Business

For more than a decade, governments got used to cheap borrowing. That era may now be ending.

Government bond markets are flashing warnings around the world.

Across major economies, yields – the interest rates governments pay to borrow – are climbing to levels not seen in years and, in some cases, decades.

Investors are pricing in more risk before they’ll lend to governments already carrying heavy debt loads.

Inflation remains stubborn, geopolitical tensions are adding pressure, and central banks may have to keep interest rates higher for longer.

Those higher borrowing costs are pushing up what banks charge companies and homeowners.

London, United Kingdom – In a wheat field near High Wycombe in the rolling English countryside, Alex Nelms watched the harvest on his farm die in a matter of days.

His crop had looked strong until the first heatwave came in May, when temperatures surpassed 35 degrees Celsius (95 degrees Fahrenheit) just as his milling wheat entered its grain-fill phase, the critical weeks when the plant fattens its kernels.

“It just killed everything stone dead,” he told Al Jazeera. “Everything was finished really early, and when we were sort of full of optimism and hope, it was scuppered almost overnight.”

Nelms farms just over 2,000 acres (809 hectares) of arable land in south Buckinghamshire, on a business his grandparents founded in 1955. His uncle, who has worked the farm for more than 40 years, has just suffered the worst harvest of his career.

Last month, the Department for Environment, Food and Rural Affairs (Defra) said almost three-quarters of England, 71.3 percent, remained in drought. Rainfall in August reached just 34 percent of what would normally be expected by that point in the month, Defra said, and reservoir levels were 18.2 percentage points below where they should be for the time of year.

“We’re totally reliant on Mother Nature,” Nelms said, and nature did not deliver this year.

After a historically dry spring and a run of summer heatwaves, the farm is down roughly 1,000 tonnes on its average harvest, a shortfall of some $270,000 in revenue.

The farm, tucked in the Chiltern Hills, a steep, long ridge of white limestone rock, has no irrigation and never will.

“That has serious knock-on effects on our cash flow,” he said. A third consecutive difficult year would mean hard conversations with his bank and landlord, and farming to minimise risk rather than maximise output, “consequently, probably producing less food”.

‘Financial crisis point’

The National Farmers’ Union (NFU) says farmers are at a “financial crisis point” after the worst drought in 50 years, with historically low harvests, stunted grass growth, rising fuel and fertiliser costs, and a severe outbreak of bluetongue disease in livestock.

The union puts the gross production value loss of wheat at approximately $499m and the cost of replacing a shortfall in forage at roughly $45m.

NFU president Tom Bradshaw has said farmers now lack “breathing space” and are “increasingly exposed to geopolitical shocks, as well as repeated weather extremes, animal disease and global wars”.

He believes action is needed now to ensure the future of British farming “and enable the next generation to keep producing the nation’s food”.

To manage the risk, Nelms is diversifying, planting oilseed rape again on about 350 acres (142 hectares) for the first time in 20 years. He says that the crop’s usual insecticide protection, neonicotinoid seed treatments, is now banned, leaving it exposed to cabbage stem flea beetle and to game birds that can “absolutely nibble, eat, and destroy a crop”.

Growing it also means breaking a continuous wheat rotation that has kept a soil-borne disease called “Take-all”.

Tax allowances would make investing in grain storage and diversified income worthwhile, he said, as well as government-backed bridging loans, modelled on COVID-era support, to survive a bad year without permanent damage.

It is the kind of relief the NFU is pressing the government to provide nationally.

The union wants an interest-free “Keep Britain Growing” loan tied to drought losses, help covering the cost of disposing of livestock lost to bluetongue, faster planning permission for on-farm reservoirs, and clearer rules letting farmers access water as soon as levels allow, echoing Nelms’s case for storage on his farm.

“Drought conditions will continue to worsen until we receive sustained rainfall across the country and we still all have a role to play in conserving precious water supplies,” according to Philip Duffy, the Environment Agency’s chief executive, in a statement shared by Defra.

The Environment Agency has applied for a drought order to restrict abstraction from the River Severn, and 10 water companies, serving 30 million customers, now have restrictions in place.

“A few days or even weeks of wetter weather cannot reverse the impacts of several months of exceptionally dry conditions,” added Duffy.

Defra noted that the first meaningful rains since June have fallen but they have been patchy, so reservoirs and groundwater are still declining even as a handful of rivers see brief upticks in flow.

Despite the losses, Nelms is hopeful about farmers pulling together – sharing labour, machinery and market routes. He points to the Central Chiltern Farmer Cluster, where growers meet to talk through their problems and find solutions together.

“We’re working together, not competing with each other,” he said.

For a farm like Nelms’s, with no irrigation and no water in reserve, that patchiness is the problem. Soil parched from months without rain needs to absorb sustained rainfall before groundwater can even begin to recharge, let alone refill the reservoirs a future harvest might depend on.

“Our climate has changed,” Water Minister Emma Hardy, who chairs the National Drought Group, said late last month, “and we will continue to take all action necessary.”

Kenya is beginning a crackdown on foreign nationals operating small retail shops and engaging in hawking, after President William Ruto directed authorities to shut down such businesses from September 7.

Ruto made the announcement on September 2 while addressing micro, small and medium-sized enterprise (MSME) traders at State House in Nairobi.

He said foreigners should not compete with Kenyans in businesses such as hawking and small retail, while foreign investment was welcome in activities requiring greater capital and investment.

What is Kenya doing?

Ruto directed authorities to begin shutting down small businesses operated by foreign nationals from September 7, saying hawking and small-scale retail should be reserved for Kenyans.

He said the government would take administrative action while the Parliament of Kenya considers the proposed Local Content Bill, 2025.

He also directed National Assembly Majority Leader Kimani Ichung’wah and Trade Cabinet Secretary Lee Kinyanjui to accelerate the bill’s passage through Parliament.

Why is Kenya moving against foreign traders and small retailers?

Hesbon Hansen Owilla, a professor at Aga Khan University in Nairobi, said the policy would help protect Kenyan traders.

“Yes, this is the best way to protect Kenyan small businesses and traders,” he told Al Jazeera. “Kenya is trying to bring in only investors who are bringing capital that can spur economic development by creating jobs rather than allow small-time foreign traders who only stifle Kenyan small traders while enjoying the robust infrastructure that Kenya has built and social securities.”

“It’s like expatriates. A country cannot allow expatriates in for jobs locals have expertise in,” he said.

The proposed Local Content Bill, 2025, would require foreign companies to increase local sourcing and employment, among other measures.

The bill is still being considered by Parliament and has not yet been enacted into law.

What businesses and traders are affected?

The directive is aimed at foreign nationals operating small retail shops and engaging in hawking. Ruto specifically referred to hawking and small shops when announcing the crackdown.

Kenya’s broader micro, small and medium-sized enterprise (MSME) sector covers a wider range of businesses. The government has not publicly provided a comprehensive list of all businesses covered by the September 7 directive or an estimate of how many foreign nationals will be affected.

Ruto also directed Ichung’wah to engage the State Department for Immigration’s principal secretary and establish the requirements governing permits issued to foreign investors and traders. It is therefore not yet clear how the directive will apply to foreign nationals who already hold permits to conduct business in Kenya.

Foreign Affairs Principal Secretary Korir Sing’Oei said on September 6 that foreign nationals who meet Kenya’s legal requirements, including holding the necessary work permits and licences, remain legally protected to operate businesses in the country. He said Ruto’s remarks had been taken out of context and were made in the context of the Local Content Bill, 2025.

How significant is foreign investment in Kenya?

Kenya’s 2024 Foreign Investment Survey, the latest such survey published by the Kenya National Bureau of Statistics (KNBS), put the country’s stock of foreign direct investment at  1.458 trillion Kenyan shillings ($11.27bn) at the end of 2023, up 8.5 percent from 1.343 trillion Kenyan shillings ($10.4bn) at the end of 2022.

These figures cover foreign investment across the Kenyan economy and are not limited to the small-scale trading activities targeted by Ruto’s directive.

Surveyed foreign-invested enterprises employed 224,769 people in June 2024, including 221,267 Kenyan employees. Foreign employees accounted for 1.6 percent of the workforce in those enterprises.

What is the Tata Chemicals case?

The Tata Chemicals dispute is separate from the small-business crackdown.

Tata Chemicals Magadi operates a soda ash business at Lake Magadi in Kajiado County. On July 28, the Kenyan government suspended the company’s mining operations, citing alleged compliance issues under the country’s mining laws. The suspension also affected its soda ash exports.

On September 3, Ruto said he had ordered Tata Chemicals to leave Kenya, saying the company had not provided sufficient benefits to the local community in Kajiado County. He said the government would bring in two new companies to establish glass and chemical manufacturing facilities in the area.

Tata Chemicals said it had submitted the information requested by Kenyan authorities and was awaiting further communication. The company has said it complied with regulatory requirements and remained committed to resolving the matter through legal and regulatory channels.

The Tata dispute concerns the company’s soda ash operations at Lake Magadi. This is separate from the directive targeting foreign nationals operating small retail businesses and hawking.

What does this mean for foreign investment?

International business consultant and Sols Inclinations Ltd Managing Director Solomon Kinyanjui said the distinction was not between welcoming foreign investment and rejecting it, but between foreign capital that complements Kenyan enterprise and activity that displaces it.

“The issue is not whether foreign capital is welcome, but what role it should play in Kenya’s economy,” he told Al Jazeera. “Foreign investment should complement Kenyan enterprise, not substitute for economic activities Kenyans can competitively undertake themselves.”

He said the stronger case for foreign investment was where it brought capital, technology, skills, industrial capacity and access to export markets, but warned that the government needed to draw the boundary clearly and apply its rules predictably.

Hafsa Abdiwahab Sheikh, a journalist, said the policy could have both benefits and costs depending on how it is implemented.

“The policy could create more jobs for Kenyans and encourage skills transfer, while helping protect local employment,” she told Al Jazeera.

“However, if implemented unpredictably, it may discourage foreign investment and increase business costs, leading to higher prices. It could also affect relations with foreign communities if foreigners are blamed for unemployment.”

The global ratings agency has also maintained the country’s sovereign rating at AA.

Fitch Ratings has removed Qatar from “Rating Watch Negative” while maintaining its sovereign rating at AA amid the US-Israel war on Iran and the Strait of Hormuz blockade.

The global ratings agency announced the decision on Friday, citing reduced risks to the country’s liquefied natural gas (LNG) facilities since March.

The agency, however, kept a negative outlook on the rating, citing ongoing risks surrounding the movement of gas exports through the blockaded Strait of Hormuz.

“The impact of the war on the credit profile will take longer to discern,” the agency said in a statement.

Qatar, one of the world’s largest gas exporters, continues to face export disruptions and shortages caused by damaged energy facilities during the war on Iran, which began six months ago.

Earlier this year, credit agencies S&P and Moody’s also affirmed Qatar’s ratings, noting that the country’s sizeable financial cushion helps protect it from the economic impact of the war.

Sept. 4 (UPI) — President Donald Trump on Friday signed two executive orders aimed at strengthening the country’s ranching industry.

Trump has been facing criticism from beef producers since he waived tariffs on up to 300,000 metric tons of imported beef in an effort to ease rising costs as the nation heads into the midterm elections.

Trump’s first executive order directs the Interior Department to study removing gray wolves from the Endangered Species Act list, allowing ranchers to kill them on their properties. Gray wolves are a major threat to herds in the West.

The second executive order would allow ranchers to process their beef and sell directly to consumers, instead of going through USDA inspections.

“People have been asking for this change for decades, and we’re getting it done,” Trump told reporters at the White House. “This is the largest-ever government effort to change all federal rules and regulations necessary to support our ranchers and our farmers.”

Beef prices have risen this year due to drought and high feeding costs. The United States currently maintains the smallest herd since the 1950s.

The National Cattlemen’s Beef Association said it was “disappointed” by Trump allowing more foreign beef to flow into an industry already under severe stress.

“While America’s cattle producers share the goal of keeping groceries affordable for consumers, flooding the market with government-subsidized, below-market beef is not the way to rebuild the American cattle herd,” the association previously said in a statement.

“Cattle markets have already turned sharply lower this morning, to the detriment of farmers and ranchers.”

The United States economy has added 162,000 jobs in August, with large gains in local government education and food services.

The unemployment rate remained unchanged, according to the monthly jobs report released by the US Department of Labor’s Bureau of Labor Statistics (BLS) on Friday.

The data was well above analysts’ expectations. Economists polled by Reuters had forecast 56,000 gains, the Wall Street Journal forecast 53,000, and Bloomberg had forecast 55,000, following a loss of 23,000 in July.

Local government education, or public schools, accounted for nearly 42,000 of the jobs added as the 2026–27 school year begins across much of the US. Teachers typically fall off payrolls during the summer months when school is not in session.

Food service jobs also saw large increases, with the sector adding 59,000 jobs for the month of August compared with the month prior.

There were also gains in construction, which added 22,000 jobs, and healthcare, which added 12,000.

The information sector, which accounts for industries like data processing, web hosting, publishing, broadcasting and telecommunications, fell by 23,000, with notable layoffs at companies including Scripps TV and Zillow, which fall under the umbrella of these industries.

The financial activities sector, which accounts for industries like insurance, commercial banking and real estate, dropped by 12,000.

Mixed data

The data comes in sharp contrast to the ADP national employment report, which tracks private payrolls and found 38,000 jobs added across the US economy.

Meanwhile, the Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) report released on Tuesday revealed job openings were slightly changed, with 7.3 million in July, up from 7.2 million the previous month, while total separations fell to 5.1 million in July from 5.3 million in June.

The move in job gains comes ahead of the US Federal Reserve’s policy meeting later this month, where the central bank will vote on interest rates. Amid the job gains, CME Group’s FedWatch, which tracks the likelihood of monetary policy decisions, had a 60 percent chance of a 25 basis point rate increase to 3.75–4.00 percent, up from 49 percent on Thursday.

US President Donald Trump was quick to comment on the jobs report and push for rate cuts.

“Lower the interest rates because the U.S.A. is a much stronger credit than it was a short time ago!” he said in a post on his social media platform Truth Social.

He also ramped up threats to cut off trade with nations that the US has a deficit with if the central bank does not cut rates.

Despite a strong jobs report, US markets are trending downwards. The Nasdaq is down 0.2 percent, the Dow Jones Industrial Average is down 0.5 percent, and the S&P 500 is down 0.3 percent amid Trump’s comments.

Meanwhile, Canada released its jobs report amid the ongoing trade dispute with the US. The Canadian economy lost 41,700 jobs, according to Statistics Canada, with the unemployment rate holding steady at 6.4 percent.

“We expect the economy will continue struggling to create jobs in the near term as mounting headwinds from new US-Canada tariffs, greater uncertainty from a flare-up in the trade war, and the ongoing Iran conflict and a shrinking population weigh on hiring,” Tony Stillo, director of Canada Economics at Oxford Economics, said in a note provided to Al Jazeera.

Sept. 4 (UPI) — The Federal Communications Commission asked a federal court to dismiss a lawsuit from ABC claiming the commission was curbing its right to free speech.

The Walt Disney Company and its subsidiary ABC sued the FCC on Aug. 18 to block an early license renewal from the agency, claiming the Trump administration is attacking the company for content it doesn’t like.

The FCC argued in its motion that the lawsuit is premature because the agency hadn’t yet tried to remove the licenses from eight local stations that ABC owns. In April, the FCC called for an early review of the licenses, an unusual move. None of the licenses were up for renewal for several years.

The FCC claims it asked for the early review because of ABC’s response investigation into the company’s diversity, equity and inclusion hiring policies. But the review came right after President Donald Trump told ABC to fire Jimmy Kimmel after a joke about First Lady Melania Trump.

The eight stations with their licenses are in jeopardy cover New York, Los Angeles, Chicago, Philadelphia, Houston, San Francisco, Raleigh-Durham, N.C., and Fresno, Calif. They renew their licenses every eight years and are almost never revoked. The FCC hasn’t filed an early-renewal order in decades.

“This [lawsuit] would only hobble the Commission’s efforts to investigate and resolve serious allegations that Disney has engaged in unlawful discrimination, and from otherwise ensuring that Disney’s stations are serving the public interest,” the FCC wrote in its filing. “Plaintiffs, in return, would only free themselves from the burdens of proving their case in administrative proceedings.”

“They have shown (at most) minimal and self-inflicted effects on speech, and no harms that could justify” blocking the agency’s moves, the FCC’s document said.

ABC had filed for an emergency stay of the FCC’s activity, arguing it was using the regulatory process to suppress its right to free speech.

ABC in its filing said that President Donald Trump is sending a “message to every media company in the country — that they should “tell only the stories the Administration deems favorable, or face the coercive machinery of the federal government.”

“In such a world, the press could in no way be described as free,” ABC wrote. “The FCC Chairman [Brendan Carr] has left little doubt that this is his goal.”

Judge Loren L. AliKhan scheduled a hearing for the week of Oct. 5.

A NEW premium economy seat is set to change the way you fly – with business class-like privacy screens.

Emirates has revealed its new seats, with premium usually only a small jump up from economy (often with more legroom and better food).

However, the designs show something much closer to a business class seat too.

Launching on the Airbus A350, they will be the first fully electrically powered premium economy seats.

This means with a flick of the button, you can choose from ‘lounge mode’ to ‘meal mode’.

Don’t worry about annoying the person behind you when you recline – each seat is built into a ‘cradle’ so it doesn’t affect them.

SIT UP

I flew on world’s best airline with business-like perks in premium & huge reclines

TAKE OFF

I flew on one of world’s oldest airlines – one way economy trumped business class

But the highlight is the privacy screen between seats, the first ever for premium economy seats.

The divider can be lowered if sitting with family or friends, or raised and locked into position.

The new seats will be laid out in a 2-3-2 layout, with 28 seats in the cabin.

Pitch will be up to 39 inches – compared to most having around 38 inches – as well as 50.8cm width.

Other perks include wireless charging – a first for premium economy – as well as USB-C chargers and phone holders.

The new premium seats are part of wider regeneration of the plane cabins.

Recently, the airline unveiled the new economy seats with built in adjustable headrests.

Called the U-Dream Headrest, it means you can ditch the travel pillow as the headrest pulls down to offer neck support.

There are also plans to launch the world’s first ever private bathrooms onboard, albeit only for first class passengers.

Here’s what it is like to fly business class with Emirates.

ChatGPT creator’s latest release comes amid heightened fears following AI-led hacking of the startup Hugging Face.

OpenAI has announced the release of what it says is its most advanced AI model, amid heightened scrutiny of the risks of the frontier technology escaping human control.

The $852bn start-up said in its announcement on Thursday that GPT‑6 Astra, the “world’s most intelligent and aligned” AI model, earned perfect or near-perfect scores in key benchmarks of AI reasoning, beating both its prior release GPT 5.6 Sol and rival Anthropic’s Claude Fable 5.

The ChatGPT creator said GPT‑6 would become available to the general public in the coming days, following its initial launch with a “limited set of organisations”.

OpenAI’s latest release comes as the AI industry is at the centre of a lively public debate about the dangers of the cutting-edge technology following the AI-led hacking of the startup Hugging Face in July.

An independent probe into the cyberattack found that hundreds of OpenAI’s AI agents had begun communicating among themselves before breaking out of their controlled environment and compromising Hugging Face’s servers.

On Thursday, US Senator Bernie Sanders, an Independent, and US House Representative Greg Casar, a Democrat, unveiled legislation that would pause the development of advanced AI until the establishment of federal safety rules and an outright ban on the creation of “superintelligent” AI.

“Nearly every day, there is a frightening new story about how Big Tech companies are losing control of the technology they are developing, with potentially cataclysmic results,” Sanders said in a statement announcing the legislation, which is unlikely to advance due to the Republicans’ control of all three branches of the US government.

“The leaders of the major AI companies publicly acknowledge that they do not fully understand the technology and that it is escaping their control. It is irresponsible for society to allow them to move forward and make these products even more advanced.”

In its announcement, OpenAI devoted significant space to AI safety, highlighting both GPT‑6’s potential to do harm and its safety features.

Toby Walsh, a professor and AI expert at the University of New South Wales, Sydney, said that while OpenAI is clearly “neck and neck” in the race to lead AI, the technology remains inconsistent and in need of greater scrutiny.

“The intelligence in artificial intelligence is still today very jagged,” Walsh said. “There are simple things that even the best AI models do poorly.

“And it’s hard to see how the AI companies, including OpenAI, are slowing down to address justified concerns around cyber risk, when new models are being released at an ever greater and greater rate.”

Roman Yampolskiy, a computer scientist at the University of Louisville, said GPT‑6 marks a “meaningful” advance that raises the stakes for AI safety.

“The key question is whether capabilities are improving faster than our ability to reliably understand, predict and control these systems,” Yampolskiy said.

“I see little evidence that this gap is closing.”

Sept. 3 (UPI) — Nvidia announced on Thursday that it has agreed to acquire open-source AI company Hugging Face for $12.9 billion.

The acquisition will bring a platform that is used by 18 million people, including researchers and developers, under Nvidia’s ownership. Hugging Face has been used to share more than 3 million models, 500,000 datasets and 1 million applications, Nvidia said in a blog post.

“Over the past decade, Clem [Delangue], Julien [Chaumond], Thomas [Wolf] and the team at Hugging Face have built something remarkable: a vibrant home for the open model developer community,” Jensen Huang, founder and CEO of Nvidia, wrote in the blog post. “Hugging Face will remain an open platform for the entire AI ecosystem. Developers will choose the models they want, the frameworks they want, the clouds and inference service providers they want and the computing platforms they want.”

Nvidia adds that Nvidia compute will not be required to use Hugging Face.

In July, Hugging Face was targeted by OpenAI chatbots that went rogue, hacking the firm in what was described as a “security incident.”

OpenAI said its engineers had asked AI models to find solutions for ExploitGym, a benchmark that tests AI agents’ capability to exploit vulnerabilities in a system. The models were meant to perform this task within a sandbox but escaped, accessing the open internet and ultimately restricted information.

With restricted information, the AI models were able to cheat the vulnerabilities test and obtain an access code from Hugging Face’s servers.

Hugging Face CEO Delangue said there was “no malicious intent” by OpenAI. OpenAI said it took containment actions in response to the incident.

Sept. 3 (UPI) — South Korean shipbuilders are pouring investment, technology and expertise into a U.S. maritime industry struggling with shrinking capacity, worker shortages and competition from China, offering Washington a potential path to rebuild American shipyards without sending ship construction overseas.

The growing partnership also raises a difficult question: How much foreign participation is the United States prepared to accept in an industry considered essential to national security?

The issue has gained urgency following a White House directive aimed at increasing competition and capacity in the U.S. maritime industrial base. The administration’s plan allows greater use of foreign shipbuilding expertise under certain conditions, including investment in American shipyards, training U.S. workers, transferring production technologies and developing domestic supply chains.

Limited shipyard capacity and a shortage of skilled workers remain major obstacles to expanding the U.S. Navy fleet, according to Shelby S. Oakley, director of Contracting and National Security Acquisitions at the U.S. Government Accountability Office.

“The capacity of the existing yards and the size and skill level of the current workforce are certainly a limiting factor when it comes to the U.S. Navy’s ability to increase the size of the fleet,” Oakley told UPI.

Oakley said meeting Navy shipbuilding goals will require expanding existing yards or adding new ones, increasing the skilled workforce and making greater use of technology and automation. Without those changes, she said, the Navy will struggle to meet its fleet targets.

South Korea could provide part of that capacity.

Under a broader $350 billion U.S.-South Korea investment framework, Seoul has committed $150 billion specifically to shipbuilding cooperation, with another $200 billion intended for strategic investments in other sectors.

South Korea moved toward implementing the maritime portion in June when the Korea-U.S. Strategic Investment Corporation, Korean policy finance institutions and shipbuilders HD Hyundai Heavy Industries, Hanwha Ocean and Samsung Heavy Industries agreed to identify projects and coordinate financing.

The arrangement combines something Washington needs: capital and industrial expertise.

For decades, U.S. commercial shipbuilding has lost ground to Asian competitors. China now dominates global commercial ship construction, while South Korea and Japan retain substantial production capacity. The United States accounts for only a fraction of global commercial output.

President Donald Trump recently elevated shipbuilding capacity to a national security priority, directing his administration to look abroad for models that could help rebuild the U.S. maritime industrial base.

“I have determined that it is in the national security interest of the United States to increase domestic shipbuilding capacity,” Trump said in the memorandum, pointing to the October 2025 U.S. Finland Agreement on icebreaker construction as a model for cooperation with foreign companies.

China adds urgency to that effort.

China’s enormous civilian shipbuilding industry supports an expanding naval industrial base, allowing shipyards, suppliers and skilled workers to serve both commercial and military production. That industrial scale has made shipbuilding an increasingly important element of U.S.-China strategic competition.

The United States faces a different reality. The Government Accountability Office reported this year that Navy and Coast Guard shipbuilding programs have repeatedly exceeded budgets and fallen years behind schedule, while yards face skilled-worker shortages, capacity constraints and fragile supplier networks.

South Korea offers an alternative source of expertise. Its yards have decades of experience with modular construction, automation, digital design and high-volume production. Korean companies also build sophisticated naval vessels, including Aegis-equipped destroyers and submarines.

Hanwha has moved furthest into the U.S. market.

Hanwha Ocean and Hanwha Systems acquired Philly Shipyard for $100 million in 2024, giving the conglomerate a direct U.S. manufacturing foothold. Hanwha subsequently announced plans for billions of dollars in additional investment to expand the yard and introduce Korean shipbuilding technology.

Hanwha employs nearly 30,000 workers at Hanwha Ocean’s Geoje Shipyard in South Korea, where advanced manufacturing and automation help produce more than 40 ships a year.

“In the coming years, we will continue to bring trainers to develop our workforce at the Hanwha Philadelphia Shipyard as well as transfer technology to expand commercial and naval shipbuilding capacity,” Hanwha Defense USA spokesman James Hewitt told UPI.

Hanwha Ocean also completed a major overhaul of the Military Sealift Command dry cargo ship USNS Wally Schirra at Geoje in March 2025. The seven-month project was the first large-scale regular overhaul of a Military Sealift Command vessel awarded to a South Korean yard.

HD Hyundai Heavy Industries is pursuing a different route.

Rather than acquiring a U.S. yard, HD Hyundai has developed partnerships with American shipbuilders. The company and Huntington Ingalls Industries are cooperating on shipbuilding technology and production, including an August pilot program to expand automated welding at HII’s Ingalls Shipbuilding yard in Mississippi.

“The United States is a strong ally and a key business partner for us,” said Hannae Choi, Executive Vice President at HD Hyundai Shipbuilding and Offshore Engineering.

Such arrangements offer Washington a possible compromise: Korean companies can bring capital, technology, automation and production methods into American yards while training U.S. workers and developing domestic supply chains.

That distinction — foreign investment in U.S. shipbuilding rather than shifting construction overseas — has emerged as a key dividing line for the domestic industry.

The Shipbuilders Council of America supports foreign investment when it expands U.S. shipyard capacity but opposes sending construction abroad, said Danielle Hagen, the council’s executive vice president for communications.

“If South Korean capital and automation expertise flow into American facilities, employ American workers and produce American-built hulls, that model is consistent with our longstanding position,” Hagen told UPI.

“The SCA’s concern has never been the nationality of capital, but whether the work, the workforce and the industrial capability remain here in the U.S.,” she said.

Federal law has long restricted construction of U.S. naval vessels in foreign shipyards, while the Jones Act requires vessels operating in U.S. coastwise trade to be U.S.-built, U.S.-owned and U.S.-crewed.

“Any foreign partner needs to operate their U.S. yard as a genuinely American enterprise, with real decision-making authority here,” the council said, adding that foreign acquisitions should face national security scrutiny and continued congressional oversight.

Despite the backlog at U.S. yards, bipartisan opposition remains strong in Congress to building Navy vessels overseas. Rep. Jared Golden, D-Maine, a member of the House Armed Services Committee, has been among lawmakers seeking to preserve domestic construction requirements and prevent naval shipbuilding from migrating to foreign yards, including South Korea and Japan.

Those concerns extend beyond jobs. Modern warships contain classified systems, sensitive designs and specialized supply chains. Greater participation by even close allies raises questions about intellectual property, cybersecurity and control over technologies considered essential to U.S. military power.

Few U.S. allies, however, can match South Korea’s shipbuilding scale, speed and technical expertise. The emerging model seeks to use those capabilities to increase production in the United States rather than substitute foreign yards for American ones.

Whether that approach succeeds will depend not only on transferring Korean technology and manufacturing expertise into U.S. yards, but also on Washington’s ability to integrate those investments into a broader shipbuilding strategy.

Managing competing demands for Navy ship construction and repair requires such an approach, Oakley told UPI. A 2025 GAO report found that the Navy lacked a comprehensive strategy for managing the private shipbuilding and repair industry on which it depends, complicating efforts to coordinate investment, yard capacity and workforce needs.

The challenge is magnified by China. Its dominance of commercial shipbuilding has created a vast network of yards, suppliers and skilled workers that the United States cannot quickly replicate. South Korea cannot close that gap alone, but its capital, technology and expertise could help expand U.S. capacity as American yards modernize, train workers and rebuild supply chains.

For Washington, the central policy question is whether greater South Korean participation can strengthen U.S. shipbuilding capacity without creating a new dependence on foreign production.

China has long been a rare partner to Iran, with the economic heft to blunt the United States’ efforts to strangle the Iranian economy.

Yet even as China opposes US President Donald Trump’s latest pressure campaign, few observers expect it to go much further than the modest economic links it has thus far forged with Iran to shield it.

While China opposes the Trump administration’s military attacks and sanctions against Iran, Beijing’s relationship with Tehran is just one consideration in a foreign policy that seeks to balance relations with numerous countries, including the US and the Gulf states, limiting its appetite to prop up the Iranian leadership at any cost, analysts say.

“China, with broader global interests, can only actively promote de-escalation of the US-Iran conflict, and cannot and will not engage in fierce confrontation with the US for Iran’s sake,” said Hongda Fan, director of the China-Middle East Center at Shaoxing University in China.

“Ultimately, the US-Iran conflict must be resolved by the two countries themselves,” Fan said.

China and Iran share substantial trade links, particularly in energy, and a mutual suspicion of US dominance, but their relationship is heavily lopsided, with Tehran depending on Beijing far more than vice versa.

That asymmetry in ties was on full display this week at the annual gathering of the Shanghai Cooperation Organisation, a 10-member bloc widely seen as a counterbalance to US hegemony, where Chinese President Xi Jinping joined more than a dozen non-Western leaders, including Iranian President Masoud Pezeshkian.

While Iranian state media reported that Pezeshkian held a “brief meeting” with Xi on the sidelines of the summit in Bishkek, Kyrgyzstan, Chinese outlets made no mention of the encounter.

Xi immediately followed his attendance at the summit with his first visit to Egypt in a decade on Tuesday, using the visit to call on countries in the Middle East to oppose “external interference” and reiterate his calls for a diplomatic resolution to the Iran war.

As Iran’s top trade partner, China has taken up to 90 percent of Iranian oil exports since the US and Israel launched their war in late February.

Iranian crude, however, accounts for only about 2 percent of China’s overall energy mix.

While China’s oil purchases have been an economic lifeline for Tehran, Chinese importers have not been immune to fears of exposure to US sanctions.

China’s major state-owned refiners such as Sinopec and PetroChina have shunned Iranian oil for years, leaving the trade to independent “teapot” refiners with minimal links to the dollar-based global financial system.

Though the Trump administration has imposed sanctions on these “teapot” refiners and a limited number of China- and Hong Kong-based firms and individuals, it has yet to target major Chinese banks accused of facilitating Iranian oil purchases.

The Trump administration has hinted at targeting China’s financial system as part of its ramped-up sanctions campaign, dubbed “Operation Economic Outcast”, though analysts are sceptical that Washington will risk provoking Beijing’s ire as the sides seek to lower the temperature in their trade war before a scheduled summit between Xi and Trump on September 24.

“The legitimate question is why third countries should be expected to adopt Washington’s unilateral economic policy towards another sovereign state,” said Zichen Wang, deputy secretary-general of the Center for China and Globalization (CCG) think tank in Beijing.

“That does not, however, mean that Beijing will provide Tehran with a blank cheque,” Wang said.

“China is likely to continue opposing US secondary sanctions politically and to defend what it considers legitimate Chinese commercial interests. But past behaviour also shows that major Chinese banks and state-owned companies are highly conscious of sanctions exposure.”

Rhetoric versus reality

Even as Beijing and Tehran have forged closer ties, their relations have for years been marked by a substantial gap between rhetoric and reality.

While China pledged to invest up to $400bn in Iran over 25 years as part of a “comprehensive strategic partnership agreement” signed in 2021, few projects have materialised amid what analysts say is Chinese firms’ reluctance to navigate sanctions and the opaque Iranian bureaucracy.

In 2023, Iran’s then deputy economy minister, Ali Fekri, complained that he was “not satisfied” with China’s level of investment since the agreement, saying it had only amounted to about $185m.

“Iranian experts often blame their government for not doing enough to attract Chinese investors or not pushing Chinese companies to share more technology,” said Andrea Ghiselli, head of research at the ChinaMed Project.

“However, the reality is that there is no point for Chinese companies to give up their ties with the international financial system to expand their business in Iran,” Ghiselli said.

“It is much easier and more profitable to trade and invest elsewhere. Iran’s own domestic physical and bank infrastructure is also an obstacle.”

Meanwhile, the most tangible measure of China’s economic support, purchases of Iranian oil, has been dwindling amid the US blockade of Iranian ports.

Iranian crude exports via the Strait of Hormuz, mostly bound for China, fell from an estimated 1.85 million barrels per day (bpd) in March-April to just 240,000bpd in August, according to data from ship-tracking platform Kpler, though millions more barrels shipped before the blockade are still at sea.

In an interview with CNBC on Monday, US Treasury Secretary Scott Bessent said “only” about 30 million barrels of Iranian oil remained on the water and Chinese remittances to Iran were “going to run out”.

Kpler last month estimated that about 80 million barrels were in on-water shortage, enough to provide revenues to Tehran for up to six months.

“For China, Iran is valuable – but replaceable across many dimensions. Iranian oil matters, but China can obtain energy from Saudi Arabia, Russia, Iraq, the UAE, and numerous other suppliers,” said Mordechai Chaziza, an expert on China’s Middle East policy who lectures at Ashkelon Academic College in Israel.

“Iran offers geopolitical access, but China possesses relationships throughout the region. Iran supports China’s multipolar agenda, but so do many other states.”

China’s support for Iran is also not risk-free for Beijing, given its important relationships with Iranian rivals such as Saudi Arabia and the United Arab Emirates, Chaziza said.

“Saudi Arabia and the UAE are major energy and commercial partners.

“Gulf stability is vital because China obtains roughly half of its crude imports from the Middle East,” he added.

The “ideal outcome” for Beijing, Chaziza said, would be “a stable, sovereign, economically connected, and internationally non-Western” Iran, but not one “whose confrontation with Washington, Israel, or the Gulf monarchies forces China to choose sides”.

Wang, at the CCG, said that while Beijing appears determined to defend Chinese commercial interests, it is unlikely to sacrifice its broader interests in the region or elsewhere.

Beijing’s warning that it is ready to take countermeasures against unilateral sanctions is “not the same thing as promising to underwrite the Iranian economy”, Wang added.

For China, Iran is seen more as a customer than an ally, said Kerri Bitsoff, a former senior official at the US Treasury’s Office of Foreign Assets Control.

“I don’t think this is the alliance some people think it is, even though there’s real support. I think of a more like a customer relationship that Iran can’t walk away from,” Bitsoff said.

“And it was good for China – they got cheap oil, they got a US tied up in the Middle East, but I think that only lasts up until the point where it threatens China’s other interests,” she added.

Sept. 2 (UPI) — Patagonia, an outdoor apparel company, announced Wednesday it sued the Trump administration for cuts dramatically shrinking the size of Bears Ears National Monument in Utah.

This is the second time Patagonia has sued the administration, the company said. In 2017, during Trump’s first term, it became the first company to sue a sitting president over public land after the president issued orders shrinking Bears Ears by 85% and Grand Staircase-Escalante National Monument, also in Utah, by nearly half.

The case was not decided by the time of the 2020 election, and President Joe Biden restored both monuments to their original size in 2021.

On July 13, Trump issued orders to shrink them again — Bears Ears by about 91% this time and Grand Staircase-Escalante by about 90%. This amounts to nearly 3 million acres of land that will lose monument-related protections, the company said in a press release.

“Slashing Bears Ears and dismantling the Bears Ears commission is a betrayal of Tribal sovereignty and needlessly throws away years of effort to create the first Tribal co-management structure of a national monument in U.S. history,” Ryan Gellert, Patagonia CEO, said in a statement. “Patagonia worked with the Bears Ears Inter-Tribal Coalition, scientists, conservation groups, outdoor industry advocates and more to establish the monument in 2016, and we are committed to defending it today and into the future.”

President Barack Obama designated the Bears Ears monument in late 2016, following a proposal by five Tribal entities: the Navajo Nation, Hopi Tribe, Ute Mountain Ute Tribe, Ute Indian Tribe of the Uintah and Ouray Reservation and the Pueblo of Zuni. A coalition of these groups co-manages the monument with the U.S. Bureau of Land Management.

Patagonia says the U.S. Antiquities Act gives presidents the power to designate national monuments but not to undo them. However, the Trump administration, as well as others including Republican Utah Gov. Spencer Cox, say the monuments violate that act, which they say limits the designation to the smallest parcel of land necessary for the proper care and management of the objects to be protected.

The Trump administration argued that term “objects of historic or scientific interest” in the Antiquities Act has been stretched to include landscapes and biodiversity — and should not.

When signing the new orders in July, Trump criticized the size of the monuments, claiming that the public cannot hunt, fish or “virtually not even walk” on the land. However, the Utah Division of Wildlife Resources and the U.S. Bureau of Land Management explicitly say people can hike, hunt and fish in both monuments, as well as take part in other forms of outdoor recreation.

The Center for Western Priorities said in July that Trump’s orders could open the land for sale or lease oil, gas, mining or logging companies within 60 days.

Sept. 2 (UPI) — Private payrolls rose by 38,000 in August, though it was less than expected and fell below the 46,000 jobs added in July, ADP reported on Wednesday.

August’s new hires report was the slowest month in terms of hiring since January with the manufacturing, professional services and information industries cutting jobs.

“Pay can tell us a lot about today’s choppy hiring,” Dr. Nela Richardson, chief economist for ADP, said in a statement. “To understand hiring patterns, you have to look deeply into where pay growth is accelerating, where it’s slowing, and for whom. Once-predictable wage growth has been overtaken by the complexities of demographic change, persistent inflation, and AI’s effects on jobs.”

Manufacturing jobs posted the biggest losses, down 17,000, followed by professional and business services, down 16,000. The losses offset a 45,000 gain in education and health services jobs and 16,000 new hires in the leisure and hospitality industry.

Large businesses of more than 500 employees added the most new hires, up 34,000, followed by small businesses with one to 19 employees, up 20,000. Small businesses with 20 to 49 employees decreased by 17,000 jobs.

The Dow Jones consensus estimate projected 47,000 new hires in August, 9,000 jobs more than ADP’s reported results.

Wednesday’s report comes ahead of the U.S. Bureau of Labor Statistics’ monthly nonfarm payrolls report expected on Friday.

SEOUL, Sept. 2 (UPI) — Korea Zinc said Wednesday that its production capacity for semiconductor-grade sulfuric acid has increased by more than 14% as the country’s two leading chipmakers boost production to meet rising demand.

The world’s largest non-ferrous metals manufacturer noted that it recently built two additional production lines for ultra-high-purity sulfuric acid at its Onsan Smelter in Ulsan, roughly 190 miles southeast of Seoul.

With the two new lines now in full-scale operation, Korea Zinc’s annual production capacity has risen from 280,000 tons to 320,000 tons.

Eventually, Korea Zinc aims to raise its domestic production capacity to 500,000 tons a year. It is also considering installing semiconductor-grade sulfuric acid lines at its planned integrated smelter in the United States.

In cooperation with the U.S. government, Korea Zinc is set to construct the smelter for strategic materials on a 160-acre site in Clarksville, Tenn. Under the $7.4 billion Project Crucible, the facility is expected to start production in 2029.

Korea Zinc said that it supplies more than 60% of South Korea’s demand for semiconductor-grade sulfuric acid. The Asian nation is home to the world’s two largest memory chipmakers, Samsung Electronics and SK hynix.

The corporation said that its product has a purity of more than 99.9999 percent, known as “six nines,” or 6N, purity.

“Through this capacity expansion, we will respond in a timely manner to the operation and ramp-up of key domestic clients’ new manufacturing facilities,” Korea Zinc said in a statement.

“Moving forward, we will phase in additional domestic production capacity in alignment with our clients’ demand and investment timelines. At the same time, we plan to establish a supply base in global markets, including the United States,” it added.

The share price of Korea Zinc fell 3.92% on the Seoul bourse on Wednesday, while the benchmark KOSPI declined 3.99%.

The United States Equal Employment Opportunity Commission (EEOC) has found that the networking technology company Cisco may have violated the civil rights of Middle Eastern and Muslim employees amid a wave of anti-Arab and anti-Muslim comments on internal messaging platforms at the company.

In June, the EEOC, which is tasked with enforcing the US’s anti-discrimination laws, said Cisco subjected its employees to a hostile work environment, according to a letter of determination obtained by Al Jazeera.

The letter, which was first reported by Politico Pro, stemmed from a complaint filed with the EEOC in December 2024 by a group of Cisco employees called “Bridge to Humanity” (B2H), who had been voicing concerns that the company’s technology was provided to the Israeli military for use in Israel’s genocidal war on Gaza.

Several months earlier, the group of employees had sent a separate open letter calling on the San Jose, California-based company to stop providing its technology to the Israeli government. The document was signed by more than 1,700 of the company’s more than 86,000 employees.

In its December complaint filed with the EEOC, the employees alleged that Cisco had removed the open letter from an internal site and that it was “under review”, and that subsequently, many of the signatories were harassed. Among the allegations was a remark that one employee had told another to “quit living”.

The employees also alleged that Cisco had not responded to their complaints until they created a 76-page report cataloguing the hate comments they had been subjected to in an internal messaging group called Connected Jewish Network.

The report, which was provided to Cisco’s Employee Relations and Ethics offices, according to documents made public by The Guardian, outlined the waves of hate comments. In one of these, from November 2023, an unnamed employee had said that “Israeli passersby killed 2 members of a Palestinian family in Jerusalem this morning, and I for one am extremely grateful.”

“These Cisconians have, among other things, repeatedly glorified violence, joked about sending people to their deaths, likened Palestinians and those with opposing viewpoints to animals, labeled Palestinians, Arabs, and Muslims as murderous, violent terrorists, joked about respecting a person’s gender identity,” the 76-page report said. It added that the Connected Jewish Network was not even a “safe space for all of our Jewish colleagues”.

The EEOC’s determination said that the company had retaliated against one unnamed staffer for “her involvement in pro-Palestine efforts by terminating the individual”.

‘Important step’

The employees’ complaint with the EEOC was filed by Legal Aid at Work, a nonprofit legal services organisation.

“The EEOC’s determination is particularly significant because it appears to be the first time in any legal context where a governmental or judicial finding has sided with Big Tech workers who have collectively organised to fight for corporate accountability around their employers’ sales of their technology to Israel,” Christopher Ho, director of the national origin and immigrants’ rights programme at Legal Aid at Work, told Al Jazeera.

Advocacy groups like the Council on American-Islamic Relations (CAIR) praised the decision.

“The EEOC’s finding is an important step toward accountability and a reminder that federal civil rights protections apply equally to Muslim, Arab, Palestinian, and other employees who speak out about Palestine,” civil rights managing lawyer Jeffrey Wang at CAIR’s San Francisco Bay-area chapter said in a statement.

“Employers have a legal responsibility to address harassment and discrimination fairly and consistently. Workers should not have to fear retaliation or a hostile work environment because of their religion, national origin, or association with protected communities.”

According to reporting by The Guardian, although the EEOC issues its determination in June, the agency’s mediation with the company has “not gone anywhere”.

Legal Aid at Work told Al Jazeera that it has also submitted a complaint against Cisco to the National Labor Relations Board (NLRB) and the California Labor Commissioner.

“[The complaints] allege, respectively, that Cisco unlawfully interfered with our clients’ federally protected right to engage in concerted activity to improve working conditions, and unlawfully interfered with their right to engage in political activities that is protected by the California Labor Code. Both these complaints are still pending at the respective agencies,” Ho said.

Al Jazeera reached out to the EEOC for comment.

“Under federal law, both charges filed with, and charge inquiries made to the EEOC are confidential. The EEOC can neither confirm nor deny the existence of any charge or charge inquiry,” an EEOC spokesperson said.

Cisco did not respond to Al Jazeera’s request for comment.

A new study suggests one in four workers are travelling more for business than before the pandemic, with many embracing the new ‘bleisure’ trend.

A quarter of workers are now travelling more for business than they did before the pandemic, research has revealed. A study of 2,000 adults who have previously travelled for work discovered 18% have undertaken 12 or more business trips in the past year.

During that period, the busiest months for travel were May, September and April, with the average employer willing to splash out £165 for accommodation. Meanwhile, £68 was the average daily allowance for meals and transport.

The research was commissioned by Hotels.com, which has introduced a new business travel experience through its app to make work trips quicker and simpler to arrange.

The app allows business travellers to save work-trip preferences, locate business-ready hotels, rebook favoured stays and earn rewards on corporate trip.

The study also forms part of the global marketplace’s Booked for Business report, which discovered 48% of workers believe the finest business travel destinations combine work and leisure, reflecting what it describes as “the growing importance of ‘bleisure’ travel”.

According to those surveyed, cities London, New York and Paris epitomise this ‘bleisure’ travel trend the most, making them the optimal destinations for work-related travel.

Business travellers are also placing greater emphasis on the benefits they receive when travelling for their jobs – with 26% revealing they make a hotel stay “great.”

These include a complimentary breakfast (51%), room upgrades (32%) and flexible check-in (26%).

But when it comes to completing the job, 57% said access to high-speed Wi-Fi is a crucial priority.

Melanie Fish, travel expert and spokesperson for Hotels.com, said : “Business travel is no longer just about getting from one meeting to the next. Travellers want a hotel and destination that can keep up with both sides of their personality.

From high-speed Wi-Fi and an early breakfast before a big presentation to a great location and a comfortable place to unwind afterwards.”

Aug. 31 (UPI) — Finance ministers and other officials from the Group of 20 nations, as well as many CEOs, met Monday in Asheville, N.C., at a summit in which U.S. leaders intended to focus on growth and Iran — but also drew protests from other leaders for the inclusion of the Russian minister.

U.S. Treasury Secretary Scott Bessent told officials that the United States wants to focus on the mission of accelerating growth and said the countries need to work together

“The world is awash in debt, and the only way for us to get out of this is to grow our way out of this,” Bessent said, CNBC reported.

He also said a “durable” global economy” cannot rest on “beggar-thy-neighbor acts that stifle fair, market-based competition,” The New York Times said.

In introductory comments, U.S. Federal Reserve Chairman Kevin Warsh also focused on growth, saying the time is one of “secular growth.”

“If I were to try to characterize this moment, it would be one of a global investment surge,” he said.

Bessent said earlier Monday in a CNBC interview that the U.S. plan to pressure and isolate Iran through its economy can work without China, which opposes the sanctions. He is expected to ask the other finance ministers to join in those sanctions.

Russian Finance Minister Anton Siluanov was at the meeting — at the invitation of the Trump administration — for the first time since Russia’s invasion of Ukraine in 2022.

This drew protests from other European ministers, who have issued their own sanctions against Russia for that war. Finance Minister Lars Klingbeil told The Times that he scolded Siluanov over the war and said the European ministers demanded the Russian minister be left out of a traditional group photo. It was eventually taken without Siluanov.

“Receiving the Russian finance minister here sends a signal I find troubling,” he told reporters. “I would have preferred clear positioning from the U.S. side that he not be received like a regular guest.”

Ukraine’s finance minister was not present in person at the meeting.

In addition, European ministers protested that the United States did not invite representatives from South Africa, a G20 country, to the meeting. Trump administration officials also invited many U.S. business executives but denied requests to include business leaders from other G20 countries.

Unai Emery has insisted that there are no “good relations” between Chelsea and Aston Villa after a series of transfers between the clubs.

On Sunday Argentina goalkeeper Emiliano Martinez joined Chelsea from Villa, completing the eighth deal between them in the past four years.

Martinez’s move to Chelsea comes after Nicolas Jackson’s transfer the other way last week.

No two Premier League clubs have exchanged more players, on permanent or loan deals, in the past four years.

But Villa boss Emery said the relationship between the two clubs is “only through the deals for money”.

“Good relations?” he said. “They want to kill us and we want to kill them!

“We have good players and we can sign one player off them, it’s not a good relationship – it’s a deal for money and a deal for players.

“I am happy for Emiliano Martinez and Morgan Rogers and I know I am not happy for Chelsea.”

A series of deals betwen the clubs began after Chelsea‘s owners, BlueCo, took control of the club in 2022 and signed Carney Chukwuemeka from Villa for £20m that summer. Ian Maatsen (£37.5m, to Villa), Omari Kellyman (£19m, to Chelsea) and Axel Disasi (a £5m loan deal, to Villa) subsequently moved between the clubs.

This summer alone has brought four more deals. Morgan Rogers completed a £117m move Chelsea, while Alejandro Garnacho joined Villa on loan with a conditional obligation to buy in a deal worth around £43m.

Jackson then moved to Villa for £65m, before Martinez followed.

Since 2022, Chelsea have paid Aston Villa £163.5m for players. Villa have spent £102.5m on Chelsea players including Axel Disasi’s loan fee. That figure could rise to £150.5m should certain criteria be met to make Garnacho’s loan move permanent. Chelsea believe the terms are easily reachable.

An aspiring Los Angeles-area rapper was arrested on Wednesday and charged in connection with a multimillion-dollar check-cashing scheme, according to the U.S. Department of Justice.

Ada William Obayuwana of Quartz Hill, who goes by “ColdheartedAC” and “AC,” and two others were charged in a 25-count federal grand jury indictment alleging that they illegally possessed more than 50 stolen U.S. Treasury checks and hundreds of other checks belonging to individuals and businesses worth more than $8.1 million, then cashed or attempted to cash them at lenders throughout Southern California.

Albert Tai Vu, of Westminster, and Cassandra Marie Murrillo, of San Diego, are the other two defendants charged in the case.

According to the indictment, between April 2022 and December 2023, the trio obtained the stolen checks, some containing tax refunds and veterans’ and Social Security Administration benefits, then forged endorsements or modified names and addresses to steal the money.

The trio is accused of opening bank accounts to receive the money. They also used business documents to impersonate the identities of the victims connected to the stolen checks and deposited the money into bank and credit union accounts across Los Angeles, Orange and San Diego counties, the indictment says.

During this period, Obayuwana allegedly tried to cash at least three Treasury tax refund checks worth $382,109 and was successful in cashing one, withdrawing $229,109, federal authorities allege.

In December 2023, Obayuwana “possessed in his car in Oceanside more than 100 stolen or fraudulent checks, cumulatively worth more than $6.1 million,” states the indictment. Among the checks were 48 stolen Treasury checks worth some $2,555,417 in tax refunds, veterans’ benefits,and Social Security benefits.

Obayuwana was able to cash eight of them worth about $1.7 million, according to federal investigators.

Vu tried to cash at least six Treasury checks totaling $2.15 million and successfully cashed two tax fund refunds worth $772,159, the indictment says. He also allegedly cashed a pair of cashier’s checks, each valued at $250,000, at an Anaheim bank and used money from one to buy a Range Rover and the second to pay Murillo.

Murillo is accused of trying to cash at least two checks worth $60,193, successfully cashing one for $31,405.

Following his arrest, Obayuwana remains in federal custody. He is charged with nine counts of bank fraud and faces three counts of delivering stolen Treasury checks and one count of aggravated identity theft.

Vu, who was arrested Thursday, is charged with five counts of delivering stolen Treasury checks, four counts of money laundering and two counts of aggravated identity theft.

Murillo, who is expected to surrender to federal authorities in Los Angeles on Monday, is charged with an additional count of delivering stolen Treasury checks.

Aug. 28 (UPI) — Treasury Secretary Scott Bessent announced Friday that the United States is working to cut off bank branches in the United Arab Emirates from the U.S. financial system, part of his campaign to target financial systems that enable Iran.

The Department of the Treasury said it is proposing a rule that will ban U.S. banks from facilitating transactions involving the UAE-based branches of Banque Misr, one of Egypt’s largest banks.

“Iran’s enablers cannot continue to enjoy access to the U.S. dollar and the global financial system,” Bessent said in a statement. “Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime.”

Bessent on Monday announced a new pressure campaign called Operation Economic Outcast to force countries to sever ties with Iran.

The department accused Manque Misr’s operations in the UAE of being “a significant conduit for Iranian shadow banking.” It said the bank allows Iranian entities access to U.S. dollars, circumventing U.S. sanctions.

Treasury said it had found 103 potential front companies that moved $1.8 billion through Banque Misr UAE accounts from January 2024 to June 2026.

Bessent is invoking powers under the Patriot Act that allow the treasury secretary to take action against foreign banks that are a “primary money-laundering concern” to the U.S.

It also said the Treasury will sanction the general manager of the Dubai branch of Bank Melli and a Hong Kong-based company it alleges is laundering money for Iran.

Earlier this month the UAE said it was suspending all trade with Iran.

Canada’s economy has rebounded sharply in the second quarter after six months of virtually no growth, aided by a strong jump in exports and solid domestic demand, though a new round of tariffs from the United States brings renewed uncertainty.

The economy grew at an annualised rate of 3.3 percent in the second quarter, the fastest rate since 2023, after a revised 0.3 percent increase in the first quarter, Statistics Canada said on Friday.

The upward revision to first-quarter growth means Canada was not in a technical recession, usually defined as two straight quarters of contraction.

Healthy domestic demand, led by consumer spending and business investment, signals the economy is slowly brushing off the impacts of more than 18 months of US import tariffs that upended North American supply chains and increased costs.

Renewed tariff dispute

A strong domestic consumption and expenditure pattern puts Canada on a firm footing to withstand a new 50 percent US import tariff that President Donald Trump imposed this week on $20bn of Canadian exports. Canada retaliated with its own countermeasures on US imports.

“It seems like households and businesses were beginning to find ways of navigating the trade-related uncertainty before the latest round of tariffs,” Royce Mendes, managing director and head of macro strategy at Desjardins, wrote in a note.

“While it helps that the economy was on stronger footing heading into August, the fresh wave of protectionism injects a significant amount of uncertainty into the outlook,” Mendes said.

Michael Davenport, senior Canada economist at Oxford Economics, said in a note to Al Jazeera that while the gross domestic product (GDP) growth was along expected lines, “the economy is set to slow in the coming quarters amid escalating US-Canada trade policy uncertainty, new bilateral tariffs, and a shrinking population”.

The Canadian dollar weakened slightly after the GDP data, with the loonie trading down 0.01 percent at 72.17 US cents.

On a quarterly basis, GDP grew 0.8 percent for the period ended June, from an upwardly revised 0.1 percent in the previous quarter.

Second-quarter annualised growth was higher than the Bank of Canada’s July forecast of 2.5 percent growth.

Higher exports were one of the main contributing factors for the second-quarter growth, with outbound shipments growing 3.6 percent, the biggest increase in over three years, Statistics Canada (StatsCan) said.

Stronger household spending

Final domestic demand, the sum of all consumption and capital spending and a crucial metric to assess domestic health, rebounded to 1 percent in the second quarter, from a minor contraction in the first quarter.

Domestic demand has been muted for several quarters as consumers and businesses remain cautious while Canada navigates its trade war with the US.

But household final consumption expenditure, the main indicator of consumer spending, rose 0.8 percent, its highest level in three quarters, highlighting stronger household spending. This was mainly driven by higher wages and government benefits, economists said.

Business investment, or business gross fixed capital formation, sprang to a solid 2.3 percent growth in the second quarter from a contraction of 1.3 percent, the first time in the last year and a half that business investment has expanded.

That growth was led by investment in both residential and non-residential structures, machinery and equipment, StatsCan said.

However, the general gross fixed capital formation, essentially government expenditure for creating assets, continued to decline with a second-quarter contraction of 2.9 percent, after shrinking 2.6 percent in the previous quarter.

On a month-to-month basis, GDP for June grew 0.3 percent against a forecast of 0.2 percent, and an advance indicator showed that the economy was largely flat in July, the statistics agency said.