An unfinished condo project in West Hollywood has been abandoned and taken over by coyotes, disturbing nearby residents. This situation reflects a wider decline in the U.S. condo market, where construction has slowed due to higher costs and legal risks, making condo ownership less affordable for many Americans.
Key Facts
A condo development in West Hollywood stopped construction years ago and is now home to a pack of coyotes.
Residents near the abandoned site complain about noise and disturbance from the animals.
Condos once offered an affordable way for Americans to buy homes, especially from the 2000s.
The proportion of condos as part of the U.S. housing market grew from about 11% in 1960 to around 17-18% by 2000.
Since 2008, condo construction has slowed due to legal risks from construction defects and rising costs like insurance and fees.
Certain states, such as Colorado, have seen condo construction drop sharply, from 20% of new homes in 2005 to 2% today.
The 2021 Florida Surfside condo collapse, which killed 98 people, led to stricter building rules and higher insurance costs, especially in Florida.
Builders are cautious about building condos because unsold units and legal liabilities pose financial risks.
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Honda’s profit more than doubled in the first quarter of the new fiscal year after its first-ever annual loss. The company saw stronger sales in the U.S. and India, and it raised its profit forecast for the full year despite challenges like past electric vehicle costs and recent earthquakes in Japan.
Key Facts
Honda’s April-June profit was 456.9 billion yen (about $2.9 billion), up from 196.6 billion yen last year.
Quarterly sales increased by 13.5% to 6.06 trillion yen ($38 billion).
The company made a loss of 423.9 billion yen ($2.7 billion) for the fiscal year ending in March, mainly due to costs from electric vehicle plans.
Honda reduced its electric vehicle plans as many consumers were not ready to switch and because of U.S. policies under President Trump, including cuts to EV incentives and tariffs on imports.
Motorcycle sales were strong in Brazil and India; car sales grew in Japan and the U.S. but struggled in China.
Honda expects to return to profit for the full fiscal year and raised its profit forecast to 400 billion yen ($2.5 billion) from 260 billion yen ($1.6 billion).
A recent 7.1 magnitude earthquake in Kumamoto, Japan, disrupted some production and supply chains.
A weaker Japanese yen helped Honda by increasing the value of its foreign earnings when converted to yen.
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Starting February 2027, Australian budget airline Jetstar will charge passengers for using overhead lockers to store carry-on bags during flights. Small items like purses or laptop bags can still be stored under the seat for free, but larger carry-on bags placed in overhead compartments will cost from 25 Australian dollars one way.
Key Facts
Jetstar will charge passengers to store carry-on bags in overhead lockers beginning February 2027.
Passengers can keep small bags under the seat without extra charge.
The fee for overhead locker use starts at 25 Australian dollars (about 18 USD) per flight, depending on the route.
Carry-on bags in overhead lockers can weigh up to 10 kilograms (22 pounds).
Jetstar will stop weighing carry-on bags at the gate; the previous 7-kilogram limit for under-seat bags is removed.
The change aims to reduce stress at boarding and speed up flight departures.
Other Australian and New Zealand airlines already charge for checked luggage, seat choice, and some services.
Jetstar is reportedly the first airline worldwide to charge for overhead locker use specifically.
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The UK is experiencing a severe drought and hot weather that is harming crops like barley, oats, and rapeseed. Farmers warn that this will cause smaller and more expensive vegetables in supermarkets, with the country facing its worst cereal and oilseed harvest since 1984.
Key Facts
England and Wales had their driest July in 190 years, leading to a drought declaration over much of the UK.
The UK’s cereal and oilseed harvest could fall by 2.5 million tonnes below earlier estimates.
The expected harvest is 19.5 million tonnes, the lowest since 1984 and less than the 2020 low of 19.8 million tonnes.
Farmers may lose about £390 million in revenue due to the poor harvest.
Crops like barley, oats, and rapeseed are used in foods such as beer, breakfast cereals, vegetable oils, and animal feed.
Shrinkflation is expected, meaning vegetables will be smaller but sold at similar prices.
Supermarkets are importing more produce from countries like Spain to make up for shortfalls.
Climate change is causing more frequent heatwaves and droughts, making these problems likely to continue.
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Some states are converting empty or underused cannabis growing buildings into data centers. These buildings have strong electricity, cooling, and security systems, which are also needed to run computers for artificial intelligence and cloud services.
Key Facts
Cannabis growing facilities use a lot of power and have advanced cooling and environmental controls.
These features are similar to what data centers need to run computers 24/7.
Many cannabis sites have good zoning, electricity supplies, and fiber internet connections.
Repurposing existing buildings is faster than constructing new data centers from scratch.
Cannabis sales in some places, like Colorado, have dropped significantly since their peak in 2021.
Lower cannabis prices and oversupply have left some cultivation facilities underused or vacant.
In Michigan, a cannabis facility is being marketed as a potential AI data center site.
The reuse of these buildings could create new jobs and economic benefits in the local community.
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Next, a UK clothing and homeware retailer, has raised its profit forecast for the third time this year due to strong sales in the summer. The company saw a 9% rise in full-price sales in the second quarter and now expects a pre-tax profit of £1.2 billion for the year.
Key Facts
Next upgraded its profit outlook, expecting £1.2 billion pre-tax profit, which is £25 million more than before.
Full-price sales in Q2 rose 9%, more than twice the initial 4% forecast.
The company benefited from sunny weather and demand in the Middle East and northern Europe.
Next owns UK rights to US brands Gap and Victoria’s Secret, and stakes in other labels like Reiss and Joules.
Its share price has increased by over 20% in the past year and jumped nearly 7% after the upgrade news.
Many other retailers, like John Lewis, report tough trading conditions due to inflation and lower consumer confidence.
John Lewis is focusing on improving profit margins and controlling stock instead of just trying to increase sales.
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A consumer group named Choice tested 48 laundry detergents sold in Australian supermarkets. They found Aldi Trimat Advanced Laundry Powder Concentrate and two Omo powders tied for the best cleaning performance, with Aldi offering better value for money.
Key Facts
Choice tested 48 laundry powders, liquids, and capsules for cleaning power.
Aldi Trimat Advanced Laundry Powder Concentrate and Omo Active Clean Powder and Ultimate Powder all scored 82% in front loader washing machines.
Aldi’s detergent costs 44 cents per wash, while Omo Ultimate Powder costs $1.16 per wash, making Aldi the cheaper option.
The detergents were tested on stains like grass, mud, oil, makeup, and blood using special machines and instruments to measure cleanliness.
Some detergents performed poorly, scoring below 50%, hardly better than washing with water alone.
Earthwise Sensitive Laundry Liquid scored lowest with 47% and costs 50 cents per wash.
The environmental claims on detergent packaging do not always clearly show how eco-friendly the products actually are.
Manufacturers have reduced harmful chemicals like phosphates but do not always highlight their environmental efforts.
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The United States and Japan worked together to stop the Japanese yen from falling further against the US dollar. This joint action aimed to stabilize the yen because its decline affects not just Japan but the global financial system.
Key Facts
The yen dropped to its weakest level in 40 years against the US dollar.
The US Treasury sold euros to buy yen, while Japan bought yen to support its value.
The yen started rising after the intervention, improving from 163 to 157 yen per dollar.
Japan has kept interest rates very low for decades to try to boost its economy, which has weakened the yen.
Japan’s weak yen helps exports but makes imported goods more expensive for its people.
The US intervened partly to protect global financial stability, not just to help Japan.
A sharply falling yen could cause Japan to sell US Treasury bonds, which could disrupt financial markets.
The US and Japan have previously intervened together in currency markets during financial crises.
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Electronic Arts (EA), a well-known video game company, has been bought by Saudi Arabia’s Public Investment Fund and other investors for $55 billion. This buyout ends EA’s 36 years as a public company, and it will now operate privately.
Key Facts
EA is famous for games like The Sims, Madden NFL, Battlefield, and EA Sports FC (formerly Fifa).
The $55 billion deal was completed after EU regulatory approval.
The buyers include Saudi Arabia’s wealth fund (PIF), Affinity Partners (run by President Trump’s son-in-law Jared Kushner), and Silver Lake Partners.
EA was founded in 1982 and is currently led by CEO Andrew Wilson.
EA’s annual revenue has been steady at around $7.4 to $7.6 billion in recent years.
EA faces strong competition from mobile game makers like Epic Games and rivals such as Activision Blizzard, which Microsoft bought for nearly $69 billion in 2023.
As a private company, EA will no longer report quarterly financial results publicly.
EA recently reduced its workforce by about 5% and reported lower revenues due to declining interest in its latest Battlefield game.
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Saudi Arabia is working to improve its health care system as part of its Vision 2030 plan. The country expects the ambulatory care center market, which provides outpatient medical services, to grow from $288.2 million in 2023 to $434.4 million by 2030. Newsweek and Statista are conducting a survey to rank the best ambulatory care centers in Saudi Arabia for 2027.
Key Facts
Saudi Arabia’s Vision 2030 includes goals to expand and improve health care.
The country plans to train more health care professionals and build new hospitals.
Ambulatory care centers offer medical services where patients do not stay overnight.
The ambulatory care market is projected to grow significantly, reaching $434.4 million by 2030.
Newsweek is partnering with Statista to rank the best ambulatory care centers in Saudi Arabia.
The survey for the 2027 rankings is open until August 30, 2026.
This is the second year Newsweek and Statista are conducting this evaluation.
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A charity called Dressability in Swindon saves brand new clothing with company logos from being thrown away by removing the logos and donating the clothes to people in need. The charity now alters and distributes over 1,000 items every year to people in places including Liverpool and Ukraine.
Key Facts
Dressability removes company branding from new coats, fleeces, and other garments.
The altered clothing is donated to homeless people and others in need.
Initially serving Swindon and Wiltshire, the charity now sends clothes as far as Liverpool and Ukraine.
Demand for the rebranding project is growing, with over 1,000 items redistributed annually.
The project started after Dressability received coats from a company that stopped trading, which would have gone to waste.
Surplus branded clothing often comes from companies changing logos or having damaged items.
Dressability wants local sewing groups to volunteer to help rebrand more clothing.
The project prevents useful clothing from ending up in landfill, supporting environmental sustainability.
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Asian stock markets rose sharply while oil prices fell, following record gains in the U.S. stock market driven by strong company earnings and hopes of a peace deal in the Middle East. Technology and chipmaker stocks led the gains, and oil prices dropped due to possible reopening of a key shipping route.
Key Facts
Asian shares surged more than 3% in Tokyo, Seoul, and Taiwan, with notable gains in chipmaker companies.
Japan’s Nikkei 225 rose 3.3%, South Korea’s Kospi jumped 4.4%, and Taiwan’s Taiex increased 3.1%.
Major tech companies like SK Hynix, Samsung Electronics, and TSMC saw significant stock price increases.
The Shanghai Composite and Hong Kong’s Hang Seng indexes also rose but by smaller amounts.
Brent crude oil prices fell 1.2% to $78.43 per barrel, and U.S. crude dropped 1.1% to $74.96 per barrel.
Oil prices declined on optimism that Iran and Oman might agree to reopen the Strait of Hormuz, which is vital for oil shipping.
This potential deal depends on the U.S. lifting its blockade on Iran’s ports.
U.S. stock indexes like the S&P 500, Dow Jones, and Nasdaq set new record highs amid strong corporate profits.
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Posters for the new film The Mummy were banned from the London Underground and some billboards because they showed a realistic image that looked like a dead child, which could upset young viewers. The UK's Advertising Standards Authority (ASA) decided the posters were not suitable to be shown where children might see them, despite Warner Bros saying the image was not meant to scare or offend.
Key Facts
The ASA received 30 complaints about The Mummy film posters used in London.
The posters showed a close-up of a female figure with mummified features and a vacant expression.
The ASA said the image looked like a realistic depiction of a dead child.
One billboard with the poster was visible from a children’s nursery, raising concerns.
Warner Bros said the character was a “living mummy” and the design avoided violence or fear.
Transport for London’s advertising partner initially approved the poster for display.
The ASA banned the posters from outdoor and Underground displays to protect children.
Complaints about TV and streaming ads for the film were not upheld due to scheduling restrictions.
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Palantir, a US-based software company, paid only £2 million in UK corporation tax in 2024, despite having public sector contracts worth hundreds of millions of pounds. The company uses tax strategies that lower its tax payments globally and in the UK, where it earned over £25 million in profits but paid an effective tax rate of just over 8%, much lower than the 25% tax rate.
Key Facts
Palantir paid £2 million in UK corporation tax in 2024 while holding contracts worth hundreds of millions.
The company’s global effective tax rate is about 1.4%, far below standard rates.
In 2024, Palantir declared over £25 million in UK profits but paid only about 8% in tax.
Palantir has large public sector contracts, including a £240 million deal with the UK Ministry of Defence awarded without a competitive tender.
The UK is Palantir’s biggest market outside the US, with £247 million in revenue in 2024.
Palantir shifts revenue from European countries to its US parent company using a method called transfer pricing to reduce tax obligations.
The company employs about 750 people in the UK, its main non-US workforce.
Palantir says it complies with tax laws in all the countries where it operates and disputes claims about misuse of transfer pricing.
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The US stock market reached a new all-time high, helped by strong corporate earnings and hopes for reopening the Strait of Hormuz, an important shipping route. Key stock indexes in the US and Asia rose, while oil prices fell due to positive talks on restoring safe passage through the strait.
Key Facts
The S&P 500 index rose 1.8% to surpass 7,700 points for the first time.
The Dow Jones Industrial Average hit a new high for the second day in a row, climbing 1.7% to 54,085.88.
Palantir Technologies’ shares jumped 29.5% after reporting higher-than-expected revenue of $1.94 billion.
Asian markets, including Japan’s Nikkei 225 and South Korea’s Kospi, also saw significant gains.
Brent crude oil prices dropped about 13% from the previous week, trading near $79 per barrel.
Talks between Iran and Oman aimed at reopening the Strait of Hormuz have been described as positive by officials.
The US military stated the Strait of Hormuz remains open to commercial ships despite conflicts in the region.
Shipping traffic through the strait has drastically decreased since the US-Israel conflict with Iran began in February, from about 130 daily ships to just nine.
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UK newspapers report that oil companies have earned $90 billion from higher prices linked to the Iran war, drawing criticism from an environmental group. Other key stories include concerns about early release of prisoners due to overcrowding, private companies potentially banned from profiting in care homes, and the government planning increased borrowing to support the economy.
Key Facts
Oil companies made $90 billion from price increases caused by the Iran war.
An environmental group said these profits come while Europe faces a climate crisis.
Electronic tags meant to track early-released prisoners are sometimes failing to alert authorities.
Private companies might be stopped from making extra profits to lower care home costs.
173 migrants were rescued from a large inflatable boat crossing the English Channel.
Several prisoners, including those convicted of serious crimes, are set to be released early due to prison overcrowding.
The UK government plans to borrow more money to help boost the economy.
Google is launching a $200 billion project to finance microchips for the AI company Anthropic.
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SpaceX reported that its revenue almost doubled in the first quarter since it became a public company in June. The company exceeded financial expectations in this earnings report.
Key Facts
SpaceX recently became a public company in June.
In its first earnings report as a public company, SpaceX's quarterly revenue nearly doubled.
The company performed better than expected in terms of earnings.
The earnings report was shared publicly through CBS News.
The report highlights strong financial growth for SpaceX after going public.
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SpaceX shared its first earnings report since becoming a public company in June. The report gives details about the company’s recent financial performance.
Key Facts
SpaceX went public in mid-June.
The company released its first earnings report on Tuesday.
The earnings report provides information on SpaceX’s financial results.
The news was covered by CBS News and discussed by a Wall Street Journal reporter.
Elon Musk is the CEO of SpaceX.
The report marks SpaceX’s initial financial disclosure to public investors.
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Two friends, Leanne and Sarah, bought a house together to afford a home in an expensive area, sharing costs and responsibilities. Their partnership helped them avoid higher living expenses often faced by single people, sometimes called the "singles tax," and inspired a platform to connect singles for joint home buying.
Key Facts
Leanne and Sarah decided to buy a house together because owning a home alone was too expensive.
They split mortgage payments based on their incomes and shared household bills through a joint account.
Singles often pay more for rent, bills, and discounts because many offers are made for couples or groups.
Around 36.8% of the UK population aged 16 and over had never been married or in a civil partnership in 2024.
An estimated 8.6 million people lived alone in the UK in 2023, almost one-third of households.
Buying with a friend helped Leanne and Sarah afford a property sooner and share costs like meals and bills.
They sold the house after four years for a profit and used their equity for separate home purchases.
The example led to the creation of Cucoon, a website that connects single people interested in co-buying homes.
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The Advertising Standards Authority (ASA) banned a marketing email from fashion brand Jaded London because it showed a woman holding a cigarette, which the ASA said made smoking look attractive. Jaded London agreed to stop using images of models smoking in future advertisements.
Key Facts
Jaded London used a photo of a woman holding a cigarette in a marketing email sent on May 27.
The ASA said the ad made smoking look stylish and appealing, which is against their rules.
The cigarette was slim and had ash, suggesting it was lit.
Jaded London argued the cigarette was not the main focus and may not be clearly visible or lit.
The ASA told Jaded London to stop using the ad and ensure future ads are socially responsible.
Jaded London said they would not use images of models smoking in future ads.
The brand is popular with young people and has 1.5 million Instagram followers.
At the time, Jaded London's Instagram still had some images with people smoking while wearing their clothes.
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