Recent reporting, background, and summaries from the business desk.
The United Nations has dramatically lowered its global economic growth forecast for 2026 to a mere 2.5%, signaling one of the weakest performances this century. This concerning revision is primarily attributed to Middle East crises and surging oil prices, which are also expected to push global inflation to 3.9% this year.
UK business leaders are sounding the alarm, warning that a surge in crime, encompassing shoplifting, fraud, and cyber-attacks, is now a significant obstacle to the nation's economic growth. With two-fifths of companies experiencing crime last year, the British Chambers of Commerce is urging the government for a "step change" in support to tackle this escalating issue.
Global stock markets plummeted on May 15, 2026, as surging crude oil prices and record-high Treasury yields ignited fears of persistent inflation. This widespread anxiety, fueled by the Iran conflict's impact on energy costs and expectations of higher interest rates, signals a challenging economic outlook.
Former JD Sports boss Peter Cowgill has slammed Mike Ashley after Ashley admitted to orchestrating a secret filming operation in a Burger King car park that ultimately led to Cowgill's departure. This clandestine 2021 meeting, involving Cowgill and Footasylum's boss during an acquisition, became central to a CMA investigation, resulting in nearly £5 million in fines and Cowgill's exit from the company.
The U.S. Equal Employment Opportunity Commission has filed a lawsuit against The New York Times, alleging the global news publisher discriminated against a white male employee by denying him a promotion. This high-profile case claims the company's diversity, equity, and inclusion (DEI) policies led to a less experienced non-white female being hired instead, signaling increasing legal scrutiny of corporate DEI initiatives.
In a significant crackdown, Hong Kong's ICAC has arrested seven individuals linked to an alleged bid-rigging scheme for a major building maintenance contract in Mong Kok. These suspects reportedly concealed their identities and conflicts of interest, highlighting the ICAC's ongoing efforts to combat corruption within the city's construction sector.
Spirit Airlines is immediately ceasing all operations, leading to the cancellation of every flight as its parent company begins an orderly wind-down. This drastic decision follows unsuccessful restructuring efforts, driven by soaring oil prices and other business pressures, and will result in the loss of approximately 17,000 jobs.
Premier Inn owner Whitbread is placing approximately 3,800 jobs at risk as it shutters all 197 of its Beefeater and Brewers Fayre restaurants, signaling a major strategic shift. This bold move aims to transform the company into a "pure-play hotel business," focusing on core lodging operations and implementing a new, more efficient hotel-integrated food and drink model to achieve £250 million in cost savings.
Warner Bros. Discovery shareholders have overwhelmingly approved a massive $111 billion merger with Paramount Skydance, setting the stage for a media conglomerate of unprecedented scale. If regulatory bodies give their consent, this colossal deal would create a dominant force across news, sports, movies, and theme parks, reshaping the entertainment landscape.
Lufthansa Group is drastically cutting 20,000 short-haul flights through October, a direct response to jet fuel prices that have more than doubled since the Iran war began in late February. This strategic move aims to save 40,000 metric tons of fuel and includes closing a regional subsidiary to mitigate the severe economic impact on the airline.
An unprecedented crisis has rocked the French publishing world, as 115 writers abruptly departed the Graasi publishing house following its CEO's exit. This mass exodus, publicly acknowledged by President Macron, signals significant internal shifts within a major cultural industry.
A federal jury has found Live Nation guilty of illegally monopolizing the U.S. concert ticketing market, siding with states that accused the company of overcharging fans and pressuring venues. This landmark decision, which could significantly reshape the live entertainment industry, is expected to be appealed by Live Nation.