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Business news, market updates, and economic developments
William Orbit, a British music producer known for working with stars like Madonna and Blur, died at age 69 on July 23. He was famous for producing Madonna’s highly successful 1998 album Ray of Light and contributed to many other popular music projects.
Key Facts
William Orbit died at home on July 23, aged 69; no cause of death was given.
He produced Madonna’s 1998 album Ray of Light, which won three Grammy Awards and sold millions worldwide.
Orbit also worked with bands and artists such as Blur, All Saints, U2, and Pink.
His music style combined electronic genres like trip-hop, jungle, and techno.
He started in music in the 1980s with the electronic group Torch Song and later had solo success.
Orbit’s real name was William Wainwright; he grew up in north London and left school at 16.
He helped redefine Madonna’s sound in the late 1990s, collaborating closely on the Ray of Light album.
Besides producing for others, Orbit released his own albums and had hit singles, including an electronic version of Adagio for Strings.
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More than a dozen U.S. states do not require home inspectors to have licenses or training, allowing anyone to work as an inspector. This lack of regulation can lead to missed problems in homes, which may cause financial and safety issues for buyers.
Key Facts
Only 35 states require home inspectors to have a state-issued license or registration.
In 15 states, no license or formal training is needed to be a home inspector.
Homebuyers rely on inspectors to find issues like structural problems, electrical faults, or plumbing leaks.
Poor inspections can cause buyers to overpay, face unexpected repairs, or encounter safety hazards.
Legal options for buyers against negligent inspectors are often limited.
Examples include buyers discovering costly foundation problems after inspections missed them.
Some inspectors rely too much on checklists and may miss important home issues.
The 15 states with no licensing requirements include California, Illinois, Michigan, Pennsylvania, and others.
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A photographer and director describes how a serious childhood accident led to decades of hidden injuries and surgeries that paused his public career. Despite this, he continued creating art privately and later returned to his career after a long absence, surprising many who thought he had retired or died.
Key Facts
At age 15, the author had a severe accident causing a coma and major organ and spinal injuries.
Doctors missed some spinal injuries because advanced scans weren't available at the time.
He started as a painter and photographer, then began directing music videos without prior experience.
He directed nearly 400 music videos and won Emmy and Peabody Awards.
His photography style focused on personal conversations rather than staged setups.
Starting around age 50, his undiagnosed spinal injuries required nineteen surgeries and implanted metal rods.
His recovery time caused people in Hollywood to think he had retired or died.
Despite being out of the public eye, he kept creating art privately during his recovery.
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Bari Weiss has been leading CBS News for 10 months and is making big changes, especially to the news program 60 Minutes. The show still has a large audience, but Weiss’s changes have caused worries about how well it will do in the future.
Key Facts
Bari Weiss became editor-in-chief of CBS News in October 2025.
She overhauled 60 Minutes by changing correspondents and production staff before its new season premiere.
60 Minutes averages about 9 million viewers per night, more than CBS’s other news shows.
Weiss replaced the anchor of CBS Evening News, but its viewership dropped by 7% in early 2026.
CBS Evening News had about 3.81 million viewers in July 2026, which is less than competitors NBC and ABC.
CBS Mornings, now with Gayle King and Nate Burleson as hosts, had its lowest-ever viewership recently at 1.57 million.
CBS’s late-night show Stephen Colbert was cancelled, replaced with a less popular alternative.
Weiss’s leadership has raised concerns about whether CBS News can improve its ratings and compete with other networks.
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The Paris-based fashion brand Matières Fécales, also known as Fecal Matter, has recently gained significant attention in the fashion world. Founded over ten years ago in Montreal by designers Steven Raj Bhaskaran and Hannah Rose Dalton, the brand is known for its unusual name and edgy style and has been worn by celebrities like Zendaya, Lady Gaga, and Demi Moore.
Key Facts
Matières Fécales means "Fecal Matter" in English, chosen to give a glamorous twist to a vulgar term.
The brand was started by two designers while they were students in Montreal.
Their style includes dramatic looks, like white makeup and skin boots that resemble real feet.
The brand aims to challenge the wasteful aspects of the fashion industry.
They went from selling on Depop, a secondhand platform, to showing collections at Paris Fashion Week.
Celebrities such as Zendaya, Lady Gaga, Demi Moore, and Kylie Jenner have worn their designs.
In 2024, Dover Street Market, a well-known fashion retailer, began supporting the brand.
The designers use fashion to blend beauty with unconventional, sometimes decaying, elements.
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Several large US companies received tariff refunds during the latest quarter, which helped improve their reported earnings. Amazon said it got $600 million back, and Apple said the refunds increased its profit per share by $0.11.
Key Facts
Tariff refunds are payments from the government returning money collected from import taxes.
The Trump administration returned about $100 billion in tariff refunds so far.
These refunds are helping some big US companies report better financial results.
Amazon received $600 million in tariff refunds during the quarter.
Apple reported that refunds added $0.11 to its earnings per share.
PepsiCo also informed investors about receiving tariff refunds.
The refunds are part of a broader effort to ease the financial impact of trade tariffs on companies.
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UK house prices were mostly unchanged in July, with an average price of about £299,253. Higher mortgage rates and concerns about events in the Middle East made it harder for buyers to afford homes, leading to very slow price growth compared to last year.
Key Facts
The average UK house price in July was £299,253, nearly the same as June.
Prices rose only 0.1% over the past year, the slowest growth since November 2023.
Mortgage rates have increased, with typical two-year fixed rates around 5.63%.
Higher mortgage rates and uncertain events in the Middle East are affecting buyers' ability to afford homes.
Northern Ireland saw the highest price growth, with prices up 7.4% to £231,131.
In England, northern regions had modest price increases, while southeast England and London saw price drops.
Experts say the property market is stable but sluggish, caught between high mortgage rates and limited affordability.
The difference between northern and southern England housing markets is growing, with more demand and investment in the north.
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President Donald Trump has ordered a 15% tariff on imported polysilicon, a key material used to make microchips and solar panels, starting December 4. The goal is to help US producers compete with China and strengthen US supply chains for technology and clean energy products.
Key Facts
Polysilicon is a very pure form of silicon used to make semiconductors for AI, data centers, and solar panels.
The US has two main polysilicon factories: Hemlock Semiconductor in Michigan and Wacker Chemie in Tennessee.
The tariff sets minimum prices for polysilicon and related solar products to support US industry.
The Commerce Department may offer incentives to companies investing in polysilicon production in the US.
China criticizes the tariff as unfair protectionism that harms US and Chinese businesses.
US solar factories accuse Chinese rivals of selling cheap panels to undercut competition, helped by government subsidies.
China’s exports, especially of AI-related products, grew strongly despite rising trade tensions.
Experts say China’s strength in electronics and AI hardware will likely help it keep growing its global market share.
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Argos, a retail company, is planning to change how it looks and operates. The goal is to attract more customers by updating its stores and shopping experience.
Key Facts
Argos is undergoing a makeover to improve its stores.
The company wants to attract new shoppers.
Argos is part of the retail and shopping industry.
The update includes changes to store design and services.
This change aims to increase customer visits and sales.
Argos is working on adapting to current shopping trends.
The news was published recently in the business section.
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Asian stock markets showed mixed results after US stock prices dropped slightly, while oil prices increased. Strong corporate profits have helped ease concerns about stock prices, even as oil costs remain high due to tensions over the Strait of Hormuz.
Key Facts
Tokyo’s Nikkei 225 fell by 0.3%, South Korea’s Kospi dropped 0.8%, and Taiwan’s Taiex declined 0.4%.
China’s Shanghai Composite index rose by 0.8% after reporting a 24% growth in exports in July.
Hong Kong’s Hang Seng increased by 0.2%, and Australia’s S&P/ASX 200 declined slightly by less than 0.1%.
The US stock market saw small declines: S&P 500 fell 0.2%, Dow fell 0.9%, Nasdaq fell 0.1%.
Brent crude oil prices rose nearly 4% on Thursday and were up 1.6% on Friday to $83.78 per barrel.
US crude oil prices increased 1.2% to $78.22 per barrel.
The Strait of Hormuz, a key route for 20% of the world’s oil and gas trade, remains closed or uncertain due to conflict negotiations involving Iran and Oman.
About 85% of companies in the S&P 500 have reported strong earnings growth, the best since 2021, helping calm fears about overvalued stocks.
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China’s exports grew more slowly in July 2026 compared to June, even though there was strong demand for high-tech products like electronics and vehicles. The trade surplus, which is the difference between exports and imports, became smaller due to typhoon disruptions and changes in global supply, but overall trade values stayed high.
Key Facts
China’s trade surplus dropped from $125.6 billion in June to $112.5 billion in July 2026.
Exports increased by nearly 24% in July compared to the previous year, down from a 27% rise in June.
Imports grew 27.5% year-on-year in July, lower than June’s 36% increase.
Typhoons caused disruptions at ports, slowing down trade activities.
Global demand for electronics and green technology products helped keep export and import values high.
Due to conflict in the Middle East, China exported more aluminum to fill supply gaps.
From January to July 2026, exports of high-tech goods rose nearly 41%, vehicles increased by 55%, and electronics and machinery exports grew 26%.
China’s exports to the U.S. grew only 2.6%, while exports to the European Union rose nearly 17%, and exports to Southeast Asia increased by 25%.
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Mexico sent over 1,500 soldiers to protect its main avocado-growing area after the United States stopped import inspections due to safety worries. This pause in inspections has stopped avocado shipments to the U.S., Mexico’s largest buyer, putting many jobs and a valuable industry at risk.
Key Facts
Mexico deployed more than 1,500 troops to its main avocado-producing state.
The U.S. halted export inspections of avocados from Mexico because of security concerns.
The suspension has stopped avocado shipments to the United States.
The U.S. is the biggest market for Mexican avocados.
The disruption threatens thousands of jobs in Mexico.
The avocado industry in Mexico is worth billions of dollars.
The security concerns relate to the safety of the export process.
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In July, high street shopping in the UK dropped because of hot weather, with more people choosing to shop online. Visits to shopping centres also fell, except at retail parks, while some regions like Scotland saw an increase in shoppers.
Key Facts
Trips to UK high streets fell by 3.8% in July compared to last year, after a 6.2% drop in June.
Overall visits to shopping places decreased by 2.1% year on year in July.
London saw a bigger decline in shoppers (5.3%) than the rest of England (3%).
Scotland and Northern Ireland saw increases of 2.7% and 2.5% in shoppers, respectively, while footfall in Wales stayed flat.
Retailers are investing in air conditioning and eco-friendly equipment to handle rising temperatures caused by climate change.
Some retailers, like Next, saw growth from online sales and demand in other countries, even as in-store shopping slowed.
Fashion, supermarkets, and technology stores did well during the heat, while furniture and garden plant sales dropped.
Heat and dry weather reduced plant sales and fewer people are buying furniture due to the slow housing market and higher living costs.
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U.S. crude oil supplies have dropped to their lowest point since 1983. The country's strategic oil reserve now has enough oil to last about 43 days, partly due to ongoing conflict involving Iran.
Key Facts
U.S. crude oil supplies are at a 45-year low.
The Strategic Petroleum Reserve is the government’s stockpile of oil for emergencies.
Current oil reserves can cover about 43 days of U.S. crude oil needs.
The last time reserves were this low was in 1983.
The conflict involving Iran has affected the oil reserves.
Bank of America Global Research provided the data on oil supplies.
Lower oil reserves may impact energy prices and security.
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President Donald Trump signed an order to impose a 15% tariff and set minimum prices on imported polysilicon, a key material for making chips and solar panels. This action aims to protect U.S. manufacturers from competition, especially from China, which dominates polysilicon production.
Key Facts
Polysilicon is essential for semiconductors and solar panels.
The U.S. share of global polysilicon production dropped from 50% in 2005 to less than 2% in 2024.
China is the largest producer of polysilicon worldwide and controls most of the market.
The tariff and price controls will start in December.
The U.S. plans to support its domestic polysilicon producers like Hemlock Semiconductor and Wacker Chemie.
The move follows a national security investigation into foreign production of polysilicon.
The Chinese embassy criticized the tariffs, saying they harm trade and accuse the U.S. of protectionism.
This is part of broader U.S. efforts to limit China’s role in advanced technology supply chains, including chips and AI development.
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A New Mexico court has ordered Meta, Facebook's parent company, to pay $567 million for harming children’s mental health through its platforms. The money will fund treatment, awareness, prevention, and screening services over five years. The court also required Meta to make specific changes to its platforms to better protect children.
Key Facts
Meta must pay $567 million for mental health harm to children caused by its platforms.
$420 million of this amount will fund treatment services for young people.
The rest will support awareness, prevention, and screening services over five years.
This ruling is part of the second phase of a trial Meta lost in March.
A jury previously found Meta knowingly harmed children’s mental health and hid information about child sexual exploitation.
Meta must add banners and screens explaining protection features and tools on Facebook and Instagram.
The company must also improve age checks, reduce addictive features, and enhance privacy settings to prevent abuse.
Meta said it disagrees with the ruling and will appeal.
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The Federal Aviation Administration (FAA) has required inspections on almost 500 Boeing 737 Max airplanes in the U.S. to check for cracks in the fuselage, which is the main body of the aircraft. This safety measure aims to find and fix any damage that could affect the planes' safe operation.
Key Facts
The FAA ordered inspections on nearly 500 Boeing 737 Max jets.
The inspections are for detecting cracks in the airplane's fuselage (the main body).
These inspections are a safety step to prevent possible issues during flights.
The Boeing 737 Max is a widely used passenger airplane.
The order applies to jets operating within the United States.
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Virginia Governor Abigail Spanberger plans to intervene in the proposed merger between NextEra Energy and Dominion Energy. The merger would create the largest regulated electric utility in the world if approved.
Key Facts
The merger involves NextEra Energy and Dominion Energy.
If approved, the combined company would be the biggest regulated electric utility globally.
Virginia Governor Abigail Spanberger announced her intention to intervene in the merger deal.
Spanberger made this announcement in an op-ed published in the Washington Post.
Her intervention means she wants to participate in the official review process of the merger.
The merger is under regulatory review and still needs approval to move forward.
Regulated electric utilities are companies controlled by government agencies to ensure fair prices and reliable service.
Spanberger's involvement suggests concern about how the merger could affect Virginia residents and customers.
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The National Gallery is examining how vibrations from the upcoming Freedom 250 IndyCar race might affect its artwork. IndyCars will travel at speeds up to 185 miles per hour close to the gallery, so they conducted a study to understand possible impacts on the art pieces.
Key Facts
The Freedom 250 Grand Prix is an IndyCar race event.
Racecars will reach speeds of up to 185 miles per hour.
The race course is near historic artifacts at the National Gallery.
The National Gallery has done a detailed study on vibrations caused by the race.
The study aims to assess the potential effects on the art collection.
This is a precaution to protect valuable artworks during the event.
The gallery is in Washington, D.C., where the race will take place.
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A judge approved a $106 million settlement to resolve lawsuits related to the 2019 collapse of a Hard Rock Hotel under construction in New Orleans. The collapse killed three people and caused property damage, and the settlement ends a legal case involving many plaintiffs and defendants.
Key Facts
The Hard Rock Hotel partially collapsed in October 2019 during construction.
Three people died in the collapse.
Nearby properties were also damaged by the collapse.
No criminal charges were filed after a grand jury reviewed the case.
Multiple lawsuits were filed, including one by the city of New Orleans in 2020.
The lawsuit cases were combined into one with 490 plaintiffs and 21 defendants.
The settlement of $106 million was approved by Judge Kern Reese in Orleans Parish.
A special master will manage the distribution of the settlement money to claimants.
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