Business
What’s happening to UK interest rates and mortgage deals?
Mortgages
Just under a third of households have a mortgage, according to the government’s English Housing Survey, external.
About 500,000 homeowners have a mortgage that “tracks” the Bank of England’s rate. That means any cut means a reduction in the monthly repayments on their outstanding loan.
An additional 500,000 homeowners on standard variable rates (SVRs) rely on their lender choosing to pass on any Bank rate cut.
But the vast majority of mortgage customers – some 87% – have fixed-rate deals. While their monthly payments aren’t immediately affected by a rate change, their future deals are.
As of 16 September, the average two-year fixed residential mortgage rate was at its highest since 11 May (5.77%), while the average five-year was at its highest since 8 November 2023 (5.83%), according to the financial information service Moneyfacts.
The average two-year tracker rate was 4.54%.
About 800,000 fixed-rate mortgages with an interest rate of 3% or below are expected to expire every year, on average, until the end of 2027. Borrowing costs for customers coming off those deals are likely to rise sharply.
Mortgage calculator
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Business
J.B. Hunt stock plunges 10% on earnings drop expectation
A J.B. Hunt Transport Services Inc. tractor trailer parked at a freight depot in Indianapolis, Indiana, U.S., on Saturday, Jan. 15, 2022.
Luke Sharrett | Bloomberg | Getty Images
Shares of J.B. Hunt plunged more than 10% on Wednesday after the trucking company said it expects its earnings to drop in the third quarter.
“We kind of want to be transparent with investors and give an update that in light of these costs that are sort of hitting us, we are expecting our Q2 to Q3 earnings to actually drop 5% to 10%,” CFO Brad Delco said at the Morgan Stanley Industrials conference.
Delco said between costs for recruiting, advertising, onboarding, training and sign-on bonuses, the company expects to see about $25 million more in the third quarter compared with the second quarter. He said that means J.B. Hunt is “preparing for growth.”
Still, he added the company has also seen “some of the most radical and abnormal swings” in fuel prices that it has ever seen and record-high diesel prices, which are causing at least a $10 million headwind.
Delco added that he expects volumes to improve sequentially to offset the incremental pressures.
“It really is more of a timing issue,” he said. “I think you can look at a glass half-empty or a glass half-full. I’m really glad that we have visibility to these costs right now.”
Delco also said J.B. Hunt is working on repairing its margins, though he believes the company still has a long way to go.
J.B. Hunt stock has risen nearly 100% over the past year.
Business
Kraft Heinz, Mike’s Hot Honey unveil co-branded cream cheese
Business
Housing ‘not only determinant’ in Coalition migration policy
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Business
Slideshow: NFL menu innovation goes overtime
KANSAS CITY — Aramark Sports + Entertainment is launching a variety of new foodservice offerings across National Football League (NFL) stadiums as the 2026 season gets underway.
The new menu items are available at several of Aramark’s partner NFL venues across the United States, including the homes of the Pittsburgh Steelers, Kansas City Chiefs, Denver Broncos, Philadelphia Eagles, Cincinnati Bengals, Cleveland Browns, Houston Texans and Minnesota Vikings.
The menu innovations take inspiration from the history and flavors of their respective stadiums.
“Our team works hard to make sure we are delivering fresh experiences for fans each season that leave lasting impressions, while also celebrating the history and culture of our partner’s teams, fan bases and cities,” said Alison Birdwell, president and chief executive officer of Aramark Sports + Entertainment.
Business
Trump Nominates Billy Graham’s Granddaughter Cissie Lynch as Top International Religious Freedom Ambassador
WASHINGTON — President Donald Trump has nominated Cissie Graham Lynch, the granddaughter of the late evangelist Billy Graham, to serve as the U.S. ambassador-at-large for international religious freedom, moving to fill a senior diplomatic post that has lacked a Senate-confirmed occupant since the start of his second term.
The White House announced the nomination Monday, sending Lynch’s name to the U.S. Senate for consideration as part of a broader list of nominations. Lynch, whose full legal name is Jane Lynch, is the daughter of Samaritan’s Purse Chief Executive Officer Franklin Graham and the granddaughter of Billy Graham, the influential evangelist who died in 2018.
Lynch addressed the nomination in a post on social media platform X on Tuesday, describing the opportunity in personal terms. “If confirmed by the Senate, please pray that I would serve with excellence and make the most of every opportunity to protect our most precious and fundamental right — and one that far too many people around the world still live without — freedom of religion,” she wrote, calling the nomination a “great honor and privilege.”
Franklin Graham voiced support for his daughter’s nomination in a separate post on X the same day. “Cissie is uniquely qualified for this — she has traveled the world and been a student of this issue for many years,” Graham wrote. “She has a broad worldview and knowledge of the issues facing religious freedom today.” He added, “If confirmed by the Senate, she will bring a passion for defending religious freedom to this office. I couldn’t be more proud of her, and I ask you to pray that God would give her wisdom and strength.”
The nomination follows an earlier, unsuccessful attempt by the Trump administration to fill the post. Former U.S. Rep. Mark Walker, R-N.C., had previously been nominated for the ambassador role but was not confirmed by the Senate before the end of 2025, with the Senate formally returning his nomination to Trump on January 3. Walker was subsequently appointed to a different position, serving as the State Department’s principal adviser for global religious freedom, according to the U.S. Commission on International Religious Freedom.
The ambassador-at-large for international religious freedom leads the State Department’s Office of International Religious Freedom and serves as a principal adviser to both the president and the secretary of state on matters of religious freedom abroad. The position was established under the International Religious Freedom Act of 1998.
The Religious Freedom Institute praised Lynch’s nomination in a statement issued Monday, framing the role’s importance within the broader scope of U.S. foreign policy. “Our world is afflicted by an unprecedented scourge of religious persecution today,” said David Trimble, president of the Religious Freedom Institute. “We at RFI understand the vital role the International Religious Freedom Ambassador can and should play in U.S. foreign policy, and we stand ready to support Jane Lynch as she prepares, with the Senate’s approval, to assume the responsibilities of America’s chief diplomat for religious freedom.” Trimble added, “The Senate should enter into the forthcoming confirmation process for Ms. Lynch’s nomination with due diligence and expediency.” The organization identified China, Nigeria, Syria and Nicaragua as among the countries it considers most affected by religious repression, discrimination and violence, areas it said should be a focus of Lynch’s efforts if confirmed.
While best known publicly as a member of the Graham family, Lynch has built her own profile as an author and speaker in recent years, working alongside Samaritan’s Purse and the Billy Graham Evangelistic Association. She hosts a podcast called “Fearless” and has a book, titled “Stand Steady: Fearless Faith in a Compromising Culture,” scheduled for release next month. Lynch has also been a public speaker at notable political and religious events, including the Rededicate 250 prayer gathering commemorating the 250th anniversary of the United States, and the 2020 Republican National Convention.
Lynch’s nomination must still be approved by the full Senate before she can formally take office. The chamber currently consists of 53 Republicans and 47 Democrats, meaning Lynch’s confirmation could proceed with Republican support alone if Democratic senators do not back the nomination.
Although international religious freedom policy has generally not been treated as a sharply partisan issue compared with most areas of public policy, confirmation votes for the position have varied considerably in their level of bipartisan support in recent years. Former Kansas Gov. Sam Brownback, who also previously served in the U.S. Senate, required a tie-breaking vote from then-Vice President Mike Pence to be confirmed as ambassador-at-large for international religious freedom during Trump’s first term, after receiving no support from Democratic senators in a closely divided chamber. By contrast, Rashad Hussain’s nomination for the same post during the Biden administration passed with broad bipartisan backing, confirmed by an 85-5 vote in the Senate, with only five Republicans voting against him.
With Lynch’s nomination now before the Senate, attention is likely to turn to the timeline and outcome of her confirmation hearings, particularly given the post’s extended vacancy since the start of Trump’s second term and the earlier failed attempt to confirm Walker for the same position. If confirmed, Lynch would become the latest in a line of ambassadors tasked with representing U.S. policy on religious freedom abroad, a role that has taken on added significance amid what advocacy groups describe as a global rise in religious persecution across multiple regions.
Business
Why is Space Exploration Technologies stock rallying today?

Why is Space Exploration Technologies stock rallying today?
Business
Stock Market Today: Dow Wavers Ahead Of Likely Fed Rate Hike, Warsh Comments; Intel, SK Hynix Jump
The Dow Jones Industrial Average and the other major stock indexes traded mixed Wednesday as Wall Street braced for a likely Federal Reserve rate hike and Fed Chair Kevin Warsh’s press conference. Meanwhile, Nvidia (NVDA), Intel (INTC) and SK Hynix (SKHY) were early winners on the stock market today Just after Wednesday’s open, the Dow industrials dipped 0.2% as the S&P…
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Business
CHS to build Wisconsin soybean processing plant
INVER GROVE HEIGHTS, MINN. — CHS plans to construct a $700 million soybean processing facility near Evansville, Wis., significantly expanding the global agribusiness’ ability to meet growing demand for soybean oil and meal.
The facility will have the capacity to process 80 million bus of US-grown soybeans annually, expanding the cooperative’s oilseed processing capabilities and creating new market opportunities for owners, CHS said in its Sept. 14 announcement. With construction slated to begin soon, the plant is targeted for completion for fall 2028.
“Investments like this help CHS create additional value for our owners and customers by expanding market access, strengthening our processing network and creating new demand opportunities for US-grown soybeans,” said John Griffith, executive vice president of agriculture business and CHS Hedging. “Strong demand across food, feed and renewable fuel markets, coupled with policies that encourage domestic processing, manufacturing and energy production, reinforce the need for additional soybean processing capacity in the United States. This facility positions CHS to support farmers and customers for years to come.”
The Evansville facility will increase soybean processing capacity in southern Wisconsin, a region with strong soybean production and significant demand for soybean meal from livestock producers, CHS said.
When operational, the facility is expected to employ about 80 people and produce approximately 1 billion lbs of oil and 2 million tons of meal annually. Evansville’s proximity to soybean production, rail service and major transportation corridors makes it well positioned to support the movement of soybean meal and oil to domestic and global markets.
“For Wisconsin soybean farmers, this investment represents something we have been working toward for years: stronger demand for the crop we grow right here at home,” said Doug Rebout, president of the Wisconsin Soybean Association. “Additional processing capacity gives growers another reliable market close to the farm and helps create long-term opportunities for Wisconsin soybeans in both meal and oil markets.”
CHS said the new facility also will complement the company’s existing oilseed processing operations. In Hallock, Minn., CHS processes 525,000 tonnes of canola seed annually. In Fairmont and Mankato, Minn., CHS processes approximately 119 million bus of soybeans. When the facility becomes operational, the company’s soybean processing capacity will increase by more than two-thirds.
The investment is expected to generate significant economic activity through construction employment, permanent jobs, increased demand for locally produced soybeans and expanded market opportunities for regional farmers.
“CHS is committed to being a long-term partner in the communities where we operate,” Griffith said. “This investment supports rural economic development, creates jobs and strengthens the agricultural supply chain for producers, customers and communities across the region.”
CHS, a global agribusiness and the largest farmer-owned cooperative in the United States, operates diversified agronomy, grains, foods and energy businesses with revenues of $35.5 billion in fiscal year 2025.
Business
S&P upgrades Newmark Group rating to BBB- on strong credit

S&P upgrades Newmark Group rating to BBB- on strong credit
Business
Is GameStop Still Chasing eBay? Inside Ryan Cohen’s Wavering $56 Billion Takeover Saga Late This Fall
GameStop’s monthslong pursuit of eBay remains unresolved heading into the fall, with Chief Executive Officer Ryan Cohen appearing to have pulled back from an outright acquisition in favor of a scaled-down partnership, even as the video game retailer continues holding one of the largest outside stakes in the e-commerce company.
The saga began in earnest on May 3, when GameStop submitted a non-binding proposal to acquire 100% of eBay for $125 per share in a combination of cash and stock, valuing the deal at approximately $55.5 billion on an undiluted basis. The offer represented a 46% premium to eBay’s closing price on February 4, the day GameStop began accumulating its stake in the company, and came after GameStop had already built roughly a 5% economic interest in eBay through a mix of derivatives and direct share ownership.
EBay’s board rejected the proposal on May 12, saying in a statement that the offer was “neither credible nor attractive.” Company chairman Paul Pressler expressed confidence in eBay’s existing management and standalone strategy, with the board citing concerns about the deal’s financing structure and its potential impact on eBay’s long-term profitability and growth. GameStop did not immediately abandon the pursuit following that rejection. By June, Cohen had taken the offer directly to eBay shareholders in what amounted to a hostile bid, pairing that move with a separate $2 billion share buyback program for GameStop’s own stock running through June 2029. GameStop further increased its position in July, disclosing a stake of 9.8% in eBay, cementing its status as one of the company’s largest shareholders.
Cohen struck a defiant tone about the pursuit in a Bloomberg Television interview in July, telling the network, “we’re coming for eBay one way or another,” while declining to say whether GameStop intended to raise its offer. Cohen has described his broader ambition as building a combined company worth as much as $1 trillion, citing potential synergies in trading cards and collectibles, plans to develop a digital marketplace for video game items, and the idea of using GameStop’s physical retail locations as authentication hubs for collectible card grading.
That posture shifted by early August. Bloomberg News reported on August 10, citing people familiar with the matter, that Cohen was weighing withdrawal of the full $56 billion takeover bid in favor of a more modest partnership or joint venture arrangement. Under that alternative structure, eBay would be able to leverage GameStop’s approximately 1,600 U.S. retail locations, with the two companies potentially expanding their respective footholds in higher-margin categories such as trading cards and collectibles. As part of any such partnership, GameStop would seek representation on eBay’s board of directors, according to the report. The sources cautioned that GameStop had not made a final decision at the time and that Cohen could still pursue other options.
Market reaction to the reported shift was telling. GameStop shares climbed roughly 1.6% in early trading following the report, while eBay shares fell about 2.2%, a divergence that reflected how differently investors had come to view the original acquisition proposal. Bloomberg noted that GameStop’s stock had fallen 28% since Cohen first floated the takeover bid in May, while eBay’s shares had risen 7.6% over the same period, suggesting the market had grown skeptical that the original deal would ever close and viewed a retreat from it as reducing risk for GameStop specifically.
Financial analysts had raised similar doubts from the outset. Commentary published around the time of the original proposal noted the structural mismatch at the heart of the deal: GameStop, a brick-and-mortar retailer that purchases and resells inventory through its store network, was attempting to acquire a company worth nearly six times its own market value that operates an entirely different business model, an online marketplace earning fees by connecting buyers and sellers. Analysts also flagged the heavy reliance on debt financing and stock issuance embedded in the original proposal’s structure as a key point of skepticism.
GameStop’s most recent financial disclosures show the company has continued adjusting its balance sheet even as the eBay situation remains unsettled. The company reported second-quarter results on September 8, posting adjusted earnings per share of 27 cents, in line with consensus estimates, though quarterly revenue fell to $790.2 million from $972.2 million a year earlier, a decline the company attributed to the absence of a comparable Nintendo Switch 2 launch tailwind from the prior year, ongoing store closures, and other divestitures. As of August 1, GameStop held approximately 43.4 million shares of eBay common stock, with a fair value of roughly $4.9 billion, underscoring the scale of GameStop’s continued financial exposure to eBay even amid the reported reconsideration of its original acquisition plan. Separately, GameStop disclosed on September 3 that it had completed exchanges retiring approximately $1.4 billion in convertible notes, reducing its total long-term debt to approximately $2.8 billion.
As of the most recent public reporting, GameStop has not issued a formal statement confirming either the full withdrawal of its original $56 billion acquisition proposal or the formal launch of an alternative partnership structure with eBay. The company’s substantial remaining equity stake in eBay, combined with Cohen’s continued public interest in the collectibles and e-commerce space, suggests some form of ongoing relationship between the two companies remains likely, even if the original vision of a full corporate takeover appears to have given way to a more measured approach centered on retail partnership and board representation rather than outright ownership.
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