It’s time to cut the capital gains tax. Right now. If there’s a 3.0 reconciliation budget bill that requires only 50 Republican votes plus Veep Vance for 51, the GOP can do it. Put a capital gains tax cut in that 3.0. It’ll add growth to the GOP message. Polls show that in addition to the voter ID bill, voters want government fraud to be cleaned up, and they’d like middle class tax cuts for growth.

Yet we need some leadership from the Senate majority leader, John Thune, and we also have to convince President Trump. He does want a reconciliation 3.0 bill for the SAVE America voter ID citizenship bill and for military spending replenishment, both of which are fine by me — but we need a cap gains tax cut that will benefit average middle class working folks.

Right now empty nesters don’t need their multi-bedroom homes, but they really can’t afford to pay a $500,000 capital gains tax which comes mainly from President Biden’s 21 percent inflation during his four years in the White House.

Last night I talked to Newt Gingrich about this issue and here’s what the former House Speaker said: “There are millions of Americans whose children have grown up their houses too big. They’d like to sell it. But the current tax consequence is so great they won’t sell it.” Indexing capital gains, he added, “it’s very simple. Should you have to pay tax on inflation? Now, if you don’t pay tax on inflation, suddenly you have a much bigger interest in investing.” Mr. Gingrich concluded that “when we cut the capital gains tax, when I was speaker, revenue was at $60 billion from capital gains. After we cut it, it jumped to $200 billion”

Sure enough, absolutely. Actually, no one should have to pay a tax on inflation. So if we index the capital gains tax for inflation, people would just pay tax on the real appreciation of their home or other assets, and that is much fairer.

We’re not just talking about the rich by the way, but really middle-class homeowners who might have bought their house maybe 30 or 40 years ago, and the inflation mounts up. Why should they be soaked just because the Federal Reserve printed too much money, or the federal government spent too much money? The answer is that they shouldn’t.

Many of us have been fighting this battle for decades. Yet now if we want to end the housing recession, indexing capital gains would unlock probably a million homes for sale on the market that would be available at a decent price for Gen Z and millennial affordability.

Here’s another key point. The capital gains tax exemption for the sale of a home should be doubled. Right now it’s at $250,000 for a single person, and $500,000 for married filing jointly couples.

These levels have not been changed since 1997, nearly 30 years ago. There’s been a lot of inflation since then. So why not raise the capital gains tax exemption to $500,000 for singles and $1 million for married couples filing jointly? It’s guaranteed that the unlocking effect because of lowering capital gains taxes will produce a flood of revenues for the federal fisc, and will greatly loosen up the frozen housing market.

The trend for existing home sales is about 5 million a year over time. But in recent years, it slumped to 4 million a year. A drop of one million a year. Cutting the capital gains tax will boost these sales and probably new housing starts as well.

It would be great to get lower mortgage rates and easier regulations at the local level. Closing the border by Mr. Trump will stop all of the illegal migrants who bid up rental homes and home ownership prices. And according to a paper published by the Federal Reserve Bank of Dallas, this wave of migration accounted for roughly 30 percent of home-price growth. Cutting the capital gains tax would be huge. Let’s get going on it.

Shares of Nvidia fell Tuesday, trading at $191.70, down $3.85, or 1.97 percent, after a Reuters report said Chinese artificial intelligence company DeepSeek is developing its own semiconductor for AI computing, a move that could reduce the startup’s reliance on chips from both Nvidia and Huawei.

Note: This article is intended to provide factual context and does not constitute financial advice. Readers should consult a licensed financial advisor before making investment decisions.

According to the Reuters report, citing three sources familiar with the matter, DeepSeek’s chip is being designed specifically for inference, the stage of AI computing in which an already-trained model generates responses to user queries, rather than for training new models from scratch. That focus places the project squarely within what has become the fastest-growing segment of AI computing demand, as more of the industry’s overall workload shifts from building large language models to running them for end users. Inference tasks can often be handled by specialized, lower-cost chips that consume less power than the general-purpose graphics processing units Nvidia has built its business around.

The effort reportedly began roughly a year ago and remains in its early stages. According to the Reuters report, DeepSeek has been in discussions with outside chip-design firms, semiconductor foundries and memory suppliers as part of the initiative, while also quietly increasing its hiring of chip-design engineers in recent months without posting public job listings for those specific roles.

DeepSeek’s move would mark a significant strategic shift for a company that has been held up in China as a national AI success story since it drew rapid global attention last year with the release of two highly efficient AI models. The base model for DeepSeek’s R1 reasoning system was trained using Nvidia’s H800 chip, a China-specific variant that the U.S. government subsequently banned from export in late 2023. Since then, DeepSeek has increasingly shifted its computing workloads toward Huawei’s Ascend chip lineup, releasing a version of its V4 model earlier this year that was specifically optimized for Huawei’s hardware.

Should DeepSeek successfully develop its own competitive inference chip, the move would add to the competitive pressure already facing both Nvidia and Huawei within China’s AI chip market, according to the Reuters report. It would also place DeepSeek alongside a growing list of AI developers worldwide that have moved to design their own custom silicon rather than relying solely on Nvidia’s hardware. OpenAI unveiled its first custom inference chip, developed in partnership with Broadcom and named Jalapeño, last month, while Anthropic has separately been exploring the development of its own chips, according to earlier Reuters reporting from April.

DeepSeek faces significant obstacles specific to its position as a Chinese company, however. U.S. export restrictions bar Chinese chip designers from using the most advanced semiconductor manufacturing foundries located overseas, while separate American export controls have limited China’s access to high-bandwidth memory, a component considered essential to building competitive inference chips. DeepSeek founder Liang Wenfeng acknowledged in a 2024 interview that these export restrictions presented genuine obstacles for the company’s broader ambitions.

The chip development news comes as DeepSeek has also been pursuing its first external funding round. According to media reports cited by TradingKey, the company completed a Series A funding round in mid-June, raising approximately 51 billion yuan, or roughly $7.5 billion, at a post-money valuation of around 400 billion yuan. The funding round reportedly employed an unusual transaction structure, with external investor funds directed into a limited partnership managed by Liang rather than invested directly into the DeepSeek entity itself, and with those investors receiving no voting rights or board representation in exchange for their capital.

DeepSeek has moved quickly to put that capital to use. The company posted a large recruitment call in late June covering 33 positions across seven categories, including algorithms, research and development, and data engineering, stating it was working to at least double the size of all its departments. The company has also begun building out its own computing infrastructure, posting its first data center-related job listings in Ulanqab, Inner Mongolia, earlier this year, a shift that analysts described as moving DeepSeek away from a lighter-asset research and development model toward a more capital-intensive approach involving self-built computing clusters.

Nvidia’s decline Tuesday came amid a broader pullback across chip and technology stocks tied to a separate development: blowout second-quarter earnings guidance from Samsung Electronics that nonetheless triggered profit-taking across the memory chip sector. Micron Technology fell roughly 4.7 percent to 7 percent during the session, while Western Digital and SanDisk also posted significant declines, according to multiple market reports. Nvidia’s own decline was compounded by a separate report indicating that some U.S. companies have been exploring cheaper Chinese AI models as alternatives to offerings from major American technology firms, adding further pressure to sentiment around Nvidia and other companies central to the AI infrastructure buildout.

Nvidia’s stock has underperformed some of its chip-sector peers so far in 2026, according to a technical analysis published by BeInCrypto. The stock lost the $200 level on June 23 and has not reclaimed it since, with the analysis identifying $189 as a key support level within the stock’s broader trading channel. According to the same analysis, strong AI spending guidance from major cloud computing companies later in July, or a significant new agreement involving China, could help push Nvidia shares back above $200, while continued erosion of confidence in the broader AI trade could see the stock fall further below its current trading range.

Nvidia remains up approximately 4.9 percent year-to-date as of Monday’s close, according to data cited by Moomoo, even as the stock has faced repeated bouts of volatility throughout 2026 tied to shifting sentiment around AI infrastructure spending, export policy developments affecting China, and competitive dynamics within the broader semiconductor industry. With DeepSeek’s chip development effort still in its early stages and facing significant regulatory and technical hurdles, analysts have generally cautioned that any meaningful competitive impact on Nvidia’s business would likely take years to materialize, even as Tuesday’s report added to a broader narrative of AI companies worldwide seeking greater independence from Nvidia’s dominant position in AI computing hardware.

Mumbai: The recent rally in India’s benchmark 10-year government bonds may have further upside, supported by expectations that circumspect US jobs data might prompt the US Federal Reserve to defer an increase in policy rates, treasury officials said.

Furthermore, the likelihood of inclusion of Indian sovereign bonds in the Bloomberg bond index and the retreat in crude oil prices to levels last seen before the start of the Iran war should aid bond prices, they said.

Bond yields and prices have an inverse relationship and move in opposite directions.

“Yields have eased over the past few sessions because the latest jobs data in the US came in lower than expected, so rate hike expectations by the US Fed have eased,” said Alok Singh, head of treasury at CSB Bank. “I do not expect a lot of uptick in yields, maybe 2-3 basis points, unless a decision on including Indian bonds in the Bloomberg index is deferred again.”
One basis point is a hundredth of a percentage point.

The benchmark 10-year yield has declined 7 basis points over the past three trading sessions, settling below the 6.70% mark for the first time since March 13. It ended at 6.69% on Tuesday and is expected to ease further, at least to 6.64%-6.65% levels.
“I expect further easing near 6.64% levels in the near term, and in the long term, if Bloomberg inclusion happens, 6.50% is visible,” Alok Singh said.The US non-farm payrolls rose at a much slower pace than expected, adding only 57,000 jobs in June (against 129,000 in May 2026) versus expectations of 110,000, according to Bank of Baroda.

Somewhere between England’s third goal against Mexico on Sunday night and my second glass of something cold enough to hurt, my phone lit up with the news that FIFA had suspended Folarin Balogun’s one-match ban.

Not overturned, you understand. Suspended. Parked for a “probationary period” of one year, like a sixth-former caught smoking behind the bike sheds who has promised, hand on heart, never to do it again.

The ban existed for the most boring reason imaginable: the rules. Balogun was sent off against Bosnia and Herzegovina for a nasty stamp on Tarik Muharemovic’s ankle, VAR had a look, and out came the red card. Under FIFA’s regulations a straight red brings an automatic one-match suspension. No appeal, no haggling. That is the entire point of the word automatic.

Except, it turns out, when the president of the host nation picks up the telephone. Donald Trump confirmed, quite cheerfully, that he had called Gianni Infantino to ask for a review of the card, on the expert basis that, in his own words, “I didn’t know what the hell a red card was.” Days later FIFA’s disciplinary committee reached for Article 27 of its own code, suspended the ban, fined US Soccer $40,000 for form’s sake, and Balogun trotted out against Belgium in Seattle on Monday night.

And all I could think of, watching this unfold, was Biff Tannen.

You remember Biff. Back to the Future Part II. The school bully who gets hold of a sports almanac from the future, bets on results he already knows, and builds a casino empire with his name in lights on the front. Screenwriter Bob Gale confirmed years ago that the older, richer, gold-lift-and-terrible-tie version of Biff was modelled on a certain New York property developer. It was a joke in 1989. The joke has now climbed out of the screen, taken the host nation’s armband and started ringing the referee.

Because the almanac was never really about the winnings. The almanac was about certainty, the delicious knowledge that the rules binding everyone else do not bind you. Biff didn’t out-gamble anybody. He simply operated in a market where he alone knew the outcome was negotiable. And Hill Valley in the rewritten 1985 wasn’t richer for it; it was a smoking ruin with one very shiny tower in the middle.

Business readers will recognise this pattern instantly, because it is precisely why the rule of law, rather than oil or talent or sunshine, is the most valuable economic asset any jurisdiction can own. Nobody invests where the courts take phone calls. Nobody signs a contract worth having if enforcement depends on who the counterparty knows. FIFA’s own statutes prohibit political interference, and Infantino insists his judicial bodies acted entirely independently, which would be considerably more soothing had the beneficiary not been the co-host’s star striker, days after a presidential phone call. UEFA said FIFA had “crossed a red line”. Wayne Rooney called it a disgrace. Belgium appealed and was told it had no standing, which is a bold thing to say to the actual opponents in the actual match.

The floodgates duly opened. Within a day the French federation was asking FIFA to look again at a yellow card shown to Michael Olise, and Thomas Tuchel was being asked, with a straight face, whether England ought to start appealing its red cards too.

Sponsors pay billions for this tournament on the understanding that the product is sport rather than scripted television, and analysts are already asking what political capture does to that valuation. I wrote only last week about air-conditioned stadiums and whether this World Cup is really a level playing field; I confess I did not expect the pitch to tilt quite this quickly.

It is the same disease I diagnosed when CBS cancelled Stephen Colbert to keep the White House sweet: institutions discovering, under pressure, that their rules were only ever suggestions. And with the promised World Cup boost already failing to show up in the US jobs numbers, the tournament’s real dividend, trust, is the one asset the hosts can least afford to burn.

Here is the delicious bit, though. Balogun played. And the United States lost 4-1 to Belgium and tumbled out of their own World Cup. Even Biff, clutching his almanac, eventually discovered that rigging the odds is not the same thing as being any good. You can lean on the referee, suspend the suspension and declare a great injustice reversed on your own social network. The scoreboard, bless it, remains one of the last institutions that doesn’t take calls.

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Microsoft Teams users reported problems accessing the workplace communication platform Tuesday morning, with the social media account Status Is Down flagging the issue shortly before 11 a.m. Eastern time, though independent outage-tracking services showed a mixed picture of the scope and severity of any disruption.

The account, which regularly monitors and posts about potential service outages across major technology platforms, asked followers whether they were experiencing problems with Teams, using the hashtags #MicrosoftTeamsDown, #MSTeamsDown and #MicrosoftDown as reports began circulating online. The post had generated more than 140 views shortly after being published.

Independent monitoring services offered varying assessments of the platform’s status around the same time. Uptime tracking service UptimeRobot reported that an automated check run at 10:36 a.m. GMT detected unusual response times or error codes when attempting to reach Teams, and said its monitoring had confirmed the issue from multiple global locations, indicating the disruption was not isolated to individual users. According to UptimeRobot’s methodology, the service repeats failed checks from additional randomly selected global locations before confirming an outage, a process intended to rule out false positives tied to localized network issues.

Other monitoring platforms showed a more limited picture of the disruption. StatusGator, which tracks outage reports across thousands of cloud services, indicated that Microsoft Teams was operational as of its most recent check around 11:11 a.m. UTC, while noting that six user-submitted reports of problems had been logged over the preceding 24-hour period, a relatively modest number compared to the volume typically associated with widespread, confirmed outages. Similarly, outage tracker IsDown reported that Microsoft Teams remained operational as of its most recent check, with the service’s dashboard showing no active incidents at the time.

The discrepancy between different monitoring services reflects a common challenge in assessing real-time service disruptions, particularly for large platforms like Teams that serve millions of users across a wide range of network conditions, devices and account configurations. Outage-tracking services generally rely on a combination of automated checks against a company’s servers and self-reported issues from users, meaning the picture presented by any single tracker can vary depending on its specific monitoring methodology, the geographic distribution of its check locations, and the threshold it uses to distinguish between routine, isolated hiccups and a broader, confirmed service disruption.

As of Tuesday morning, Microsoft had not issued a public acknowledgment of a Teams outage through its official Microsoft 365 Status account, a channel the company has used in the past to confirm and provide updates on confirmed service disruptions. In previous incidents, Microsoft has typically directed affected users to check the Microsoft 365 Admin Center for specific incident identifiers and ongoing updates once a problem has been formally confirmed and is under investigation by the company’s engineering teams.

Tuesday’s reports come against the backdrop of a broader history of periodic disruptions affecting Microsoft’s suite of workplace collaboration tools. According to StatusGator, Microsoft Teams has experienced more than 124 recorded outages since the tracking service began monitoring the platform in August 2023, reflecting the recurring nature of service disruptions for a platform used daily by millions of businesses, schools, government agencies and other organizations worldwide. Microsoft 365 services, which include Teams alongside Exchange Online, Outlook and SharePoint, have experienced several notable multi-hour disruptions in recent years, including incidents traced to internal routing configuration errors that affected users across multiple continents.

Microsoft’s cloud infrastructure more broadly has also faced scrutiny following a series of Azure service disruptions earlier this year. According to Microsoft’s own published status history, the company experienced a significant incident in late May involving widespread virtual machine and storage service disruptions tied to a thermal event and subsequent retry amplification issues that cascaded across multiple regions. Microsoft has said it continues working to improve diagnostic tooling, retry policy design and overload prevention controls across its infrastructure, with several remediation efforts targeted for completion by July 2026, as the company works to reduce the frequency and severity of similar incidents going forward.

For users currently experiencing difficulty accessing Microsoft Teams, standard troubleshooting guidance from monitoring services typically recommends first confirming whether the issue is isolated to a single device or network by attempting to access the platform from an alternate browser, device or internet connection, such as a mobile hotspot. Additional steps commonly suggested include disabling any active virtual private network connections, clearing the device’s DNS cache, or restarting a home or office router. If Teams remains inaccessible across multiple devices and networks, that pattern would generally suggest a broader service-side issue rather than a problem isolated to an individual user’s setup.

Given the conflicting signals from different outage-tracking services Tuesday morning, with UptimeRobot flagging unusual response times while StatusGator and IsDown continued to list the service as operational, the scope of any disruption affecting Microsoft Teams users remained somewhat unclear as of this report. Users seeking the most authoritative and up-to-date information are generally advised to consult Microsoft’s official Service Health Dashboard directly, along with the Microsoft 365 Status account on social media, which the company has historically used to confirm and provide ongoing updates for verified service disruptions once its own internal monitoring systems detect and validate an issue.

As of Tuesday afternoon, no formal statement had been issued by Microsoft addressing the reports collected by Status Is Down or the unusual response times flagged by UptimeRobot’s automated monitoring. Given the platform’s history of periodic, often short-lived service disruptions, any issue affecting Teams on Tuesday, if ultimately confirmed by Microsoft, would likely follow a similar pattern to previous incidents, with resolution typically occurring within a period ranging from under an hour to several hours depending on the underlying cause. Users are encouraged to check official channels for updates as the situation, whatever its ultimate scope, continues to develop.

Flora Badger is taking three teenage girls on their first holiday abroad this summer.

She contacted BBC Your Voice to share her frustrations in watching holiday prices fluctuate.

Flora first considered booking in April to avoid the expensive summer months, but says she held off over situation in the Middle East and fears of getting stuck abroad.

She ended up booking to go to the Spanish island of Lanzarote in September.

“Price was a huge, huge issue,” she says. “It’s very frustrating how much it increases in the school holidays.

“At the end of the day they need a treat, we’ve been saving up for it, they’ve been looking forward to it, so we’re planning on going.”

The steep price rises for European holidays may have slowed but they’re still creeping up, TravelSupermarket data suggests.

The cost of an average all-inclusive seven-night family stay this August to Spain is up by 4% to £155 per person. For Portugal prices are up 3%, and Greece has seen prices increase by 5%.

It depends which day of the week you travel, but for seven nights a family of four could be paying up to £160 extra to go to Spain this year compared to last year, bringing the total to as much as £4,340.

The figures are based on online searches, made on TravelSupermarket from 18 April to 17 June, for all-inclusive, seven-night family holidays in August 2025 and 2026.

While this snapshot of data reveals a general trend, costs will vary depending on exactly where a family goes and when they book.

One thing Flora has been able to take advantage of though is the fact that the cost of hiring a car has dropped across all of the most searched-for destinations compared to last year.

‘The business has delivered a resilient performance during a period of evolving market conditions’

Directors at Northumberland housebuilder Cussins have toasted resilient trading which they say has been boosted by “robust” demand. The Alnwick-based company, which was first established in 1922, is known for creating homes to suit all budgets and styles across the North East, particularly in Newcastle and Northumberland.

The company is also working with South Tyneside Council on the construction of contemporary riverside apartments in South Shields. Now Cussins, which is led by CEO Jabin Cussins and his father Peter, has issued accounts covering the six months ended September 2025.

Cussins Homes Ltd was established in April with its formation marking an exit for the Duke of Northumberland’s business Northumberland Estates, which took a minority stake in the family firm in 2016. The accounts show the business totted up £18.86m in the six months, while operating profit came in at £1.34m. Profit for the financial period was £679,662.

Within the accounts directors thanked Northumberland Estates for their “significant contribution to the group’s growth during their time as shareholders”, having taken a minority stake in the family firm in 2016. They also highlight strong demand, although they also noted some delays, which impacted figures.

In the report, Jabin Cussins said: “The partnership has proven to be mutually successful and highly beneficial. We have enjoyed working with the team at Northumberland Estates and look forward to seeing their continued success.

“The business has delivered a resilient performance during a period of evolving market conditions. For the period ended 30 September 2025 the group successfully operated across six development sites, achieving 56 new home completions and generating a turnover of £18,862,058 and a profit after taxation of £679,662.

“While these figures were slightly below our initial projections, due to external timing delays within sales chains, the underlying demand for our product remains robust. These delayed completions concluded in the early part of the current financial year, strengthening our pipeline for 2026.”

During the period, the business, which has 61 employees, secured its first legal completions at Debdon Falls, Rothbury, Northumberland and at Eccleston Park, Backworth, North Tyneside. It also started development at Sycamore Place, Barrasford, Northumberland.

Meanwhile, it said initial sales at Holborn Riverside, South Shields, have been “exceptionally strong”, with all homes in the first phase sold well in advance of expectations.

Mr Cussins added: “As we prepare for the 100-home second phase in early 2026, the project continues to serve as a flagship for our team’s creative, technical and delivery capabilities. In close collaboration with South Tyneside Council, this key regional regeneration project harmonises contemporary residential design with South Shields’ rich maritime heritage.

“Our key strategic focus on promoting and acquiring high-quality development sites has proven effective during the period, and the advances made will positively impact future growth. Our adaptability and track record for delivering first-class developments remain instrumental to our land acquisition strategy.”