Daily Recap: Business — 31 July 2026

Business news today is defined by legal and strategic battles over who gets to profit, and under what rules. In New York, regulators are escalating the fight over prediction markets by suing Kalshi, arguing its event-based contracts amount to unlicensed gambling rather than legitimate financial products. In Britain, Sainsbury’s is retreating further toward its core grocery business with a £120 million sale of Argos, a move that sharpens questions about jobs and the future of general merchandise retail. In Australia, Brisbane airport rail operator Airtrain is taking Queensland to court, claiming the state’s ultra-cheap 50-cent fare policy has unfairly eroded its revenue. Corporate earnings also reflected pressure beneath headline growth, as Maruti Suzuki posted a profit decline despite surging revenue, with higher raw material costs squeezing margins. And in trade, Canada moved to shield domestic producers with a temporary 25% tariff on some imported wood cabinets and vanities.

Top Business stories

• New York sues Kalshi over allegations it runs illegal gambling through prediction markets (30 sources)
• Sainsbury’s agrees £120m sale of Argos to Swift Partners (12 sources)
• Warsh considers reducing the number of Federal Reserve policy meetings, NYT reports (4 sources)
• Tether reports $1.5B Q2 profit as reserve buffer declines and reserves diversify (4 sources)
• Canada to impose temporary 25% tariff on some imported wood cabinets and vanities (4 sources)
• Airtrain sues Queensland government over 50-cent airport rail fares (3 sources)
• Report urges borrowers to check mortgage offset accounts for potential interest overcharging (3 sources)
• Taylor Wimpey cuts home completion guidance citing challenging market conditions (3 sources)

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