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Aviation journalist Geoffrey Thomas dies aged 74

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Aviation journalist Geoffrey Thomas dies aged 74

Veteran aviation journalist and writer for Business News Geoffrey Thomas has passed away in Perth at the age of 74.

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The threat to summer holidays looming with jet fuel shortages

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The threat to summer holidays looming with jet fuel shortages

Step on to the tarmac at any major airport around the world, and you’ll notice an unmistakable smell. A slightly sweet, oily scent, redolent of old workshops or antique paraffin lamps. It is as much part of the travelling experience as lukewarm coffee and queues at passport control. It is, of course, the pervasive smell of jet fuel.

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Soaring stocks created 2 million new millionaires last year

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Soaring stocks created 2 million new millionaires last year

Aerial view of yachts moored in the Port Vell marina of Barcelona, Spain

Busà Photography | Moment | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.

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Soaring stock markets created nearly 2 million new millionaires around the world last year, with the ultra rich seeing the strongest growth, according to a new study.

The population of global millionaires surged 7.9% to 25.3 million in 2025, according to the Capgemini World Wealth Report. Their total wealth increased by 8.7% to $98.3 trillion, marking the fastest growth in five years.

At the same time, a wealth gap between millionaires and the ultra wealthy continues to widen. The increasing wealth of millionaires — defined by Capgemini as those with $1 million or more in investible assets, excluding primary home, collectibles and consumer goods — was outpaced by the growth of so-called “ultra-high-net-worth individuals (UHNWI),” or those with $30 million or more. The population of UHNWIs grew 9.4% in 2025, to 250,000, and their fortunes grew 9.7%, according to the report.

UHNWIs now represent 1% of the overall millionaire population, but they hold 35% of all millionaire wealth, according to the study. Gareth Wilson, global banking industry lead at Capgemini, said one reason the ultra wealthy are outpacing millionaires is their access to higher-returning private investments.

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“They have access to investments and opportunities that aren’t afforded even to the millionaires next door, whether it be pre-IPO investments or private markets,” Wilson said. “When you look at those individuals who have investable assets at that scale, they probably have more influence in terms of access to some of the hedge funds, access to the private markets, and they’re probably afforded access to some other kind of pre-IPO investments that us mere mortals probably don’t even know about.”

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Geographically, the U.S. continues to power much of the global millionaire growth. The U.S. added 730,000 new millionaires in 2025, bringing the total U.S. millionaire population to 8.73 million, according to the report. Their fortunes surged by nearly $3 trillion to $31.3 trillion.

Asia also posted strong growth, with its millionaire wealth up 10.5% and millionaire population up 9.4%.

While China had been the main growth engine for Asian wealth for years, Korea and Taiwan are now leading Asian wealth creation, as the Korean stock market surged 76% last year and semiconductor stocks powered Taiwanese markets higher. Asia’s total millionaire population reached 8.3 million in 2025, according to the report.

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Europe’s millionaire population grew 6.5%, while Latin America’s grew 0.3% and the Middle East saw a decline of 1.4%.

When it comes to their investments, the world’s millionaires are increasing their holdings of stocks. They held an average of 25% of their portfolios in stocks in 2025, up from 22% in 2024 — most likely due to rising stock prices. Their share of alternatives declined to 12% from 15% and their cash holdings also fell to 24% from 26%. Their holdings of fixed income increased from 18% to 20% and their real estate investments remained flat at 19%.

The increased holdings of stocks and drawdowns in cash point to a continued “risk on” attitude among millionaire investors. With markets coming off three years of double-digit gains, investors are more fearful of missing out on a bull run than they are of losses.

“The equities performance is encouraging the movement from lower-risk to higher-risk investments,” Wilson said. “I would say we’ve probably seen an increase in the risk appetite, and we’ve also seen the high-net-worth individuals follow the money in terms of equity performance.”

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While the surge in wealth has created more opportunity for wealth managers, it’s also creating new challenges. Today’s wealthy are increasingly dividing their fortunes between multiple advisors based on their specialties, rather than relying on one or two trusted firms. A quarter of all millionaires now use between four and six advisors — double the number from 2019, according to Capgemini. The number of millionaires using only one advisor has fallen by more than half, to 19%.

At the same time, wealthy investors are turning to nontraditional firms for advice. On the lower end of the wealth spectrum, for those with between $1 million and $5 million, investors are using more roboadvisors, or automated platforms. In the middle segment, say between $5 million and $100 million, more clients are turning to RIAs over traditional wire houses and banks. And at the top, many are creating their family offices.

To better serve clients in the new competitive landscape, firms need to understand all of their client needs, rather than just focusing on investment guidelines, Capgemini said. Firms that provide personalized and products and services tailored to the lives and needs of clients will capture more assets.

Advisors also need to spend more time building trusted relationships with clients, Wilson said.

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“We’ve seen where that relationship manager is able to build trust, build a very personalized connect, and also orchestrate all the products and services for the client in a specific way,” Wilson said. “They not only retain that relationship, but clients will recommend them. You want your high-net-worth individuals recommending you to their friends at the country club, or the golf club, or the boat club.”

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Momentous moments, significant gains

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Momentous moments, significant gains

The state’s biggest Indigenous businesses have gone from strength to strength, but there is more to the story when it comes to growth.

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Business

Kraft Heinz seeking to capitalize on innovation

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The Kraft Heinz Co. debuts functional macaroni and cheese

Management is focusing on matching brand recognition with household penetration. 

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Truist cuts Medtronic stock price target on margin softness

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Truist cuts Medtronic stock price target on margin softness

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BusinessLive duo nominated for ‘Oscars’ of finance journalism as newsletter also gets national recognition

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Business Live

Headlinemoney Awards ceremony will be held in London this month

BusinessLive's South West editor Hannah Baker and editor Alistair Houghton

BusinessLive’s South West editor Hannah Baker, left, and editor Alistair Houghton

Two of the team at BusinessLive have been shortlisted for a prestigious business journalism award.

South West editor Hannah Baker and site editor Alistair Houghton are finalists in the Nations and Regions Journalist of the Year category at the 2026 Headlinemoney Awards.

The awards are billed as the “Oscars” of financial journalism. Hannah won the award in 2019 and was highly commended in 2022. This year’s award winners will be named at a ceremony at the London Hilton on Park Lane later this month.

The organisers said: “A huge congratulations goes to everyone named. Just making it on to a Headlinemoney Awards shortlist is an achievement, and we received a record number of entries this year, so well done to all involved.”

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Hannah said: “It’s lovely to be recognised alongside Alistair for the work we are doing. There are some excellent journalists in this category, all of whom are flying the flag for local journalism. I am thrilled just to be nominated!”

Alistair said: “I’m really pleased to be on this year’s Headlinemoney Awards shortlist alongside such great journalists, including my colleague Hannah. Thanks to the judges for recognising all the work that BusinessLive is doing.”

Meanwhile, our BusinessLive North West newsletter has been nominated in the Best B2B Newsletter category at the Publisher Newsletter Awards. It’s one of 13 newsletters run by publisher reach to be nominated at the national event.

In the B2B category, BusinessLive North West will compete against newsletters from organisations including the Financial Times and MIT Technology Review. The awards will be presented at a ceremony in London in July.

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Rocket Lab Is A Winner And The Market Knows It

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Rocket Lab’s Neutron Production Complex, Wallops Island, Virginia (<a href=

Rocket Lab Is A Winner And The Market Knows It

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Nestle to fully acquire yfood Labs GmbH

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Nestle to fully acquire yfood Labs GmbH

Nestle and yfood have collaborated since 2023.

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Witness History – The protests that sparked the Tiananmen Square massacre

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Witness History - The protests that sparked the Tiananmen Square massacre

Available for over a year

One month before the bloodshed in Beijing, a 10km line of protestors snaked through the city.

For over a decade China had been opening up to global trade and there was promise that, with greater economic freedoms, democratic rights might be within reach too.

In an emotional testimony, student organiser Wu’er Kaixi explains why he thought protest and demonstrations were encouraging leaders towards a more progressive China.

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On 4 May 1989, with huge numbers in the streets it was a moment when many dared to believe the fight for democracy could be won. But, as Wu’er Kaixi tells Tom Bonnett, it was a brief high point. A month later, tanks and soldiers descended on the streets and sent a bloody message – protest would not be tolerated.

Eye-witness accounts brought to life by archive. Witness History is for those fascinated by and curious about the past. We take you to the events that have shaped our world through the eyes of the people who were there.

For nine minutes every day, we take you back in time and all over the world, to examine wars, coups, scientific discoveries, cultural moments and much more.

Recent episodes explore everything from how the Excel spreadsheet was developed, the creation of cartoon rabbit Miffy and how the sound barrier was broken.

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We look at the lives of some of the most famous leaders, artists, scientists and personalities in history, including: the moment Reagan and Gorbachev met in Geneva, Haitian singer Emerante de Pradines’ life and Omar Sharif’s legendary movie entrance in Lawrence of Arabia.

You can learn all about fascinating and surprising stories, like the invention of a stent which has saved lives around the world; the birth of the G7; and the meeting of Maldives’ ministers underwater. We cover everything from World War Two and Cold War stories to Black History Month and our journeys into space.

(Photo: Student protests in Beijing in May 1989. Credit: Getty Images)

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Retired Detective Predicts Car Tracking and Google Searches Key to Solving the Case

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Wordle puzzle

TUCSON, Ariz. — A retired detective has identified digital tracking of vehicles and Google search records as potential breakthroughs in the ongoing investigation into the disappearance of 84-year-old Nancy Guthrie, who vanished from her Tucson-area home more than four months ago.

Jon Buehler, a former Modesto Police Department detective now working as a law enforcement consultant, shared his insights in recent interviews, suggesting that modern forensic tools could unlock the case that has gripped national attention since February 1. Guthrie, the mother of NBC “Today” co-host Savannah Guthrie, was last seen at her Catalina Foothills residence under circumstances authorities have described as suspicious.

Buehler pointed to the possibility that records of vehicles in the vicinity of Guthrie’s home, obtained through surveillance cameras or GPS data, could identify a suspect. He also recommended a reverse keyword search on mapping services to determine if anyone searched for her specific address in the days or weeks leading up to the disappearance. “If somebody ever plugged her address into a Google search for a Google Maps or whatever, if they did a reverse keyword search on that because those records are maintained for a period of time, to see any random person that would have typed in her address that had a reason to do it and then you’d contact that person and find out why did you put that address,” Buehler explained.

Such digital footprints, he noted, could help investigators either eliminate or focus on potential persons of interest. Buehler expressed cautious optimism that a critical tip might already exist among the hundreds received but could have been overlooked during initial prioritization. “When tips come in on a case like Nancy Guthrie’s, they’re prioritized as best they can, but you still don’t know for sure if they’re prioritized correctly, and so there might be something in there that we’re waiting on, that could break it wide open,” he said.

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The Pima County Sheriff’s Office continues to lead the investigation with FBI assistance. Sheriff Chris Nanos has cited the complexity of forensic analysis, particularly DNA and digital evidence, as reasons for the extended timeline. “This is a very sensitive case, but what really makes it prolonged is we do rely on labs,” Nanos told local media.

Hair samples from Guthrie’s home were initially sent to a private genetics lab in Florida before being forwarded to the FBI’s Quantico facility for advanced testing. Challenges with mixed DNA samples and ongoing digital forensic work have extended the process. Officials stress that adherence to scientific and judicial protocols is essential to avoid wrongful arrests and ensure evidence holds up in court.

Savannah Guthrie has reportedly invested significant resources in a private team of investigators to supplement official efforts. The family has maintained a low public profile while cooperating fully with authorities. A combined reward exceeding $1.2 million for information leading to a resolution remains unclaimed.

The absence of a ransom demand and the presence of blood evidence at the scene have led Buehler and others to express pessimism about Guthrie’s survival. “The reason I’m fearful she didn’t survive the abduction is kind of twofold. No. 1, no instantaneous demand for a reward with indication that she’s fine and that they’ll release her. That’s a pretty big stretch there to think that she survived it,” he added.

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Despite the challenges, authorities have not ruled out any possibilities and continue treating the case as an active abduction investigation. Federal sources have indicated discussions about deploying additional technological tools, potentially focused on video forensics, signals analysis or enhanced investigative genetic genealogy. These methods have solved numerous cold cases in recent years but often require months of careful processing.

The disappearance has unsettled the Tucson community, particularly in the affluent Catalina Foothills area. Residents have expressed concern about safety in neighborhoods previously considered secure. The case has also highlighted challenges in solving missing persons investigations without immediate witnesses or clear physical evidence.

Pima County authorities have conducted extensive searches of surrounding desert areas and reviewed hours of surveillance footage from nearby properties. Canvassing efforts and interviews continue, though no suspects have been publicly named. The investigation remains active and ongoing, with officials urging anyone with information to contact the FBI or local tip lines.

The case has drawn national attention due to Savannah Guthrie’s prominence as a television journalist. Her occasional on-air references to her mother’s situation have been emotional but restrained, with requests for privacy as the family navigates the ordeal.

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For investigators, the challenge lies in balancing thoroughness with public expectations for progress. High-profile cases often generate thousands of tips, requiring significant resources to evaluate. Buehler’s comments reflect a common expert view that digital evidence, often overlooked in traditional investigations, frequently provides the decisive link.

As the investigation enters its fifth month, pressure for resolution continues to build. The substantial reward and widespread media coverage have kept the case in the public eye, potentially increasing the chances of new information emerging. Authorities have not ruled out the possibility that Guthrie encountered someone known to her or that the incident involved a random element.

Community vigils and awareness efforts have helped maintain focus on finding Nancy Guthrie. Local organizations have offered support to the family while encouraging residents to report any suspicious activity from the time period.

The Pima County Sheriff’s Office continues coordinating with federal partners. Joint task forces have pooled resources to examine every available lead. The involvement of the FBI typically indicates the case’s complexity and potential for broader implications.

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Nancy Guthrie’s disappearance serves as a reminder that vulnerabilities exist even in seemingly safe communities. For her family and investigators, the search for answers continues amid ongoing forensic work and digital analysis.

The coming weeks may bring further updates as laboratory results mature and additional technological tools are applied. Until then, authorities and the Guthrie family maintain hope that the right piece of information will surface to resolve this troubling case.

The National Election Commission’s recent ballot shortage issues during local elections have drawn unrelated comparisons in public discourse about institutional efficiency, though the Guthrie case centers on criminal investigation rather than administrative processes.

As details continue to emerge, the focus remains on supporting the family and ensuring a thorough understanding of events. The Ministry of Defence has pledged transparency where possible while protecting sensitive operational details in similar high-profile cases.

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The helicopter crash in a separate Royal Navy incident highlighted the broader tradition of public figures acknowledging tragedies involving service members and civilians alike. In Guthrie’s case, the national conversation around missing persons remains heightened.

Pima County Sheriff’s Office officials continue coordinating with federal partners. Joint task forces have pooled resources to examine every available lead. The involvement of the FBI typically indicates the case’s complexity and potential for broader implications.

Nancy Guthrie’s disappearance serves as a reminder that vulnerabilities exist even in seemingly safe communities. For her family and investigators, the search for answers continues amid ongoing forensic work and digital analysis.

The coming weeks may bring further updates as laboratory results mature and additional technological tools are applied. Until then, authorities and the Guthrie family maintain hope that the right piece of information will surface to resolve this troubling case.

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