Business
The latest business news and analysis from JournalArta Global.
Behind Largest Crypto Heist: Who Took $6.3bn From Binance?
Binance is investigating a record crypto theft after hackers moved billions of dollars from its wallets in about 20 minutes. TRM Labs and Chainalysis point to North Korea’s TraderTraitor unit, while Binance says it has not attributed responsibility to an individual. The exchange says customer funds are safe, about $3 billion has been located, and it is working to freeze and recover more assets.
Wall Street abandons ship as gold falls below $3,900
Gold ended the week at $3,870.25 per ounce, its weakest level in more than a year, after a technology-led equity selloff accelerated liquidation across precious metals. Wall Street analysts turned bearish in the latest weekly survey, while Main Street investors retained a narrow bullish majority. The decline followed hawkish Federal Reserve policy and stronger U.S. economic data.
Cracks emerging spending boom as AI costs unsettle investors
Alphabet, Amazon, Meta and Microsoft have outlined more than $740 billion in capital spending this year, much of it aimed at AI infrastructure. Investors are questioning whether that outlay can deliver returns as several companies report negative free cash flow and tech stocks fall.
Hanwha Philly Shipyard Selected for $269M Navy Ship Deal
TOTE Services selected Hanwha Defense USA to build the U.S. Navy’s first Medium Landing Ship at Hanwha Philly Shipyard in a $269 million contract. The award covers one vessel, with options for three more, and construction is expected to start in the fourth quarter of 2027. The ship is part of a planned 35-ship fleet, with the first vessel expected in 2030.
Internal Documents Reveal Scramble to Keep Cruise Sailing
Villa Vie Residences struggled to fund the MV Odyssey before suspending operations in Cambodia, leaving more than 200 passengers stranded. Documents show the company owed money to suppliers and crew, while residents helped raise emergency funds, including a $400,000 payment to a fuel supplier from a passenger’s personal account.
Labour’s £5,950 VED Charge for Highest-Emission Cars Set to Rise in 2027
A first-year Vehicle Excise Duty bill for the highest-emitting new cars is expected to rise to £5,950 from April 2027, up £260. The increase is part of an inflation-linked adjustment to vehicle tax rates confirmed in the Treasury’s Budget document. Other new-car bands are also set to rise, adding pressure to motorists already facing higher running costs.
Binance hack: Secret Service helps trace $6.3bn theft
The US Secret Service is helping Binance track assets stolen in a $6.3bn hack, while the exchange says it has located about $3 billion and will cover customer losses. Tether and Circle have frozen assets linked to the incident as investigators examine how attackers bypassed transaction approval controls.
Clever 2027 Nissan Rogue Hybrid Drives Like an EV
Nissan’s 2027 Rogue Hybrid uses a series-hybrid system: its gasoline engine acts as a generator, while electric motors drive the wheels. The crossover has 225 horsepower of combined system power and a 1.67 kWh battery. Its listed fuel economy is 38 MPG combined, with a base price of $35,490 plus a $1,595 destination fee.
Big Oil raking huge profits as US drivers face costly fuel
ExxonMobil earned $15.4 billion in the third quarter, while Chevron reported adjusted earnings of $10.4 billion as the US-Iran war pushed oil prices higher. US drivers paid an average $4.12 a gallon for gasoline, a record for the quarter, while households have paid an estimated $1,184 more on average since the war began. President Donald Trump’s oil holdings also rose in value, according to congressional Democrats.
Trading Standards Find Mercury, Lead in Fake UK Beauty Products
Trading Standards found toxic substances in counterfeit cosmetics seized across the UK, including 13,200 parts per million of mercury in a skincare product and about 80% methanol in a fake fragrance. Authorities also reported lead in makeup and nicotine in perfume, while the IPO has launched a campaign to warn consumers about the risks.
Euro zone economy slows to 0.4% growth in third quarter
Euro zone growth eased to 0.4% in the third quarter from 0.6% in the second, Eurostat said, but beat economists’ 0.2% forecast. France’s economy contracted by 0.1%, while Germany grew 0.2% and Italy stagnated. The European Central Bank held rates steady, as analysts warned that elevated energy costs and structural pressures could weigh on households and growth.
Anthropic Posts $16.29 Billion in First-Half Revenue, but IPO Risks Remain
Anthropic’s preliminary IPO filing reports $16.29 billion in first-half 2026 revenue, but leaves investors weighing growth, computing costs, supply and governance. Analysts also question whether revenue can keep pace with expectations and how the company will price its shares. The filing does not disclose Anthropic’s target IPO valuation, leaving a central question unanswered ahead of the offering.
UK Side-Hustle Tax-Free Allowance to Rise to £3,000 in 2027
The UK will raise its tax-free trading allowance for side hustles from £1,000 to £3,000 in April 2027. Up to 1.4 million people could benefit, while an estimated 100,000 will no longer need to report trading income to HMRC. The change applies to extra income such as reselling and tutoring, but people selling personal belongings at a loss are treated differently.
European Central Bank Head Lagarde to Resign Early in 2027
Christine Lagarde will leave the European Central Bank on February 7, nine months before her term ends, giving EU leaders time to choose a successor before France's 2027 presidential election. The ECB held rates steady the same day and signaled another hike in December.
UK budget: How “you earn less you” keep shapes reactions
Guardian readers described pressure from housing and employment costs after the UK budget. A London chef said rent and bills now take about half his income, while business owner Graham Robinson reported little left at month’s end despite earning £126,000 last year. Their accounts also highlight the limits of a new homebuying scheme and the costs employers say they face.
Fed Holds Rates at 3.75%-4% as Hammack, Cook Dissent Favoring Hike
The Federal Reserve kept its benchmark rate at 3.75% to 4% on Wednesday in a split vote, five days before the midterm elections. Two officials wanted a hike as new data showed inflation accelerating since last month's increase.
Utah Files Criminal Charges Against Kalshi and Two Founders
Utah filed felony charges against prediction market operator Kalshi and its two co-founders on Wednesday. The state alleges 13 counts of violating its gambling ban plus profiting from illegal activity. Kalshi called the case a crazy overreach and vowed to fight in court.
Mortgage Rates Slip as Fed Holds Steady; 30-Year Fixed at 7.14%
Average 30-year mortgage rates fell again on Wednesday, October 28, 2026, as the Federal Reserve closed its October meeting. The central bank held its benchmark rate at 3.75% to 4%, and energy-driven inflation keeps borrowing costs high for households.
Fed Meeting Interest Rates: Hold at 3.75%-4%, Two Dissent
The Federal Reserve left its benchmark rate at 3.75% to 4% on Wednesday, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a hike. Chairman Kevin Warsh said inflation remains unfinished business, days before the midterm elections.
Fuel Costs Force Cruise Ship Odyssey to Halt Voyage
The MV Odyssey, a US-operated ship offering long-term living at sea, has suspended its round-the-world voyage in Cambodia. Villa Vie Residences blamed soaring fuel costs tied to the Iran war. Hundreds of passengers have disembarked with no confirmed departure date.
Government, Rolls-Royce Agree £2.5bn for UK Jet Engines
The UK government and Rolls-Royce have agreed a £2.5 billion programme, jointly funded over 10 years, to develop jet engines for single-aisle aircraft. Announced with the Chancellor's first Budget, the deal is expected to support 3,300 jobs by the end of 2029 and tens of thousands more later.
Budget 2026: Healey Reduces BADR Limit to £500,000
Chancellor John Healey halved the lifetime limit on Business Asset Disposal Relief from £1m to £500,000 and announced a new 10 per cent Founder's Relief on gains of up to £10m. Tax advisers gave a mixed verdict on the changes.
Cigarettes, alcohol, vapes going up: UK Budget changes
UK Chancellor John Healey confirmed an alcohol-duty increase in the 2026 Budget, with higher rates taking effect on February 1, 2027. The rise adds roughly 2p in duty to a typical pint of beer, while tobacco and vaping taxes had already changed on October 1. Businesses decide how much of the added costs reaches customers.
Oil Traders Brace for Iran Risk After U.S. Midterms
Oil traders are weighing the risk of renewed U.S. strikes on Iran after the November 3 midterm elections, according to ING strategists. They say prices could fall if the elections pass without new attacks, as the market’s risk premium fades. Tanker attacks and uneven reports on oil flows through Hormuz are complicating that outlook, while diesel prices have weakened.