A private art collection owned by Joe Lewis was auctioned in London, earning $392.6 million. The highlight was a nude portrait by Amedeo Modigliani that sold for $63.9 million, the highest price for his work at a European auction.
Key Facts
The auction included 48 artworks by famous artists such as Picasso, Magritte, Klimt, Freud, and Modigliani.
Joe Lewis, former owner of Tottenham Hotspur Football Club, owns the collection.
Modigliani’s painting "Nu assis au collier" sold for $63.9 million, setting a European auction record for the artist.
Gustav Klimt’s portrait "Bildnis Gertrud Loew" sold for $47.9 million to an Asian private buyer.
Lucian Freud’s "Sleeping by the Lion Carpet" sold for $38.8 million; the model depicted is Sue Tilley.
Sue Tilley described the impact of being painted by Freud, highlighting its influence on her life.
Lewis’s collection also includes works by Egon Schiele, Picasso, and Rene Magritte.
The total sale is one of the largest private art auctions in Europe but did not surpass the 2009 Yves Saint Laurent collection record.
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California has started a new law that requires companies making packaging to reduce single-use plastics and make all packaging recyclable or compostable by 2032. Seventeen states have joined a lawsuit against the law, arguing it unfairly affects businesses outside California and forces them to pay fees to a private group.
Key Facts
California’s law aims to cut single-use plastics and make packaging recyclable or compostable by 2032.
The law requires producers to reduce plastic use, increase recycling, and pay $5 billion to fix plastic pollution damage.
Only about 5-6% of plastic is currently recycled in the U.S. due to cheap new plastic and weak markets for recycled materials.
Seventeen states filed a lawsuit to block California’s law, saying it unfairly burdens companies outside California.
The law makes businesses register and pay fees to a private group called Circular Action Alliance.
Industry groups say this restricts trade between states and hands tax-collecting powers to a private group without public oversight.
Supporters argue the law fairly shares the cost of managing plastic waste between companies and communities.
The American Chemistry Council helped negotiate the law but now some industry groups are suing against it.
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Volkswagen plans to cut up to 100,000 jobs and close some plants as part of a major cost-saving strategy. The company faces strong competition from Chinese electric car makers and needs to change how it develops and makes cars to stay competitive.
Key Facts
Volkswagen may cut up to 100,000 jobs, doubling earlier planned reductions.
The company is considering closing four German factories, including sites for Audi and Volkswagen brands.
Volkswagen employs over 650,000 people across its brands like Audi, Bentley, Skoda, Seat, and Cupra.
Competition from Chinese electric vehicle makers is growing, affecting Volkswagen’s market share.
Volkswagen’s CEO Oliver Blume plans to cut €11 billion from costs.
The company is shifting focus from traditional car production in Europe to adapt to global changes.
Volkswagen still leads car sales in China, the largest auto market, ahead of some rivals like Toyota and BYD.
The auto industry is undergoing a big transformation as electric and hybrid cars become more common.
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A French court has ruled that TotalEnergies, an energy company, must include the pollution caused by its customers in its climate plan. This is the first time France’s law on Corporate Duty of Vigilance has been used to address climate change.
Key Facts
The court ruling requires TotalEnergies to account for emissions caused not just by the company but also by its clients.
This decision uses France’s Corporate Duty of Vigilance law, which aims to make companies responsible for social and environmental impacts.
TotalEnergies is a major energy company involved in fossil fuels.
The ruling is considered a landmark in how companies must address climate change legally.
The case was brought forward by NGOs, including Notre Affaire à Tous.
TotalEnergies must revise its climate policies within six months.
France is using this law to push companies to take more responsibility for climate-related actions.
The ruling could influence other companies and countries to follow similar legal steps.
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The recent conflict involving the United States and Israel against Iran has caused energy prices to rise sharply and affected global trade. Meanwhile, some companies, especially in energy and defense, have made significant profits due to these disruptions. Talks are underway to establish a ceasefire and negotiate issues including Iran’s nuclear program and sanctions.
Key Facts
The Strait of Hormuz is a key waterway where about 20% of the world’s oil and natural gas usually passes.
Fighting and strikes have caused oil prices to spike, reaching up to $126 per barrel before dropping back to around $72.
Saudi Aramco’s profits rose 25% to $32.5 billion in the first quarter compared to last year, helped by its pipeline bypassing the Strait.
British Petroleum doubled its first-quarter profits to $3.2 billion, beating analyst predictions.
Shell reported $6.9 billion in profits despite damage to a major gas plant from regional strikes.
TotalEnergies made $5.4 billion in first-quarter net income, maintaining exports by using alternative routes.
US liquefied natural gas (LNG) companies like Venture Global and Cheniere Energy are positioned to benefit from supply shifts caused by the conflict.
Industry experts say many energy companies outside the immediate Middle East region are likely to profit if high prices continue.
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A British study found that people who studied arts and humanities at university earn less on average than those who did not attend university. Students who studied economics at Cambridge University earned the most, with salaries over £100,000 within five years after graduation.
Key Facts
Arts and humanities graduates in the UK earn less than non-graduates.
Economics graduates at Cambridge University have the highest average salaries.
These economics graduates make more than £100,000 within five years after finishing university.
The data comes from the British government.
The Times created an interactive graph showing salaries by university and degree.
The report highlights differences in earnings based on the subject studied at university.
This information may influence decisions about university courses and career plans.
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Great Britain has approved plans to build the first new hydropower projects in over 40 years to help reduce reliance on imported energy. The energy regulator Ofgem has also approved 16 long-duration electricity storage projects using various technologies to support renewable energy use and maintain a steady power supply.
Key Facts
Ofgem gave provisional approval for 16 electricity storage projects that can store power for 8 hours or more.
Three new pumped storage hydropower projects will be built in Northern Scotland, including one using water from Loch Ness.
These hydropower projects are the first new ones since the Dinorwig plant was built in 1984.
The projects aim to help balance electricity supply and demand, which can change as wind and solar power vary.
Apart from hydropower, other projects will use technologies like compressed air, lithium-ion batteries, and vanadium redox flow batteries.
The projects are spread across England, Scotland, and Wales.
Officials say these developments will improve energy security and reduce dependence on global fossil fuel markets.
The government supports these projects to build new energy infrastructure and support renewable energy growth.
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Record high temperatures in the UK have increased demand for home air conditioning. Air conditioning companies report a sharp rise in inquiries and installations as more people seek ways to cool their homes during the heatwave.
Key Facts
A red heat warning has affected millions, causing school closures and transport problems.
About 20% of UK homes currently have air conditioning installed.
Air conditioning inquiries have risen by 300% in six years for some companies.
Only 4% of homes in England currently have air conditioning, but demand is growing quickly.
Installing air conditioning can cost between £1,500 for a small bedroom to £6,500 for a whole home.
Aircon installers are fully booked for weeks and working seven days a week due to high demand.
The National Housing Federation warns 90% of UK homes will overheat in summer by 2050 if no changes occur.
Overheating indoors can cause health issues like heat stroke, heart problems, and sleep disturbance.
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Billionaires in the US, like Elon Musk, have greatly increased their wealth even as many American workers struggle with low wages, rising costs, and inflation. A new California tax on the very rich will be voted on in November, with wealthy people spending large amounts to try to stop it.
Key Facts
Elon Musk briefly became the world’s first trillionaire when SpaceX went public but later lost the title due to stock changes.
Musk’s wealth rose from $28 billion in 2020 to nearly $1 trillion in 2026, mostly from SpaceX and other tech companies.
The richest 20 people in the US own wealth equal to 12% of the country’s total economic output.
The US had 989 billionaires owning over $9.2 trillion in 2026, a 31.8% increase from 2025.
US workers earned the smallest share of the economy since 1947, only 53.8% of GDP in late 2025.
Inflation in May 2026 hit 4.2%, wiping out recent wage gains; many workers earn less than $25 an hour, below the living wage in big cities.
US credit card debt reached a record $1.277 trillion in late 2025, rising 63% since early 2021 as workers borrow more to cover expenses.
A new billionaire tax in California was placed on the ballot after billionaires spent millions opposing it; the vote is expected in November 2026.
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Three women entrepreneurs say that having a strong and sometimes unrealistic belief in their ideas helped them start and grow successful businesses. They faced doubts and challenges but kept pushing forward by trusting themselves. Experts say such confidence is common among entrepreneurs in the early stages.
Key Facts
According to a Shopify-Gallup study, 62% of U.S. adults want to be their own boss, and 52% are willing to take financial risks.
Jelena Skene left a stable job making nearly $80,000 a year to start a marketing agency and a PR platform called Pressflow.
Jessica Strickland quit a $100,000 boutique matchmaking job to launch Matchmaker AI, a professional dating platform using artificial intelligence.
Zakia Moulaoui Guery started Invisible Cities, a social enterprise that trains homeless people to lead city tours and share their stories.
All three women describe a kind of “delusional confidence” as key to overcoming fear and doubt in starting their businesses.
Career expert Abi Hall says this confidence helps founders believe in their idea before there is proof it will work.
More than half of business founders credit support from family or friends as important to their success.
The phrase “fake it until you make it” reflects a common mindset among entrepreneurs facing uncertainty.
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Heathrow Airport expects fewer passengers and lower profits this year because of the war in the Middle East, which is affecting global air travel. The airport also faces challenges with its plan to build a third runway, with government reports showing limited economic benefits and possible negative effects on local residents.
Key Facts
Heathrow expects passenger numbers to drop by 1.1% to 83.6 million this year due to the Middle East conflict.
Passenger numbers increased by 0.7% to 32.8 million in the year up to May, partly because travelers use Heathrow as a connection when other airports are affected.
Heathrow forecasts profits will fall by £147 million compared to last year, and by £60 million compared to its previous forecast.
The company is working with the Civil Aviation Authority about the costs related to building a third runway.
Government analysis estimates the third runway will increase the UK’s GDP by only up to 0.05%, much less than earlier predictions of 0.5%.
The report warns the runway could negatively affect the health and wellbeing of up to 3 million neighbors due to noise and air pollution.
The construction could also harm local housing, schools, healthcare, parks, and transport access.
Heathrow’s new chair has started talks with airlines and a major local landowner to try to resolve disagreements that could delay the runway project.
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Asian stock markets fell sharply, mainly because technology company shares dropped. The decline happened after some big tech firms raised prices on products due to higher costs for computer parts, causing investors to worry about the future value of tech stocks.
Key Facts
South Korea’s main stock index, the Kospi, fell sharply, triggering a temporary trading halt when it lost 8% before closing down 5.8%.
Apple’s shares dropped 6% in the US after it announced price increases for iPads and MacBooks due to higher chip costs.
Technology companies in Asia, including Japan’s SoftBank, saw large share price drops; SoftBank shares fell 12.5%.
Investors are concerned about the large money tech firms are spending on building artificial intelligence (AI) systems and whether the stock prices reflect true value.
Microsoft raised prices for its Xbox gaming consoles, also due to higher component costs, leading to falling share prices.
The rising cost of parts affects device sales, which may reduce demand for computer chips.
South Korea has seen volatile stock trading; the Kospi’s trading halt this week was the third circuit breaker event, and the fifth this year.
Analysts question how fast consumer demand for AI tools will grow compared to the money being invested in the area.
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A historic heat wave in Paris caused problems during Paris Fashion Week Men’s, with guests and models struggling in the heat despite efforts to cool them. Fashion shows featured heavy materials like leather and wool, which did not fit the very warm weather, highlighting a misalignment between fashion schedules and climate realities.
Key Facts
Paris experienced a record-breaking heat wave during Paris Fashion Week Men’s in June 2026.
Fashion houses used ice packs, mist machines, and cold water to help guests stay cool.
Some venues had poor or no air conditioning, causing discomfort for guests and models.
Models wore heavy fabrics like leather, neoprene, wool, and knits, which are usually not meant for hot weather.
Big fashion brands like Dior and Saint Laurent adjusted show times but still faced challenges from the heat.
Designers see heat more as a problem for event hospitality and scheduling than for clothing design.
The fashion calendar for spring-summer collections often does not match real weather or shopping habits.
Some experts suggest moving fashion events to cooler times due to climate change increasing heat waves.
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Asian stock markets, especially in Japan and South Korea, fell sharply as investors sold shares to take profits after recent rises fueled by interest in artificial intelligence (AI). U.S. stock futures and oil prices also dropped amid this market volatility.
Key Facts
Japan’s Nikkei 225 index fell 4.5% to 69,127.10.
South Korea’s Kospi index dropped 6.8% to 8,323.52.
Hong Kong’s Hang Seng declined 1.7%, and Shanghai’s Composite index slipped 1.4%.
Australia’s S&P/ASX 200 was an exception, growing 0.2%.
Taiwan’s Taiex index lost 3.6%.
Shares in key tech companies dropped, including Samsung (down 7%), SK Hynix (down 6.6%), and SoftBank Group (down 13.4%).
Recent market ups and downs are linked to investor reactions to AI technology investments and chipmakers’ earnings reports.
U.S. markets showed mixed results, with the S&P 500 nearly unchanged, the Dow Jones up slightly, and the Nasdaq down, while Micron Technology shares rose after strong earnings.
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Magnavale near Grantham is one of the UK’s largest cold storage facilities, keeping frozen food at -18°C to meet legal rules. It operates 24/7, supplies major supermarkets, and employs about 160 people who work in the cold even during summer heatwaves.
Key Facts
Magnavale stores frozen food at -18°C, the temperature required by UK law.
The facility has space for 145,000 pallets of frozen goods.
About 200 lorries collect products from Magnavale every day.
The site operates 24 hours a day, 7 days a week.
Around 160 people work at Magnavale, many wearing thermal clothing while inside.
Staff say working in the cold is a relief during UK heatwaves that reach over 34°C.
Some employees have worked there for many years and prefer the cold environment.
The facility is a key part of food supply for UK supermarkets.
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Wolfgang Porsche, owner of a historic villa near Salzburg, has decided to sell the property after facing strong local opposition to his plan for a private car tunnel. The villa is now on the market with approved permission to build the tunnel, but the city cannot afford to buy it or turn it into a museum.
Key Facts
Wolfgang Porsche bought a 17th-century villa near Salzburg in 2020 for €8.4 million.
He planned to build a €10 million, 500-meter private tunnel connecting a city car park to an underground garage by the villa.
The villa was once home to Jewish writer Stefan Zweig, who lived there before fleeing in 1934.
Locals protested the tunnel plan, seeing it as a symbol of inequality amid housing struggles in Salzburg.
Following backlash, Porsche decided to sell the 12-room estate, called Paschinger Schlössl.
The planning permission for the tunnel is valid until the end of 2028 and can be used by a future owner.
The Salzburg city government cannot afford to buy the villa to create a museum dedicated to Stefan Zweig.
The villa is now listed for sale at €12.7 million, with the tunnel permission highlighted as a special feature.
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A recent heatwave across western Europe and the UK has caused difficult working conditions and lowered productivity, especially in sectors like construction and agriculture. Experts warn that as extreme heat becomes more common, it will significantly reduce economic growth unless countries improve buildings and infrastructure to handle higher temperatures.
Key Facts
June’s heatwave brought temperatures in the high 30s Celsius, making work tough in many industries.
Heat affects about 27% of the UK economy and 35% of western Europe’s economy, including construction, agriculture, manufacturing, retail, and hospitality.
A four-day heatwave can reduce quarterly productivity growth by up to 2 percentage points in parts of Europe.
Agriculture and construction are expected to lose the most working hours due to heat by 2030.
Research from Allianz found France, Spain, and Italy face the largest economic losses due to heat stress, with France potentially losing $240 billion by 2030.
Economic losses rise sharply when temperatures pass 30°C because cooling costs increase and productivity drops.
UK workplace laws require minimum office temperatures but have no maximum limit, relying on employers to keep workers at “reasonable” temperatures.
Experts say extreme heat should be treated as a long-term economic and policy challenge, not just a summer issue.
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The Federal Reserve's main inflation measure rose to 4.1% in May, the highest in over three years. This increase suggests the Federal Reserve may raise interest rates later this year to manage inflation.
Key Facts
The Federal Reserve tracks inflation to guide its financial policies.
In May, the preferred inflation gauge hit 4.1%.
This is the highest inflation rate recorded in more than three years.
Higher inflation can affect the prices of goods and services.
Raising interest rates is a tool the Federal Reserve uses to control inflation.
Analysts expect the Federal Reserve to consider raising rates in response to this inflation data.
The goal of raising interest rates is to slow down inflation growth and stabilize the economy.
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The Glastonbury Festival will not take place this year, leaving a gap in the summer music scene. To fill this, the "Everywhere At Once" festival is happening across the UK, with over 2,000 local performances aimed at supporting small music venues that are struggling to survive after many closures.
Key Facts
Glastonbury Festival is taking a year off, leaving fewer large music events this summer.
"Everywhere At Once" festival features over 2,000 artists performing in small venues across the UK.
Artists like Becky Hill and Tinie Tempah are participating, playing in intimate local settings.
The Music Venue Trust organized the festival to highlight the challenges small venues face.
Since the COVID-19 pandemic, 37% of UK music clubs have closed.
Many remaining venues lost money last year due to rising costs and changes in taxes.
Nightclubs are closing at a rate of three per month in the UK.
Small venues are important for artists to grow their careers and connect with fans.
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The Federal Reserve's preferred measure of inflation, called the personal consumption expenditure (PCE) index, rose by 4.1% in May compared to the same month last year. This is the highest inflation rate in three years and comes during ongoing tensions related to the war with Iran.
Key Facts
The personal consumption expenditure (PCE) index measures inflation by tracking changes in consumer spending.
In May, the PCE index increased by 4.1% year over year.
This is the highest inflation level recorded in three years.
The Federal Reserve uses the PCE index to guide its monetary policy decisions.
The inflation rise coincides with continuing conflict involving Iran.
Inflation reflects how much prices for goods and services have increased.
Higher inflation can affect the economy, influencing prices, wages, and interest rates.
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