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People have been evacuated from a broken-down Eurostar train in northern France after waiting nearly four hours for help, passengers have told the BBC.

One person who was on board said they had been stuck on the train without air conditioning before emergency services and local rescue teams arrived to hand out water.

James Grierson said he was evacuated alongside a number of “very frustrated” passengers, and there was “no sign” of a replacement train to collect them.

Eurostar has been approached for comment. It had earlier posted messages on social media urging passengers to remain in their seats and wait for a replacement train.

The affected train was en route from Brussels to London before it suffered “some electrical failing 10 minutes outside of Calais”, Mr Grierson said.

Eurostar has not yet commented on the cause of the delay.

Pictures from the scene show dozens of people stood outside the stationary train, along with rescuers in high-vis jackets – one carrying an armful of bottled water.

Several passengers have messaged Eurostar on X, complaining of no air conditioning, overflowing toilets and a lack of updates.

The rail operator has replied to some of these messages apologising and saying a replacement train has been arranged to pick them up.

Research published at the end of last year by the Investment Company Institute with help from the University of Chicago found that gen Z – those born between 1997 and 2012 – are “outpacing” earlier generations in contributing to retirement, having more than three times more assets in their 401(k) retirement savings accounts than gen X households had at the same time in 1989, adjusted for inflation.

This mirrors a 2023 study from the TransAmerica Center for Retirement Studies, which found that gen Z is doing a “remarkable job” saving for retirement with many putting away as much as 20% of their income towards the future.

It’s no wonder why.

The oldest of this generation probably have early memories of the 2009-2010 financial crisis. They have lived through a global pandemic. Their social media accounts are frightening them with stories of political upheavals, global warming, indiscriminate violence, riots, chaos and anarchy. Older generations got this kind of news maybe once or twice a day. This generation gets it fed to them every minute. They yearn for security. And one way is to save their money.

The question is, are they doing enough? What more could be done? Here are three things we should be considering.

Maximizing ‘after-tax’ options

Thanks to the Secure2022 legislation, employers can now not only offer Roth 401(k) plans for their employees but can also contribute to those plans. We should all have one. That’s because – within income limitations – contributions to a Roth 401(k) are made after taxes have been paid but then grow tax-free and can be withdrawn without any tax liability after the age of 59 1/2. gen Zers – who are likely to be paying less in taxes now due to their relatively lower salaries – can put this money away at lower rates, rather than just defer taxation to a future year when, under regular 401(k) rules, distributions become required. And they can let these sums grow without worrying about paying any more taxes in the future. As an employer, you can provide investment options that can help maximize their returns too.

Another great after-tax vehicle is the 529 plan. By offering this plan, an employer can help their employees – both younger and older – put after-tax money away that will grow tax-free and can then be withdrawn if used to pay for higher education, private school or religious school. It’s a great way for gen Zers to save for their future kids’ education instead of paying for it out of funds that would be used for their own retirement years down the line.

Offering an HSA

Health Saving Accounts have exploded in popularity over the past decade, and it’s no surprise why. With these accounts – which need to be paired with a high deductible group insurance plan – employees can sock away pre-tax dollars to be used for medical expenses that are not reimbursed by their health plans. Gains and withdrawals are not taxed. The beauty of these plans is you don’t have to use them or lose them – any unused balances just roll over to the next year. Some call it a 401(k) for healthcare, and they’re not wrong. It’s a great way for younger employees to put away money that could help pay for their future healthcare costs without interfering with their retirement savings.

Matching student loans

Agree or not, the Trump administration has reversed course with its predecessor and is now demanding student loan repayments. The result is that many younger people are going to need to face the reality of making good on their debt. One fallout will surely be less cash available to put away for retirement. But as employers, we can help. The Secure 2022 legislation now makes it legal for us to match their student loan payments with contributions to their 401(k) plans. This way even if they don’t have enough funds to put away for the future, employers can help make up the difference. This is something we should all consider.

Providing counseling

As a certified public accountant, I have spent my life dealing with money – both my own and my clients’. And yet every day I learn something new and still have to rely on the internet to clarify and research financial questions that I have. Now, imagine being a 25-year-old trying to figure out all the options. It’s impossible. A good employer should have an outside financial counselor on retainer who can provide one-to-one advice for their employees once or twice a year. My best clients do this. And it’s not just about retirement. It’s buying a house, getting insurance, owning a car … all the financial decisions that in the end affect what’s left over for retirement.

According to a recent Goldman Sachs survey 60% of gen Z respondents report “having a personalized financial plan, not just for retirement but also for goals like buying a home or a car” and 68% “believe their savings are on-track or ahead of schedule”.

Sounds great. But I’m betting that “plan” could be improved. Employers should be providing more help to help save for retirement. And the good news is that they have got a generation eager to take it.

(Bloomberg) — Saudi Arabia raised prices for its main crude grade for buyers in Asia next month as demand for oil and fuels holds up. The move, a day after OPEC producers agreed to a fourth round of big output hikes, suggests the kingdom is confident about the market.

State producer Aramco will raise the price for Arab Light crude, its flagship grade, by $1 a barrel to $2.20 a barrel more than the regional benchmark for Asian customers, according to a price sheet from the company seen by Bloomberg. 

Three refinery officials in Asia expressed their surprise at the size of the increase. Aramco was expected to raise Arab Light by 65 cents a barrel, according to a survey of traders and refiners. 

On Saturday, the Saudis on Saturday led the OPEC group, which includes partners like Russia, in agreeing to raise production by 548,000 barrels a day in August, in part to take advantage of strong summer consumption. The increase, faster than traders and analysts foresaw, may contribute to a crude surplus later this year with Wall Street firms such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. anticipating that prices sink near $60 a barrel in the fourth quarter.

The OPEC increase puts the group on pace to unwind the layer of voluntary output cuts by eight members by September, which is one year earlier than originally outlined. The countries had announced increases of 411,000 barrels for each of May, June and July — already three times faster than scheduled.

Read: OPEC Will Boost Supply Even Faster With Larger August Hike (2)

Oil spiked above $80 a barrel last month as Israel exchanged missile barrages with Iran in one of the most dramatic escalations of conflict in the Middle East in recent years. Markets had largely shrugged off prior geopolitical tensions linked to Israel’s war in Gaza and attacks on Hezbollah as those conflicts failed to impede the flow of oil.

While a wider war involving Iran could put energy production and export infrastructure at risk, Brent crude fell back below $70 a barrel soon after US President Donald Trump announced a ceasefire between Tehran and Jerusalem and limited the US involvement in attacks.

Demand for crude and products has largely held up amid summer use with margins for refiners rising. Still, traders see the market softening later this year as consumption wanes and the OPEC increases contribute to a surplus of crude in storage. The Organization of the Petroleum Exporting Countries and its allies are set to bring back to market 2.2 million barrels a day overall this year once it unwinds the voluntary cuts.

–With assistance from Alex Longley and Alaric Nightingale.

(Updates with industry reaction in third paragraph.)

More stories like this are available on bloomberg.com

By Bill Peters

‘While the broader macro environment has been more resilient than feared, overall airline-industry demand has looked tepid,’ analyst says

The second-quarter earnings season will begin a little more quietly than usual this week, with results from Delta Air Lines Inc. due on Thursday.

Wall Street’s advice? Keep expectations low.

TD Cowen analyst Tom Fitzgerald, in a research note last week, cited “stable” but also “tepid” demand for flight tickets, as the U.S.’s trade wars and related negotiations keep people anxious over the broader economy. And as the peak summer travel season picks up, he said he isn’t expecting much from airline stocks.

“We believe U.S. airline shares will be biased downward over the near term due to persistent pricing weakness,” Fitzgerald said. “We do not expect them to catch a bid until there’s greater clarity on consumer demand and 2026 industry pricing. This year increasingly looks like a lost year.”

Among headwinds, New Jersey’s Newark Liberty International Airport – a major hub serving the New York metro area – has suffered from dropped connections in its communications network, understaffing among air-traffic controllers and runway repairs that have snarled travel. Similar issues have emerged at other airports, while geopolitical conflicts in the Middle East have threatened to push fuel prices higher.

The airline industry is expected to trim flight schedules to stay in line with weaker demand. Delta (DAL) Chief Executive Ed Bastian, during the company’s earnings call in April, said that “given broad economic uncertainty around global trade, growth has largely stalled.”

“The impact has been most pronounced in domestic, and specifically in the main cabin, with softness in both consumer and corporate travel,” he added.

As MarketWatch noted last week, analysts expect premium seating classes and other high-end offerings – which Delta has focused more on in recent years – to fare better than demand in the main cabin. They also expect international travel to outperform domestic travel. Those trends could help better shield the three major U.S. carriers – Delta, United Airlines Holdings Inc. (UAL) and American Airlines Group Inc. (AAL) – from the worst of the industry’s current threats to sales and profits.

More extensive detail on the state of the economy and the consumer will come next week, when JPMorgan Chase & Co. (JPM) and some of the other big banks report results. Those banks have typically reported during the same week as Delta.

Still, even as the economy holds up, Delta’s shares are down around 16% so far this year.

“While the broader macro environment has been more resilient than feared, overall airline-industry demand has looked tepid,” Fitzgerald said.

The call to put on your calendar

Levi’s and the tariff deadline: Levi Strauss & Co. (LEVI) reports quarterly results on Thursday. Those results, and the conference call that executives will hold with analysts afterward, could offer more context on the aftermath of July 9, when a 90-day break from the steepest U.S. tariffs on other nations is set to end.

Analysts have said Levi’s has enough levers to pull to offset most of the tariffs – including more leeway to keep prices higher – and noted that the company had gained popularity with younger shoppers as it tries to sell more clothing besides jeans. The U.S. last week announced a trade deal with Vietnam, where a lot of shoes and clothes get made. But some analysts say that deal likely sets the stage for more tariff hikes on other nations who also produce much of the apparel sold in the U.S.

During Levi’s earnings call in April, executives said China accounted for around 1% of the goods that the company brought into the U.S., with some 5% from Mexico and “mid-to-high single digits” from Vietnam. They added that nations like Bangladesh, Cambodia, Egypt, Pakistan and Sri Lanka were also essential to its manufacturing.

The number to watch

Costco’s monthly sales growth: Costco Wholesale Corp. (COST) is set to release sales figures for the month of June on Wednesday. The membership warehouse chain typically puts out those results with little fanfare. But analysts will be watching for signs of growth, or lack thereof, as shoppers stay budget-conscious amid higher prices and worries about the economy.

Elsewhere, results during the week from packaged-foods company Conagra Brands Inc. (CAG) will provide an indirect look at consumer behavior in the grocery store.

-Bill Peters

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

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