Business
Carlyle to partner with Red Bull F1 team as private markets look to build brand awareness

Max Verstappen of Red Bull Racing competes during the British Grand Prix, the 12th round of the Formula 1 World Championship, at Silverstone Circuit in Northampton, United Kingdom, on July 06, 2025.
Rasid Necati Aslim | Anadolu | Getty Images
Carlyle is set to announce a new partnership with Formula 1 team Oracle Red Bull Racing as private markets firms aim to ramp up their exposure to the high-net worth and retail investor cohorts, CNBC has learned.
The agreement will plaster Carlyle’s branding on Red Bull’s RB21 challenger, drivers’ team kits, the pit wall and the garage, the two companies said Tuesday. Financial terms of the deal were not disclosed.
“Our industry is undergoing an extraordinary transformation, fueled by greater access to private markets and growing interest from a new generation of investors,” Carlyle CEO Harvey Schwartz said in a statement. “We’re excited to partner with one of the most illustrious brands in global sport to engage new audiences and create long-term value together.”
F1 teams have been raking in sponsorship dollars as the league soars in popularity. Last year, the teams generated a combined $2 billion in sponsorship revenue, according to a recent report by SponsorUnited. That surpassed every league except for the NFL, according to the report. And F1 generated the highest average sponsorship deal size at $6 million last year, which was about eight times the average for the NFL.
The private markets industry has been inking partnerships — particularly with certain sport franchises — in order to bring more brand awareness to firms as the industry evolves toward funding from individual retail investors. Other firms, such as Apollo and Blue Owl, have pursued sponsorship deals within professional golf and tennis.
Wealth has been one of the fastest-growing areas within Carlyle, raising more than $60 billion since inception and nearly doubling the segment assets under management in two years. In the release, Carlyle said it’s Red Bull’s exclusive partner in the investment management industry and that their alliance is the first between an F1 team and a “major global private markets firm.”
“As an iconic firm in global finance, Carlyle brings a long-term perspective with an expansive network, and we look forward to building a powerful partnership on and off the track,” Laurent Mekies, Oracle Red Bull racing CEO and team principal, said in the release
The SponsorUnited report said the technology sector drove the most F1 team sponsorship revenue, contributing $543 million. Financial services came in second, with $379 million, the report showed. AIX Investment Group recently sponsored driver Pierre Gasly for the 2025 season, featuring its logo on the side panel of his helmet.
Business
US job growth revisions signal economic weakness

The US economy added 911,000 fewer jobs than initial estimates had suggested in the year through March, according to preliminary data from the Labor Department released on Tuesday.
The routine annual report – a revision to payrolls data – showed that the jobs market had been growing at a slower pace than previously thought at the end of the Biden administration and in the first months of the Trump administration.
Economists had anticipated a large downward revision, but the weaker-then-expected figure bolstered concerns about the health of the world’s largest economy.
The Federal Reserve is closely watching for signs of softness in the jobs market ahead of its meeting next week.
The US central bank is expected to lower its benchmark interest rate after holding rates steady so far this year, as it weighs signs of a slowdown in the jobs market against fears that US President Donald Trump’s tariffs might reignite inflation.
Last week, the Labor Department reported that employers added just 22,000 jobs in August, fewer than expected, while the unemployment rate ticked up from 4.2% to 4.3%. Tuesday’s data added to this picture of a slowing jobs market, reinforcing expectations that the US central bank will cut interest rates next week.
The job growth revisions come at a politically fraught time for the Bureau of Labor Statistics. Just weeks ago, President Trump responded to the signs of a slowdown by firing the head of the agency, accusing Erika McEntarfer, without evidence, of rigging the numbers to make him look bad.
Analysts say the more recent troubles in the job market are partly due to the president’s sweeping changes to tariff and immigration policy, which economists have consistently warned would hurt the economy.
But the Labor Department revisions, which encompass part of the Biden administration, could serve as a boost for President Trump, who has pushed back against claims that his policies are fuelling weakness in the jobs market.
“President Trump was right: Biden’s economy was a disaster and the BLS is broken,” White House press secretary Karoline Leavitt said in a statement on Tuesday.
She reiterated longstanding calls from the Trump administration for Jerome Powell, the chair of the Fed, to “cut the rates now”.
Wall Street largely looked past the jobs growth revisions, with the S&P 500 index holding steady in early trading on Tuesday. But investors remain on edge.
Fresh inflation data is set to be released on Thursday. That could bring fears of stagflation – a situation in which economic growth slows while consumer prices rise – to the forefront, said Chris Zaccarelli, chief investment officer at Northlight Asset Management.
Zaccarelli added that while a deteriorating jobs market “should make it easier for the Fed to cut rates this fall, it could also throw some cold water on the recent rally.”
The Labor Department’s revisions were broad-based, with particularly large adjustments in services sectors including leisure and hospitality.
“With services being the last bastion of employment growth, this does not bode well for the overall health of the labour market,” Bradley Saunders, North America economist at Capital Economics, said in a research note.
Business
Mitchum deodorants recalled after itchy, burning armpits claims

Faarea Masud & Connie BowkerBBC News

A well-known deodorant brand has apologised and recalled some of its roll-on products after customers were reportedly left with itchy, burning armpits.
Consumers of Mitchum’s 48-hour roll-on anti-perspirant and deodorant complained on social media how they experienced “agonising weeping spots”, redness and irritation after using the roll-ons.
Posting on TikTok, one customer claimed they wanted to “rip my armpits out”, while another said her underarms felt like they were “on fire”.
The company said it was “truly sorry” and explained how a change in the manufacturing process had led to the 100ml batches sold in the UK, Ireland and South Africa being affected and recalled.
Hundreds have taken to sharing videos of their experience on social media, including a customer who described how she was left in agony because of “weeping spots” under her arm.
“I won’t be using any Mitchum products again because I’m not risking this happening again,” she said.
One woman said she was unable to sleep after applying the roll-on to her skin because the deodorant left her with “second degree chemical burns on my armpits”.
Another described her underarm skin as developing a pink rash which had “scabbed over”.
A Mitchum spokesperson said the brand was “truly sorry some of our customers have experienced temporary irritation.”
In a statement, the company said: “We want to reassure there has been no change to the formula of our products, but we have identified a change in the manufacturing process affecting one of our raw materials.
“This has impacted how the roll-on interacts with the skin of some users.”
It said the issue had since been “resolved” and it was working to “remove the small amount of product” left in shops.
“In addition, we have reverted to the original manufacturing process to ensure no other batches are affected”, the spokesperson said.
Mitchum advised all those affected to contact its customer services team so it could “make this right”.
The firm has issued a list of all the affected 100ml roll-on products. These are:
- Powder Fresh
- Shower Fresh
- Unscented
- Pure Fresh
- Flower Fresh
- Ice Fresh
- Clean Control
- Sport
Business
Mitchum apologises after customers report deodorant irritation

Mitchum has apologised to customers following reports of rashes, bumps and burning linked to the use of some of its roll-on deodorants.
TikTok users posted videos claiming they had experienced redness and irritation after using the brand’s 48-hour roll-on anti-perspirant and deodorant.
Mitchum UK confirmed that the problem was linked to a change in the manufacturing process affecting one of the raw materials used.
It said a select batch of the roll-ons sold in the UK, Ireland and South Africa was manufactured by the updated method, and the company had now reverted to the original process.
A Mitchum UK spokeswoman said: “We are aware of reports from some customers regarding reactions to select batches of Mitchum 48-hour 100ml roll-on anti-perspirant and deodorant sold in the UK, Ireland and South Africa.
“No other products in our portfolio are impacted.
“Consumer wellbeing is always our priority, and we are truly sorry some of our customers have experienced temporary irritation. This is not the experience they expect from us.
“We take this kind of feedback extremely seriously and have worked hard to investigate the cause.
“We want to reassure there has been no change to the formula of our products, but we have identified a change in the manufacturing process affecting one of our raw materials. This has impacted how the roll-on interacts with the skin of some users.
“We can confirm this issue has now been resolved and we are working to remove the small amount of product remaining on shelf. In addition, we have reverted to the original manufacturing process to ensure no other batches are affected.”
Customers experiencing issues have been urged to contact Mitchum UK’s customer care team.
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