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Charles Schwab Corporation Common Stock SCHW shares are trading lower by 6.41% to $54.17 during Friday's session. Shares of several companies in the broader financial industryare trading lower on continued downward momentum in the sector amid volatility and stability concerns following multiple bank failures.

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SVB Financial Grouphasfiled a voluntary petitionfor a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court for the Southern District of New York to preserve value.

SVB Securities, SVB Capital's funds, and general partner entities are not included in the Chapter 11 filing. These businesses will continue to operate normally as SVB Financial Group proceeds with its previously announced exploration of strategic alternatives announced on Monday but did not disclosebankruptcy as one of the potential options…Read More

According to data fromBenzinga Pro, SCHWhas a 52-week high of $93.16 and a 52-week low of $45.00.

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UK

Hundreds of empty flats that developers say sum up UK’s housing crisis

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Hundreds of empty flats that developers say sum up UK's housing crisis

There are 1,210 completed homes which cannot be occupied because of delays in the work of the government’s building safety regulator, Sky News can reveal.

The safety inspection regime created in the wake of the Grenfell tragedy, which claimed 72 lives, is “not fit for purpose”, according to those who depend on its work.

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Sky News has visited an empty block of 99 flats in west London where future residents – who have purchased the properties – have been unable to move in for over a year because of the lack of regulator approval.

New data obtained exclusively by Sky News through a Freedom of Information request shows the extent of the issue.

An empty block of 99 flats in Acton, west London
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An empty block of 99 flats in Acton, west London

As of 1 August, there is “no decision” on eight applications covering 1,210 completed new residential units. For sites yet to be built, there are 156 applications with no decision, covering 34,965 new residential units.

Sir Keir Starmer says economic growth is his top priority and the 1.5 million new homes target this parliament is a key part of this agenda. But two years after its creation, the government agency has come under fire for failing to fulfil vital functions in a timely manner.

After complaints, the regulator has already faced one overhaul, and will shortly move from part of the Health and Safety Executive (HSE) to become an arm’s length body which is part of Angela Rayner’s Ministry of Housing, Communities and Local Government. But developers say they are still struggling to get answers from the body.

Sir Keir Starmer has made new homes a major priority. Pic: Jack Taylor/PA
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Sir Keir Starmer has made new homes a major priority. Pic: Jack Taylor/PA

Sky News has conducted an analysis of public data and found the backlog growing.

New buildings ought to be signed off within a 12-week period, but Sky News found the percentage of applications determined inside that window is falling – from 47% at the end of September last year, to 32% by the end of March.

In a statement, leading financial analyst S&P said delays by the regulator are pushing up building costs and making it harder to deliver the key government target.

Chris Williamson, chief business economist at S&P, said: “We have received anecdotal feedback from a few companies regarding the Building Safety Act, indicating that some may be experiencing challenges related to orders. This could contribute to an increase in costs within the construction sector, which is already facing financial pressures.”

In an apparent admission of the issues, the government told Sky News it is now in the process of recruiting over 100 new staff to strengthen capacity by the end of the year.

In a statement to Sky News, the building safety regulator (BSR) itself said it had been a complex task creating a new safety body post Grenfell, in such a short time, and improvements are already being made.

It said: “BSR is working closely with industry to deliver safer, higher-quality buildings while advancing a culture of excellence in building safety.”

Executives from the BSR will appear before a Commons Select Committee later today. It also points the finger at property developers for failing to submit paperwork correctly. The industry vehemently rejects the claim, saying there are few guidelines of what to submit and the BSR makes little attempt to clarify what it wants.

A bad sign

However, problems persist.

Sky News saw how in one newly built property in Acton, west London, the sign-off for a building by the BSR was delayed in part because a sign was two millimetres too small and all the signs had to be changed.

This has contributed to a 14-month delay in a green light for residents to move in.

According to the Federation of Master Builders and the Chartered Institute of Building, 38% of developers believe planning delays are the number one issue.

Developers have told Sky News the agency was meant to speed up approvals by ending a system where they have to bring in external consultants to approve the application, but this has not yet happened.

Jon Spring, the managing director of Fairview Homes, said: “We currently have three applications that are delayed within the BSR. The current dates we’re looking at, that they’ve given us, one is six months, one is nine months, and one is 12 months. Clearly extremely different to the original three months that the process is supposed to take.

“That makes forecasting for when we’re going to start on site very difficult. We have tens of millions of pounds tied up in the three sites that we’re waiting to develop. And inevitably, the holding costs of those are considerable and affect the viability of the project.”

Jon Spring, managing director of Fairview Homes
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Jon Spring, managing director of Fairview Homes

Mr Spring said the delays could make building unviable.

“If you look at each of our projects have been delayed, if […] it’s going to take 25% longer to deliver that project, that means that our productivity is ultimately reduced by 25%. That would be the same for all developers and therefore the reduction in housing that’s been delivered will be considerable.”

Developers ‘won’t touch’ high-rises

Jamie Lester, an estate agent from Haus Properties, said: “The government are encouraging property developers to build, build, build, and just get on with it – I think that’s what Keir Starmer said.

“But when there are buildings like this that can’t be signed off for over a year and are costing property developers, in this instance, £100,000 a week, I don’t understand.

“The government won’t encourage property developers to build like this any more. I know many property developers who won’t touch high-rise buildings at the moment simply because the building safety regulator can’t get their act together and sign these buildings off.”

Read more from our politics experts:
PM’s ‘Mr Fix-it’ may be a recipe for conflict
Home secretary bids to seize limelight from Reform

Jamie Lester, estate agent from Haus Properties
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Jamie Lester, estate agent from Haus Properties

‘High standards’

A spokesperson for the HSE said: “Protecting residents, making sure there is never another tragedy like Grenfell, has been our priority throughout this process. Setting up a new regulator has been complex, and huge progress has been made in a short time. The construction industry must meet standards that will keep residents safe in high-rise buildings.

“The recently announced innovation unit is the result of ongoing discussions between industry and BSR to uphold high standards. BSR is working closely with industry to deliver safer, higher-quality buildings while advancing a culture of excellence in building safety.”

‘It has turned out to be a disaster’

Some have blamed the government, not the regulator itself. The boss of one major house building company, who did not want to be named, said ministers aren’t willing to face up to reality.

“Regulation comes from the government and the regulator is implementing the rules,” they said. “Their mandate is nothing to do with housing supply so it’s up to ministers to balance that. All the house builders said this would be a disaster and funnily enough it has turned out to be a disaster.”

A government spokesman from the housing department said problems were already being tackled and safety was important: “We’ve announced a package of reforms to reduce delays, including a fast track process to speed up new build decisions.”

They added 100 new staff were being employed.

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Environment

A leading electric dirt bike maker just got a massive boost, and is coming for gas bikes

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A leading electric dirt bike maker just got a massive boost, and is coming for gas bikes

Stark Future, the Spanish electric motorcycle maker that turned the off-road world on its head, just locked in a fresh round of funding, pushing its total capital raised past €100 million. And unlike the big, flashy VC rounds we usually see, this one came mostly from existing backers and a few hand-picked newcomers, including some heavy hitters from the MotoGP world.

In what has become classic Stark style, the round was closed quickly and quietly, underscoring just how confident investors are in the brand’s growth trajectory. CEO and founder Anton Wass says the company intentionally offered a “very attractive valuation” to those who already believed in the mission.

“We managed to close it within a couple of weeks,” said Wass. “It’s a strong testament to the results our team has created.”

And it’s not just hype. Stark has proven it can build bikes that not only compete with gas-powered motocross machines, but completely outclass them. Their flagship model, the all-electric Stark VARG, claims the title of most powerful motocross bike ever made. Riders have already racked up tens of millions of kilometers on the VARG, and the bike has helped convert thousands of motocross enthusiasts to battery power. The model even got e-motos banned from the X-Games when the organizers feared that gas-powered bikes couldn’t keep up.

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That kind of traction, paired with the company’s rapid expansion into over 70 countries, explains why investors are still lining up to get a piece of the action.

But what really makes Stark stand out in the electric motorcycle world is its quick path to profitability. That’s a rare word in the electric motorcycle space, especially for such a young company. Just two years after their first deliveries, and within six years of founding, Stark Future is profitable and thriving. With each passing year, they seem to be improving margins, growing revenues, and launching new platforms.

And speaking of new platforms, those are coming, too. The company teased “very exciting new products” on the way, though didn’t drop specifics just yet. From the rumor mill though, it sounds like the company is preparing street models that could give gas bikes a run for their money. And if they’re anything like the VARG, we can certainly expect bikes that push boundaries and continue proving Wass’s bold thesis: electric motorcycles can outperform internal combustion in just about every way.

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Science

Total Lunar Eclipse 2025: When and Where to Watch the Blood Moon Safely

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A spectacular total lunar eclipse, also called the Blood Moon, will occur on Sept. 7–8, 2025. Viewers in India, Europe, Africa, and Asia can enjoy the event, while the Americas will miss it. Totality lasts 82 minutes, with livestreams available for those with cloudy skies.

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