key Facts
Dan Jarvis persuaded Chancellor Rachel Reeves to provide more than the previously promised £13.5 billion.
The defence budget gap was reduced by £15 billion after negotiations.
Drone spending will increase from £4 billion to £5 billion over the next four years.
Some of the extra funds came from cuts of at least 1% in other government departments’ capital budgets.
The plan includes buying uncrewed speedboats to help detect hostile drones in the Strait of Hormuz.
The defence investment plan covers many projects, including frigates and nuclear submarines.
The UK aims to spend 3.5% of its GDP on defence by 2035, up from the current 2.6%.
The plan is expected to create jobs and support British defence suppliers.
Read the Original
Want the full story? Tap a source to open the original
article.
