Former Chinese owner Jingye is seeking compensation, though the Business Secretary says that will be independently assessed

The Government has taken British Steel into public ownership in a bid to protect steelmaking at Scunthorpe and mills on Teesside.

The Department for Business and Trade said the move was necessary to keep steel production at the Scunthorpe site, which hosts the last two remaining blast furnaces in the country. Former Chinese owners Jingye had threatened to shut down the furnaces last year but special measures legislation was enacted to save them.

A new leadership team of non-executive directors has been appointed to focus on stabilising the business and turning it into a “commercially sustainable, low-carbon enterprise”, the Government said. Its priorities are said to be stabilising operations on the site, managing health and safety effectively, maintaining production and working with management, trade unions and staff to make the company commercially sustainable.

Jingye has said it will seek compensation for the move, though the Business Secretary Peter Kyle told media that is yet to be decided. Mr Kyle told Times Radio: “The legislation that went through Parliament, which I saw through Parliament, has a mechanism by which an independent assessor will now judge if or if not any compensation is due.”

Prime Minister Keir Starmer said: “British Steel is part of the fabric of our nation and a cornerstone of Britain’s industrial strength. Today’s decision secures the future of steelmaking in the UK, protects skilled jobs and safeguards a vital national capability.

“This Government will always act in the national interest to support British industry, strengthen our economy and ensure the industries we rely on can thrive long into the future.”

The Business Secretary said: “British Steel is one of the nation’s biggest steel producers, and I’ve made the decision to nationalise the business to secure steelmaking capability and maintain production in the national interest. British Steel now belongs to the British people, and our focus is on the future: stabilising the business, backing the communities that rely on it and building a sustainable, competitive and decarbonised steel sector for the years ahead.

“The Government stepped in at British Steel in April 2025 to keep the blast furnaces running and prevent a disorderly closure that would have put steel production, supply chains and thousands of jobs at risk. Since then, Ministers and officials have worked intensively to find a long-term solution for the business.”

Community Union General Secretary Roy Rickhuss said: “We at Community offer our thanks to this Government for passing this important piece of legislation, which will help to secure the long-term future of the UK’s steel sector. Steel is the lifeblood of so many communities in the UK and this new law will help to safeguard thousands of jobs, ensuring greater stability in an industry which has had to weather many storms in recent years.”

Chip stocks pulled ​the Nasdaq and the S&P 500 lower on Thursday as they continued to lead broader market moves despite generally upbeat U.S. economic data and a strong start to second-quarter earnings season.

Among the 11 major sectors in the S&P 500, technology was one of the biggest percentage losers, with semiconductor ‌stocks weighing heavily ⁠on the ⁠broader market.

Daily moves in chips have increasingly dictated the overall movement of the major U.S. stock indexes, particularly the tech-heavy Nasdaq.

“It comes strictly down to the ​weight of the chips in the S&P 500,” said Paul Nolte, senior wealth advisor & market strategist at Murphy & Sylvest in Elmhurst, Illinois. “Three or four ​years ago, it was 8%, and now it’s over 20%. If you look at the rest of the market, it’s doing fine.”

The weakness in chips, even after chip demand bellwether TSMC posted a 77% jump in quarterly profit, demonstrated ​the lofty expectations for a sector that has soared by nearly 70% so far ⁠this year. ‌U.S.-listed shares of the chipmaker lost ground on the day.

Memory-chip makers were among the biggest laggards, ​with SanDisk, Western Digital, ​Seagate Technology , and Intel among the largest percentage losers.
“This extreme volatility is very disconcerting ⁠for the average investor when they see these huge swings in their portfolio value,” ​said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. “(But) a number ​of the non-tech sectors are doing well, so it’s a real mix here.”According to preliminary data, the S&P 500 lost 37.78 points, or 0.50%, to end at 7,534.62 points, while the Nasdaq Composite lost 383.76 points, or 1.47%, to 25,885.47. The Dow Jones Industrial Average fell 109.13 points, or 0.21%, to 52,549.51.

The Dow’s losses were cushioned in part by UnitedHealth Group’s advance after the company beat Wall Street earnings estimates and hiked its 2026 forecast.

United Airlines fell as surging oil prices weighed on ‌its forward guidance.

GE Aerospace slid even after the company lifted its 2026 profit forecast.

Analysts have set a high bar for second-quarter earnings season. S&P 500 companies, in aggregate, are expected to post year-on-year ​earnings growth of ​24.8%. Technology earnings alone are seen jumping ⁠65.5% from the year-ago quarter, according to the latest available data from LSEG.

SOLID RETAIL SALES, LOW JOBLESS CLAIMS, WEAK HOUSING DATA

A spate of U.S.economic indicators released on Thursday showed solid core retail sales, a drop in jobless claims and surging ​manufacturing activity in the Northeast.

Less positive data came from the housing sector, with a bigger than expected drop in pending home sales and souring homebuilder sentiment reflecting high borrowing costs and strained affordability for would-be homebuyers.

The U.S. and Iran extended their barrage of airstrikes, prolonging a week-long escalation that has all but voided last month’s truce. But Iran’s release of a U.S. citizen suggested a path remains for the two sides to avert the resumption of all-out war.

New Delhi: The Election Commission’s ‘Special Intensive Revision’ of Bihar’s electoral rolls has sparked a major political debate. However, this is not the first time that the poll panel has ordered an ‘intensive’ revision of electoral rolls — at least nine such revisions were held from 1952 to 2004, several of which came with similar house-to-house verification and even a ‘de novo’ electoral roll in some cases. However, the EC has seldom ordered a full state intensive revision in a state 4-6 months ahead of assembly elections, as is the case with Bihar.

Factor the last such instances: In June 2004, ECI ordered ‘Intensive Revision of Electoral Rolls‘ in seven northeastern states and J&K.

Alongside, it ordered a ‘special summary revision‘ in Andhra Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Orissa, Punjab, Rajasthan, Sikkim, Tamil Nadu, Uttar Pradesh, Uttaranchal, West Bengal, and Union Territories of Andaman & Nicobar Islands, Chandigarh, Daman & Diu, Dadra & Nagar Haveli, NCT of Delhi, Lakshadweep and Pondicherry.Prior to that, ‘intensive revision’ of the electoral rolls was conducted in 20 other states/UTs, including Bihar, in two phases during 2002 and 2003, except the northeastern states and J&K.

BIHAR 2025- A unique case
The 2025 SIR in Bihar is different on several counts. While an ‘intensive’ revision mostly involves a ‘de novo’ exercise, drawing up a fresh electoral roll from the scratch, the Bihar SIR is using the 2002-03 electoral roll as a base to build upon. At the same time, it involves a new pre-printed enumeration form included in the usual house-to-house verification format and document submission, associated with an ‘intensive’ revision. It is, also, very different from previous intensive revision exercises in terms of timing.

EC has seldom ordered a full state and full-scale intensive revision in a state 4-6 months ahead of scheduled assembly elections, as is the case with Bihar. Bihar saw its last intensive revision in 2002, a good three years away from the assembly polls held in October 2005.
Similarly, when the EC, on June 29, 2004 announced an intensive roll revision in eight states, it chose to leave out two states which were pending a similar intensive roll revision. These were Arunachal Pradesh & Maharashtra where assembly polls were due in October 2004.
“In Arunachal Pradesh and Maharashtra, general elections to the assemblies are to be held in the latter half of 2004. Therefore, the programme in these two states will be announced after the completion of the elections,” the EC press note on 29.06.2004 read.
Instead, a ‘special summary revision of rolls’ was announced for Maharashtra ahead of the October 2024 assembly polls with house-to-house enumeration, as per the September-December 2004 EC newsletter.

The EC has, in fact, often conducted ‘intensive’ revision in certain areas of a state. In Tamil Nadu- after inquiry reports indicated ‘shortcomings in the conduct of different levels of election officers at the time of intensive revision of electoral rolls in 2002’- the poll panel on October 19, 2004 ordered a ‘special revision of intensive nature with house-to-house enumeration’ in six municipal corporation areas across 33 constituencies, spanning parts of Chennai, Salem, Coimbatore, Tiruchirappalli, Madurai, and Tirunelveli.

In the aftermath of Gujarat riots, the ECI on August 16,2002, announced a repeat of the 2002 ‘special revision of intensive nature’.

Types Of Electoral Roll Revisions

Intensive Revision: It’s usually a de-novo process without reference to earlier existing roll; involves at least 2 household verification visits by booth-level officer

Summary Revision: Roll is simply updated; no house-to-house enumeration but objections are addressed before final roll publication

Special Summary Revision: EC can order so if it finds inaccuracies or poor coverage of any area. EC can adopt changes in existing procedure

Partly Intensive and Partly Summary Revision: Existing electoral rolls are published in draft and checked through household verification and put through claims/objection process

Roll revision chronology

1950
Originally Section 23 of Representation of the People Act, 1950 provided for annual revision with March 1 as qualifying date

1952
After first gen election in 1952, EC directed that from 1952 to 1956, annual revision of electoral rolls should cover 1/5th of entire state area so that every locality might have its electoral roll intensively revised at least once before 2nd gen polls

1956
EC directed intensive revision of rolls every year in some areas where electoral rolls were likely to become inaccurate: (i) Urban Areas (ii) Areas with floating labour population (iii) Areas where fairly large movements of population had taken place

1957
Post 1957: Lok Sabha polls: EC directed that during each of the three following years, the electoral rolls of 1/3rd of the entire state area be revised intensively, while during 1961 the revision would be intensive only in urban areas, areas with floating, migratory population and service voters

1960
Following amendments to RP Act, 1950, EC ordered annual revision of rolls between January 1 and Jan 31 of the year

1962
Post 1962 LS Polls: EC directed ‘summary revision’ adequate for 1963 and 1964. In 1965 intensive revision conducted again in 40% of the country; the rest 60% was done in 1966

1966
Post 1966: District Election Officer appointed in each district and summary roll revision conducted in 1969-70 and 1975

1976
Emergency: no Lok Sabha polls in 1976; EC held summary roll revision

1983
1983 on: Staggered intensive revision of all rural constituencies ahead of 1985 LS polls

1987-88
All constituencies revised intensively; special revision in 1989

1992
Summary revision ordered followed by intensive revision in 1993 along with introduction of EPIC card

1995
Intensive Revision comes in

1999-2000
Amid computerisation electoral rolls, no intensive revision in 1999, 2000

2002
Special intensive revision in 20 states; intensive revision in 7 states in 2003-04

The U.K. antitrust watchdog launched an initial merger probe into the proposed $1.2 billion acquisition of Huel by Danone BN 1.25%increase; up pointing triangle to examine whether the deal would lessen competition in the country.

Danone, the French food company behind Activia yogurt and Evian water, agreed to buy the British supplier of plant-based food powders and meal-replacement drinks earlier this year.

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US listed Abbott Laboratories shares jumped 12% after the healthcare company reported stronger second-quarter sales and raised its full-year earnings outlook. The company said second-quarter sales rose 13% on a reported basis and 4.8% on a comparable basis.

Abbott reported GAAP diluted earnings per share of $0.53, while adjusted diluted earnings per share came in at $1.31, excluding specified items. The company also raised its full-year 2026 adjusted diluted EPS guidance to a range of $5.45 to $5.60. The company had earlier guided for adjusted EPS of $5.38 to $5.58. It reaffirmed its full-year comparable sales growth guidance of 6.5% to 7.5%.

“Our second-quarter results reflect the momentum we are building,” said Robert B. Ford, chairman and chief executive officer of Abbott. “We expect this momentum to continue and drive accelerating sales and earnings growth in the second half of the year.”

Sales momentum lifts sentiment

The rise in Abbott shares suggests investors were encouraged by the company’s sales growth and the higher profit forecast. The company’s comparable sales growth measure includes the prior and current year sales of Exact Sciences, the cancer diagnostics company Abbott acquired on March 23, 2026.

Also Read: ‘We faltered, did not move quickly:’ How IBM CEO Arvind Krishna’s statement led to $70 billion wipeoutComparable sales growth excludes foreign exchange impact and certain revenue linked to compensation payments received by Abbott’s Structural Heart business under a multi-year agreement with a competitor. The final payment under that agreement was recognised in the first quarter of 2026.
Product pipeline remains active
Abbott also highlighted progress across its medical device and diagnostics pipeline.

In April, the company completed enrolment in its TECTONIC US pivotal trial. The trial is evaluating Abbott’s investigational Coronary Intravascular Lithotripsy system, which is designed to treat severe calcium build-up in coronary arteries before stent implantation.

At the Heart Rhythm Society conference in April, Abbott presented late-breaking data from four clinical trials. The data showed strong clinical outcomes across its pulsed field ablation and conduction system pacing portfolios.

In May, Abbott secured CE Mark approval for Libre Duo, which it described as the world’s first dual glucose-ketone biowearable sensor. The device gives real-time visibility into glucose and ketone levels. This can help people with diabetes detect rising ketone levels, which may lead to diabetic ketoacidosis, a serious condition.

Abbott also completed its submission to the US Food and Drug Administration seeking approval for its Amulet 360 left atrial appendage device.

The parent company of 7-Eleven convenience stores shed more light on its plan to close hundreds of stores in the U.S. this year.

Parent company Seven & i Holdings indicated in a filing earlier this year that it planned to close 645 7-Eleven stores in the company’s fiscal year 2026.

Seven & i Holdings’ latest quarterly earnings report included a presentation about the company’s various initiatives, including the restructuring of its store network amid the closure plans as well as conversion, remodels and new openings.

It said that it plans to close 200 unprofitable 7-Eleven stores in fiscal year 2026, with 45 stores closed to date.

POPULAR CONVENIENCE STORE CHAIN TO CLOSE HUNDREDS OF STORES

The company also said that it plans to convert 350 of its convenience stores to wholesale fuel sites in the fiscal year, with 72 stores having been converted as of the first quarter.

Seven & i Holdings is planning to convert 390 stores to franchises this fiscal year and has done 43 to date.

Despite the company’s pullback, it’s also pursuing selective expansion and is planning to open 205 stores this year. The presentation noted it had opened 30 to date in the first quarter.

CONSUMER INFLATION COOLED MORE THAN EXPECTED IN JUNE AS GAS PRICES FELL

Seven & i Holdings’ plans to remodel 200 stores this fiscal year are expected to get underway in the second half of the fiscal year.

Overall, the plans outlined by the company earlier this year show the total number of 7-Eleven stores in the U.S. declining from 12,712 as of February to 12,272 at the end of the year, for a net decrease of 440 stores.

In late 2024, the company reported having 13,145 7-Eleven locations.

WHITE HOUSE, GAS STATIONS POINT FINGERS OVER STUBBORN PRICES WHILE LOCATIONS THAT SLASHED PRICES SEE BOOM

The company’s North American business has faced softer performance amid declines in customer traffic, according to company data.

The planned closures come as Seven & i Holdings looks to streamline operations and optimize its store portfolio. The company didn’t disclose which specific locations will be affected by the closures.

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FOX Business’ Bradford Betz contributed to this report.

General Mills is pulling more than 735,000 Pillsbury bread rolls from shelves due to concerns the products may contain glass.

The recall affects certain frozen Pillsbury bread rolls, including “Hard Roll Dough” and “Kaiser Roll Dough” products, according to a recall report shared by the Food and Drug Administration (FDA).

The FDA classified the recall as Class II on July 13. A Class II recall means that using the product could cause “temporary or medically reversible” health consequences.

BMW RECALLS NEARLY 30K VEHICLES OVER ENGINE STARTER DEFECT THAT COULD CAUSE FIRE

The affected units include 3,080 cases of Pillsbury “Hard Roll Dough” products, with 180 units per case. They have “Better if Used by” dates of Oct. 12, 2026, and Oct. 13, 2026, with lot numbers 11JUN6JL and 12JUN6JL.

The recall also includes 1,260 cases of Pillsbury “Kaiser Roll Dough” products, with 144 units per case. Those products have a “Better if Used by” date of Oct. 13, 2026, and lot number 12JUN6JL, as noted in the report.

CUISINART STAINLESS STEEL PROPANE GRILL SOLD AT LOWE’S AND WALMART RECALLED OVER SHATTERING GLASS RISK

The recalled cases amount to roughly 735,840 rolls.

The products were distributed in Arkansas, California, Florida, Georgia, Indiana, Louisiana, Maine, Missouri, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington and Wyoming, the FDA said.

Ticker	Security	Last	Change	Change %
GIS	GENERAL MILLS INC.	38.74	+1.52	+4.10%

MORE THAN 1.7M GRILL BRUSHES RECALLED OVER BRISTLE HAZARD, RISK OF ‘SERIOUS INTERNAL INJURIES’

The recall comes amid several other recent food safety alerts.

The FDA also recently upgraded a recall of certain Utz Quality Foods potato chips to its highest risk classification, warning that the products could cause serious health consequences or death if contaminated with salmonella.

FOX Business reached out to General Mills for comment.

FOX Business’ Brittany Miller contributed to this report.