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The U.S. national debt hit the $40 trillion threshold, and about one-fourth of that debt has been incurred while President Donald Trump has been in office.

Spending by the federal government has accelerated dramatically as the U.S. population has aged, with increased enrollment in Social Security and Medicare pushing spending on those entitlement programs higher and contributing to the growth in federal budget deficits.

The recent rise in interest rates — coupled with the larger national debt — has exacerbated that trend, with interest expenses from servicing the national debt now topping $1 trillion per year.

While presidents and congressional majorities of both parties bear responsibility for the growth in the national debt, President Donald Trump’s first term and the opening half of his second term have seen the debt grow by more than $11.5 trillion combined to date, according to Treasury Department data.

White House spokesman Kush Desai noted Trump’s predecessor in a statement to FOX Business: “Cleaning up Joe Biden’s reckless fiscal mismanagement has been a top priority for the Trump administration, from slashing waste, fraud, and abuse in government spending to accelerating economic growth and getting America’s debt-to-GDP ratio back on the right track.”

US NATIONAL DEBT SURPASSES SIZE OF THE ECONOMY FOR FIRST TIME SINCE WORLD WAR II

The overarching measure of the U.S. national debt used by entities like the Treasury and the nonpartisan Congressional Budget Office is known as the gross national debt, which is nearing $40 trillion.

The figure includes all the U.S. government’s debt, including the obligations held in intragovernmental accounts like the Social Security trust funds. Those debt obligations are excluded in a separate metric known as the debt held by the public, which is currently over $32 trillion.

When Trump’s first term began on Jan. 20, 2017, the gross national debt totaled $19.9 trillion. A variety of tax and spending policies in the first Trump term contributed to the growth in the debt, including the Tax Cuts and Jobs Act as well as massive spending on COVID-19 relief measures.

A White House official noted how the country was facing a historic pandemic during that first term, arguing the crisis accounted for a larger share of the debt growth during that period. The official added that Biden “then recklessly spent trillions on COVID stimulus spending” and pointed to how “Obama economists like Larry Summers correctly warned would only ratchet up inflation, which caused interest rates to rise and just worsen the government’s borrowing costs.”

FEDERAL BUDGET DEFICIT ON TRACK TO SURPASS $2T THIS FISCAL YEAR AS SPENDING OUTPACES REVENUE

The largest U.S. budget deficit in history was incurred in fiscal year 2020 — the last full fiscal year of Trump’s first term — when the federal government ran a more than $3.1 trillion deficit.

That year saw several bipartisan COVID relief measures enacted by Congress and the president to help individuals and businesses, as well as state and local governments, as they dealt with the economic toll of the pandemic.

At the end of Trump’s first term, the gross national debt grew by over $7.8 trillion and stood at over $27.7 trillion as of Jan. 20, 2021, when Biden’s term began. Over the next four years, the gross national debt grew by more than $8.4 trillion as additional COVID relief measures were enacted, and Democratic majorities advanced Biden’s American Rescue Plan Act.

SOCIAL SECURITY’S MAIN TRUST FUND FACES DEPLETION IN 2032, TRIGGERING BENEFIT CUTS

When Trump’s second term began, Treasury Department data showed the gross national debt totaled $36.2 trillion as of Jan. 21, 2025, the day after his second inauguration.

The most recent data shows that as of Aug. 14, 2026, the gross national debt had risen to more than $39.9 trillion — an increase of over $3.7 trillion in the second Trump term to date. Higher spending on entitlement programs and debt interest, as well as tax cuts that were enacted under the One Big Beautiful Bill Act and tariff refunds, contributed to the higher debt.

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Taken together, the more than $7.8 trillion in debt from the first Trump term and the $3.7 trillion in debt incurred to date in the president’s second term combine to total about $11.5 trillion in debt during his time in office.

ET Intelligence Group: Augmont Enterprises, an integrated gold and silver platform, plans to raise ₹620 crore through a fresh issue to fund working capital requirements. It will also raise ₹205 crore through an offer for sale. The promoter group’s stake will fall to 81.9% after the IPO from 92.7%. Its business is operated through the Augmont SPOT platform for enterprise and international sales and Augmont gold for all consumer-focused offerings, supported by online and offline distribution channels. Over 90% of the revenue comes from Augmont SPOT platform, reflecting revenue concentration. More than 63% of the revenue comes from Maharashtra. Despite strong reported profits, Augmont had operating cash flow deficit of ₹42 crore in FY26, highlighting the sensitivity of the business to working-capital movements. However, the company has strong growth in financials. Given these factors, investors with high-risk appetite may consider the IPO.

Business

Incorporated in 2012, Augmont Enterprises undertakes gold and silver procurement and refining, bullion trading, digital gold and silver, jewellery manufacturing, international sales and gold-backed financial services. It also offers digital gold and silver, gold SIPs, gold FDs, gold loans and gold recycling. It operates two refineries with a combined capacity of 284 tonnes annually. The company manufactures products at its unit located in Sitapur SEZ, Rajasthan, with an installed capacity of 13.8 MTPA as of March 2026 and sells them in international markets.

Financials

Revenue from operations jumped 64.2% annually to ₹94,186.2 crore and net profit grew 114.1% annually to ₹348.3 crore between FY24 and FY26. Operating profit before interest, tax, depreciation and amortization (EBITDA) increased 92.7% to ₹386 crore during the period. On a year-on-year basis, revenue jumped 169.7%, EBITDA surged 271.4% while net profit soared 358.5% in FY26. The company’s EBITDA margin remains low at under 1% as its high-volume, low-spread bullion business leaves limited room after operating expenses. The large value of gold and silver transacted also inflates the revenue base, keeping reported margins thin. The company faced a cash deficit from operations of ₹42 crore in FY26 as against positive cash flow of ₹105 crore in FY25 and ₹96.7 crore in FY24. This was due to an increase in trade receivables, a decrease in other current financial liability and an increase in taxes paid.
Read more: Indian equity markets rally nearly 1% as dollar retreats and US bond yields cool

Valuation

The company does not have any listed comparable peers in India. Considering the post-IPO equity and net profit for FY26, it demands a price-earnings (P/E) multiple of 21 and price to sales multiple of 0.1.

Walmart’s e-commerce sales grew in the second quarter across its major business segments.

Global e-commerce sales rose 23%, led by store-fulfilled pickup and delivery and its online marketplace, according to the company’s Q2 earnings report released Thursday.

The gains were even stronger in the U.S., where e-commerce sales increased 24%, with strength in store-fulfilled delivery, advertising and marketplace.

WALMART GOES NUCLEAR IN FIRST-OF-ITS-KIND POWER DEAL FOR RETAIL GIANT

Walmart President and CEO John Furner pointed to the retailer’s online growth as a sign that customers are responding to its “price, speed and convenience.”

“Our team delivered another good quarter, and we continue to make steady progress on the long-term value drivers of our business,” Furner said in a statement. “Our multi-year growth in e-commerce is evidence that customers are choosing Walmart because we deliver price, speed, and convenience across a broad assortment.”

WALMART CEO SAYS LOWER-INCOME SHOPPERS SHOWING ‘SIGNS OF STRESS’ AS FUEL COSTS SQUEEZE HOUSEHOLD BUDGETS

He added, “At Walmart, they can have it all.”

Sam’s Club U.S. — a major division owned and operated by Walmart — also saw strong e-commerce growth, with sales up 26%, driven by continued growth in club-fulfilled pickup and delivery, according to the report.

WALMART, SAM’S CLUB SLASH PRICES ON THOUSANDS OF PRODUCTS AS TRUMP SAYS MOVE CAME AT HIS REQUEST

Ticker	Security	Last	Change	Change %
WMT	WALMART INC.	103.84	-10.46	-9.15%

Walmart International also posted strong e-commerce growth, with e-commerce sales rising 19%, driven by store-fulfilled pickup and delivery.

Walmart reported revenue of $187.9 billion, up 5.9% from a year earlier, and raised its outlook for the fiscal year.

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“Our business model is only getting stronger and more durable, and we’re pleased to raise our guidance for the year,” John David Rainey, Walmart Inc. executive vice president and chief financial officer, said in a statement. 

Oil prices were little changed on Friday but remained on track for a second straight weekly gain as the deadlock in the U.S.-Iran war continued to disrupt oil supplies from the key Middle East producing region.

An earlier peace deal between the sides expired this week, with neither side making efforts to resume talks. U.S. President Donald Trump also threatened economic retaliation against countries supporting Iran.

Crude oil price on August 21

Brent crude futures rose 4 cents to $93.82 a barrel after gaining more than 2% in the previous session. U.S. West Texas Intermediate crude futures fell 6 cents to $86.78 a barrel, following a 2.3% rise in the prior session. Over the previous five days, Brent has gained more than 7%, while WTI has risen more than 8%. Both benchmarks reached their highest levels since July 24.

Oil prices have climbed as concerns grow that the unresolved U.S.-Israeli war on Iran could keep supplies from major producers such as Saudi Arabia, Iraq, the UAE and Kuwait curtailed.

Also read: From hammering Iran to strangling them: Donald Trump has a new approach in Middle East war

On Wednesday evening, Trump threatened “economic warfare and isolation on an unprecedented scale” against Tehran and warned of consequences for any country providing “any type of lifeline to Iran”.
The United Arab Emirates this week suspended all financial and economic transactions with Iran until further notice, underscoring the strained ties between the major Gulf Arab oil producer and Tehran.Thousands of people have been killed since the Iran war began on February 28, when the U.S. and Israel launched military strikes on Iran. Since then, Tehran’s blockade of the Strait of Hormuz and Iranian attacks on energy facilities across the Middle East have disrupted global oil and gas flows.

Shipping traffic through the Strait of Hormuz on Wednesday was unchanged from the previous day, with nine vessels transiting the waterway, well below pre-war levels. Before the Iran war, shipments equivalent to about one-fifth of global consumption moved through the strait.

What are experts saying?

The duration of the disruption will be a key factor for crude prices. JPMorgan estimates that each additional month of disruption could add around $7 to $8 a barrel to Brent prices. If the disruption continues for three months, the bank expects average monthly Brent prices to reach around $114 a barrel.

Goldman Sachs has also warned that Brent could rise to $120 a barrel if shipping disruptions through the Strait of Hormuz, the world’s most important oil transit route, persist.

Read more: Iran dismisses US economic threats and other developments in the Middle East

At the same time, Goldman Sachs expects Middle East tensions to eventually ease under its base case. The bank forecasts Brent to average $80 a barrel in the fourth quarter and $75 a barrel next year. It said risks remained tilted to the upside, with disruptions through the Strait of Hormuz and the Red Sea potentially lasting longer than expected.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

SYDNEY — Buying a home is one of the biggest financial decisions many Australians will make. But before signing a contract, buyers need to look beyond the asking price, the kitchen and the location.

A property contract can contain conditions affecting the buyer’s rights, costs and obligations for years to come. Rules also differ between states and territories, meaning a process that applies in one part of Australia may not apply in another.

For buyers considering a property in 2026, these seven legal issues deserve attention before signing.

1. Read the contract of sale carefully

The contract of sale is one of the most important documents in a property transaction.

It sets out the terms of the purchase, including the agreed price, deposit, settlement arrangements and other conditions. Depending on the property and location, it can also contain information about title, restrictions, easements, zoning, inclusions and other matters affecting the land.

Buyers should not assume that a real estate agent’s description of a property tells the whole story.

A buyer should have the contract reviewed by a qualified conveyancer or property lawyer before signing, particularly if there are unusual clauses or conditions.

Once a contract becomes legally binding, getting out of the transaction may be difficult and potentially expensive.

2. Check the title and restrictions on the property

A property may look perfect while the legal title tells a more complicated story.

A title search can reveal registered interests affecting the property, including mortgages, easements, covenants and other restrictions.

An easement, for example, may give another party certain rights over part of the land. That could affect how the property can be used or developed.

Buyers planning renovations, extensions, subdivisions or other changes should pay particular attention to restrictions that could affect future plans.

This is one reason a legal review before signing can be more valuable than discovering a restriction after settlement.

3. Understand zoning and planning rules

Buying a property does not necessarily mean you can use it in whatever way you want.

Local planning rules can determine whether a property can be used as a residence, divided into multiple lots, extended, developed commercially or altered in other ways.

A buyer who intends to renovate or redevelop should investigate planning controls before committing to the purchase.

Promises made during a property inspection or sales campaign should also not be treated as a guarantee that a future development will receive approval.

Planning permission is generally a separate issue from ownership.

If a buyer is purchasing because of a specific development plan, legal and planning advice should be obtained before signing rather than after the transaction has become unconditional.

4. Know what the building and pest reports actually cover

A property contract does not necessarily protect a buyer from every physical problem with the building.

Building and pest inspections can identify issues that may not be obvious during an ordinary inspection, including structural concerns, moisture problems, termites or other defects.

The exact scope of an inspection depends on the report and the professional conducting it.

For an established home, buyers should consider whether independent inspections are appropriate before exchanging contracts or, where possible, whether the contract should include suitable conditions.

A buyer should also understand the difference between a general building inspection and specialist assessments.

For example, an inspection may not identify every electrical, plumbing, engineering or environmental issue.

The key point is simple: do not assume that a property’s appearance tells you everything about its condition.

5. Understand cooling-off rights before signing

Cooling-off periods are often misunderstood.

They can provide buyers with an opportunity to withdraw from certain property contracts, but they are not universal and the rules differ across Australia.

In Victoria, for example, Consumer Affairs Victoria says a three-clear-business-day cooling-off period generally applies to private residential and certain small rural property sales. However, there are exceptions, including some purchases made at or around auction.

NSW has its own rules. Recent changes there include a new prescribed cooling-off notice for contracts exchanged from June 1, 2026.

Buyers should therefore never assume they automatically have a certain number of days to change their mind.

Auction purchases can be particularly important because cooling-off rights may not apply in the same way as they do for private sales.

The safest approach is to understand the applicable state or territory rules before signing, rather than relying on the expectation that a cooling-off period will rescue a bad decision.

6. Calculate the full cost, not just the purchase price

The contract price is only one part of the financial commitment.

Buyers may also face costs such as stamp duty or transfer duty, conveyancing fees, registration charges, inspections, lender fees, insurance and other transaction expenses.

The amount and type of government charges depend on factors including the state or territory, property value and the buyer’s circumstances.

Buyers should also examine the settlement provisions in the contract.

Settlement is the point at which the transaction is completed and ownership is transferred. In Victoria, for example, Consumer Affairs Victoria describes settlement as the stage when checks have been completed, title and transfer documents are exchanged and the balance of the purchase price is paid.

A buyer who does not budget for these additional expenses could find themselves financially stretched even after securing finance for the purchase price.

7. Check whether foreign investment rules apply

For some buyers, the biggest legal issue may arise before the contract is signed.

Australia has specific rules governing foreign investment in residential property.

As of July 2026, foreign investors generally need to notify the Australian Taxation Office before acquiring residential land, regardless of its value. The federal government also says foreign persons are generally prohibited from purchasing established dwellings between April 1, 2025, and June 30, 2029, subject to limited exceptions.

There are important exemptions. For example, Australian citizens living abroad and Australian permanent residents generally do not need a residential real estate application, according to the federal government’s guidance.

Foreign buyers who require approval should address that issue before entering into an unconditional contract.

The government says that where approval is required, a contract entered before a decision should be conditional on receiving the required approval or exemption certificate.

The consequences of getting this wrong can be serious. The federal government warns that significant penalties can apply to breaches of foreign investment rules.

What buyers should do before signing

A property viewing can take minutes. A property contract can create legal obligations that last much longer.

Before signing, buyers should consider:

• Having the contract reviewed by an independent property lawyer or conveyancer.
• Checking the title and registered interests.
• Investigating zoning and planning restrictions.
• Obtaining appropriate building and pest reports.
• Confirming the deposit and settlement terms.
• Understanding applicable cooling-off rules.
• Calculating taxes, duties and other transaction costs.
• Checking whether foreign investment laws apply.
• Confirming that any promised inclusions or conditions are actually recorded in the contract.

Buyers should also avoid relying solely on verbal assurances. If an important promise about the property, repairs, inclusions or settlement arrangements matters to the decision, it should be properly documented.

Operator

Thank you for standing by, and welcome to the PWR Holdings Limited FY ’26 Results Call. [Operator Instructions]

I would now like to hand the conference over to Sharyn Williams, CEO and Managing Director. Please go ahead.

Sharyn Williams
MD, CEO & Director

Good morning. I’m Sharyn Williams, CEO and Managing Director of PWR Holdings Limited, and I’m joined by Robert Shore, Chief Financial Officer, who joined us in April. Today, we present PWR’s full year results for the financial year 2026.

Before we begin, I’d like to acknowledge the executive team for their leadership through a year of significant change. Our Founder and Managing Director, Kees Weel, moved into the Chair role, and Matthew Bryson stepped in as the acting CEO while that transition happened. My thanks to Matthew, in particular. The continuity of leadership supported the result that we are presenting today. I’ll cover the group highlights and market segments. Rob will take you through the financials, and I’ll close on strategy and outlook.

Turning to Slide 4. FY ’26 was a year of strong execution. We delivered on our strategic priorities and the momentum in the business is now delivering operating leverage. The group delivered record revenue of $171 million, up 31%, driven by significant growth in our 2 largest strategic growth markets, Motorsports and A&D. Importantly, that revenue growth translated into a materially stronger earnings outcome.

Statutory NPAT increased 83% to $17.9 million and NPAT margin improved to

Thousands of off-road motorcycles are being recalled over a braking defect that could cause serious injury or death from a crash, according to federal regulators.

KTM North America Inc., of Amherst, Ohio, is recalling about 21,040 GASGAS and Husqvarna off-road motorcycles in the U.S., the U.S. Consumer Product Safety Commission announced Thursday. 

Another 4,140 were sold in Canada, according to the commission.

FROZEN DOG FOOD RECALLED OVER SALMONELLA CONTAMINATION THAT LED TO MULTIPLE PET ILLNESSES

The recall affects certain 2021 through 2024 GASGAS and Husqvarna off-road motorcycle models.

“The rear brake caliper can crack or break, reducing the brake system’s effectiveness, posing a risk of serious injury or death due to crash hazard,” the commission said in its notice.

NEARLY 1M CHRYSLER, JEEP, DOGE AND RAM VEHICLES RECALLED OVER CAMERA GLITCH

The GASGAS off-road motorcycles are red with the white GASGAS logo on both sides of the shrouds, while the Husqvarna motorcycles are white, blue and yellow with the Husqvarna logo on both sides of the shrouds.

The motorcycles were sold at GASGAS and Husqvarna authorized dealers from September 2020 to June 2023 for between $7,300 and $13,000.

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Consumers are urged to stop riding the recalled motorcycles immediately and contact an authorized GASGAS or Husqvarna Motorcycle dealer to schedule a free repair at the dealership.

No injuries have been reported thus far in connection with the recalled motorcycles.

Dozens of people have accused TUI River Cruises of operating vessels with faulty facilities including persistently broken air conditioning, after they spent thousands of pounds on holidays.

Earlier this year passengers on the Skyla, a ship operated by TUI, contacted BBC Your Voice to say they had been stranded in Budapest during a heatwave with little to no air conditioning.

Following that report more people got in touch to say they faced similar problems on both the Skyla and its sister vessel, the Isla. They criticised TUI’s customer service and said the refunds offered were inadequate.

TUI apologised to customers where trips “fell short of the standards we aim to deliver”.

A spokesperson for TUI, said: “We understand the disappointment and frustration caused to affected customers.”

Passengers described stifling conditions as well as problems with plumbing after paying thousands of pounds for European cruises, including on the Danube River.

Andy Peach and his wife booked a seven-day trip on the Skyla in June, travelling through Budapest, Vienna and Linz.

It turned out to be “the worst TUI holiday we’ve ever been on”, he said.

Instead of air conditioning, Peach said there were “big blowers” on board, expelling hot air.

“One was in the middle of the corridor, blocking the exit,” he said. “It didn’t seem to cool the place down.”

Temperatures onboard climbed as the holiday went on leaving him “exhausted”, he said. By the end of the week, Peach said the air conditioning in cabins had broken too.

On the second-to-last day passengers were transferred to hotels, which Peach said were “really basic”.

He and his wife had paid nearly £4,000 for the holiday but they were offered only £300 as a refund and given 72-hours to accept it.

He said: “TUI know there’s problems on these boats, but continue to sell them to people as a full luxury cruise.”