Pensioners living in two tower blocks in Bloxwich, Walsall, saw a sharp increase in their heating and hot water bills as charges nearly quadrupled. The housing provider, Walsall Housing Group, stated it could no longer afford to keep energy rates low and has adjusted prices to reflect the full cost. Residents expressed difficulty managing the new costs.
Key Facts
Pensioners in Woodall and Hamilton House experienced a sharp increase in energy bills.
Prices rose from 4p per kWh to 13.75p at Woodall House and to 17.67p at Hamilton House.
The landlord, Walsall Housing Group, said it can't subsidize low rates anymore.
Individual gas boilers were removed for safety in 2021, and a central heating system was installed.
Residents at Woodall and Hamilton House now pay less than the national average but more than before.
The average energy cost in the UK is 6.29p per kWh for gas and 26.35p per kWh for electricity.
A director at WHG mentioned the firm has been subsidizing the costs for several years.
The housing group offers support to customers struggling with the increased costs.
Activity in the UK's construction sector decreased sharply in November, at the fastest rate since the pandemic began. This was due to uncertainty about budget measures, which affected new projects, especially in infrastructure and housebuilding.
Key Facts
The UK's construction sector shrank significantly in November.
This is the fastest decrease since the pandemic started.
Infrastructure and housebuilding were the most affected areas.
Commercial construction also faced challenges due to budget concerns.
The Purchasing Managers' Index (PMI) for construction dropped from 44.1 in October to 39.4 in November; a score below 50 means the sector is contracting.
Employment in construction fell for 11 consecutive months.
Analysts suggest some of the negative survey results might be due to budget-related worries.
Some expect construction activity might improve after the budget details are clearer.
Treasury Secretary Scott Bessent outlined a backup plan to maintain tariffs if the Supreme Court rules against using emergency powers for imposing them. The plan involves using alternative legal measures to recreate the tariff structure. A Supreme Court decision on this matter is expected soon, which could significantly impact U.S. trade policy.
Key Facts
Treasury Secretary Scott Bessent proposed a "Plan B" for tariffs in case the Supreme Court limits current legal authority.
The Supreme Court is reviewing the validity of using emergency powers for imposing tariffs.
Bessent suggested using other legal tools like Section 301, 232, and 122 to continue tariffs.
Section 301 allows tariffs against unfair foreign trade practices.
Section 232 permits tariffs for national security reasons.
Section 122 allows temporary tariffs due to financial imbalances.
Bessent mentioned the fentanyl crisis as a valid emergency for using these powers.
A court ruling on the matter may soon affect how the U.S. negotiates trade with other countries.
Applications for unemployment benefits in the U.S. dropped to 191,000, the lowest since September 2022. This decline in claims may influence the Federal Reserve's decision on interest rates.
Key Facts
U.S. jobless benefit applications fell to 191,000 for the week ending November 29.
This is the lowest level of claims since September 24, 2022, when they were 189,000.
The previous week's claims were at 218,000.
Analysts had expected claims of 221,000 according to FactSet data.
Unemployment claims are used to estimate layoffs and the job market's health.
Job reductions announced by companies like UPS and Amazon may take time to show in the data.
Dollar Tree's sales have increased significantly, with many new customers coming from higher-income households. The company reported that its net sales for the third quarter rose by 9.4% compared to last year, and it plans to continue attracting wealthier shoppers.
Key Facts
Dollar Tree's net sales increased by 9.4% to $4.7 billion in the third quarter.
Gross profit went up by 10.8% to $1.7 billion during the same period.
Approximately three million more households shopped at Dollar Tree in the third quarter compared to last year.
Around 60% of new customers earn more than $100,000 annually.
Same-store net sales increased by 4.2% compared to the previous year.
Year-to-date results showed an 11% rise in net sales to $13.9 billion.
The company expects fourth-quarter sales to be between $5.4 billion and $5.5 billion.
Dollar Tree aims to inspire loyalty among its higher-income customers.
Americans might be able to save money on mortgages by purchasing new homes because prices for new builds are similar to existing homes. Builders are offering incentives like lower mortgage rates to make new homes more appealing. This shift could change how people buy homes in the future.
Key Facts
New home prices are now closer to existing home prices than before.
Builders are offering incentives, reducing mortgage rates by nearly one percentage point.
The average mortgage rate for new homes is 5.27%, whereas for existing homes it's 6.26%.
Down payments required for new homes are lower, averaging 15.7% compared to 17.8% for existing homes.
The median listing price for new homes in the third quarter was $451,337, slightly up from last year.
Existing-home prices are also increasing, with a median price of $409,667.
Builders are adapting to market conditions and offering deals to make new homes more affordable.
Some economists warn that lower down payments mean buyers could risk losing money if home values drop.
A report by Placer.ai showed that many U.S. retailers experienced increased foot traffic during the Black Friday to Cyber Monday shopping period. Retailers like Sam’s Club, Lowe’s, and Bath & Body Works saw significant customer growth. The report also noted that most of the spending increase appeared to be influenced by inflation.
Key Facts
Foot traffic in stores increased by 2.7% compared to the previous year.
Thrift stores saw the highest traffic increase at 12.2%.
Lowe’s and Sam’s Club experienced a 9.7% rise in visits.
Discount store Ollie’s Bargain Outlet had a 16.6% increase in customer visits.
Department store traffic fell by 0.1%, although Gap and Bloomingdale’s saw increases.
Bath & Body Works had a 23.7% rise in customer visits.
Online sales over the Thanksgiving weekend totaled $44.2 billion, a 7.7% increase from last year.
Experts suggest that the sales increase is more due to inflation rather than a stronger economy.
Several high-ranking officials left the Food and Drug Administration (FDA), causing concerns about delays in drug approvals and the stability of the agency. Richard Pazdur, a noted oncologist who recently led the FDA's drug center, unexpectedly stepped down, sparking debate about the agency's future. Industry leaders and former FDA commissioners fear that political interference could affect drug review processes and America's biotech leadership.
Key Facts
A high-level FDA official, Richard Pazdur, resigned soon after taking charge of the drug center.
The FDA has seen four different directors for its drug center this year.
Concerns have been raised that these changes might slow down drug approval processes.
Health Secretary Robert F. Kennedy Jr. met with Pazdur to acknowledge his work.
John Crowley, CEO of a biotech group, warned that the FDA's instability might benefit international competitors like China.
Twelve former FDA commissioners shared their worries about the agency's current situation in a medical journal.
The departures are linked to claims of political appointees excluding career scientists from discussions.
Some say a new expedited drug review program lacks clear guidelines and legal authority.
Dreyer's Grand Ice Cream, Inc. has recalled certain Haagen-Dazs ice cream bars in the U.S. because they might contain wheat, which wasn't listed on the packaging. This recall affects specific batches sold at Kroger and Giant Eagle stores in several states, and the FDA has classified it as a Class II recall. Consumers who have wheat allergies or sensitivities are advised not to eat these products.
Key Facts
The recall involves Haagen-Dazs Chocolate Dark Chocolate Mini Bars, specifically those in six-packs with code LLA519501.
The "Best By" date for the affected products is January 31, 2027.
The recall was announced on November 3, with the FDA notice following on November 4.
The ice cream bars were mistakenly packaged incorrectly, leading to undeclared wheat.
These products were distributed in various states across Kroger and Giant Eagle stores.
The recall is designed to prevent temporary or reversible health effects in those with wheat allergies.
Consumers can get a refund or dispose of the products and contact Dreyer's for more information.
Ongoing investigations are underway to understand the root cause of the packaging error.
Amazon is considering ending its delivery partnership with the U.S. Postal Service (USPS) to expand its own delivery network across the U.S. This change could significantly impact the logistics industry and USPS, which depends heavily on Amazon for revenue.
Key Facts
Amazon might stop using USPS for delivering packages, particularly the last-mile delivery.
USPS currently handles millions of Amazon packages, generating over $6 billion annually for USPS.
If Amazon ends the partnership, USPS could face financial challenges.
Amazon plans to increase its delivery capabilities to cover the entire U.S., especially in remote areas.
Negotiations between Amazon and USPS about renewing their contract have not progressed.
Amazon confirmed that its relationship with USPS is still in place, but they are exploring options for reliable deliveries.
Several major clothing and department stores in the U.S. plan to shut down many of their locations in 2025. These closures are due to high costs, competition from online shopping, and changes in customer shopping habits.
Key Facts
Macy's will close 66 stores in 2025 as part of a three-year plan.
An estimated 15,000 retail stores may close across the U.S. in 2025.
Rising costs, online competition, and changing shopper habits are key reasons for these shutdowns.
Forever 21 filed for bankruptcy and plans to close its 354 U.S. stores.
Joann Fabrics is closing around 500 stores, following a second bankruptcy filing.
Torrid will close up to 180 of its underperforming stores.
Claire’s is closing over 291 stores as part of bankruptcy proceedings.
Kohl’s plans to close 27 underperforming stores by April 2025.
Big Lots will close 545 stores to address its debt and sales drop.
Small businesses in the U.S. are facing economic challenges, despite growth in other areas like artificial intelligence. Recent reports show that job losses in small companies are increasing while bigger companies continue to grow, highlighting a divide in economic outcomes. This situation poses a challenge to President Trump's economic plans, which focus on revitalizing small businesses.
Key Facts
Small businesses in the U.S. lost 120,000 jobs in November.
The private sector overall lost 32,000 jobs last month, with small companies accounting for nearly all the losses.
More small businesses are filing for bankruptcy under a special federal program than ever before.
Subchapter V bankruptcy filings for small businesses are up 8% from last year.
Larger companies are better able to handle economic challenges, such as tariffs and high interest rates.
President Trump's administration does not believe tariffs are the cause of job cuts in small businesses.
The hiring gap between small and large businesses is increasing, impacting overall job growth.
Realtor.com predicts that house prices are likely to fall in 22 of the 100 largest U.S. cities in 2026, particularly in the South and West regions. High home prices, along with elevated mortgage rates and other costs, have kept the homeownership rate stable at around 65% in recent years. Despite an expected national price increase of 2.2% in 2026, certain metropolitan areas anticipate declines, with Florida seeing some of the steepest drops.
Key Facts
Realtor.com predicts house prices will fall next year in 22 major U.S. cities.
Most of these cities are in the South and West, with several in Florida.
In October 2023, the median home sale price was $439,869, up 1.3% from the previous year.
The U.S. homeownership rate was at 65% in the second quarter of 2025, the lowest since 2019.
Realtor.com expects national home prices to rise by 2.2% in 2026.
Florida's Cape Coral-Fort Myers area faces the biggest expected drop, with prices possibly falling by 10.2%.
Other cities with expected price declines include Raleigh, North Carolina, and Denver-Aurora-Lakewood, Colorado.
Areas in Florida faced high demand during the pandemic, but increased construction has now led to more available homes, lowering prices.
Costco recalled two types of salad products in 34 states due to a possible contamination with plastic in the salad dressing. The FDA has issued a Class II risk warning for these products, which suggests potential temporary health effects. Consumers are advised to return the products to Costco for a refund.
Key Facts
Costco recalled Caesar Salad and Chicken Sandwich With Caesar Salad on November 7.
Contamination involves plastic found in a 3-ounce packet of Caesar dressing.
The recall affects 34 states, including Washington, D.C. and Puerto Rico.
Lot numbers affected are 19927 for Caesar Salad and 11444 for the Chicken Sandwich.
Sell-by dates range from October 17 to November 9.
Ventura Foods, the supplier of the dressing, is part of the recall.
No injuries or health issues have been reported.
FDA classified the risk as Class II, indicating possible temporary adverse health effects.
Christopher Harborne, a cryptocurrency investor and aviation business owner, donated £9 million to Reform UK, marking the largest personal donation to a UK political party. Reform UK is currently leading in national opinion polls, and the donation comes in advance of upcoming local elections.
Key Facts
Christopher Harborne donated £9 million to the political party Reform UK.
This is the largest donation by a living person to a British political party.
Harborne has previously donated to the Conservatives and the Brexit Party.
Reform UK is leading in national opinion polls since the spring.
The next UK general election is set for 2029, but local elections are upcoming.
The previous record for a personal donation was £8 million by Lord David Sainsbury to the Liberal Democrats in 2019.
Harborne owns two businesses related to private aircraft.
Reform UK received over £10.2 million in donations recently, more than other major UK parties.
Delta Air Lines is running a campaign to celebrate kindness during the holiday season as part of its 100-year anniversary. From now until January 5, 2025, Delta staff can give Holiday Medallion cards to customers who show kindness. These cards can be exchanged for gifts from the Delta Shop.
Key Facts
Delta is celebrating its 100th anniversary with a kindness campaign.
The campaign runs until January 5, 2025.
Delta employees can give Holiday Medallion cards for acts of kindness.
Cards are not based on frequent flyer status.
Customers can also recognize Delta employees with Job Well Done Certificates.
Over 40,000 certificates will be given to select Delta members.
Holiday Medallion cards can be used to get gifts like Delta Centennial merchandise and gift cards.
The campaign coincides with the Department of Transportation’s guidance for holiday travel.
In October, homebuyers in San Antonio, Texas canceled the most home sales in the U.S., with over 21% of pending deals falling through. The trend of canceled home sales is seen nationwide, particularly in Sun Belt cities, where more homes are for sale now but fewer people can afford them.
Key Facts
Over 21% of pending home sales in San Antonio, Texas were canceled in October.
Nationwide, 15.1% of home sales did not go through in October, up from 14.3% a year before.
About 53,000 home-purchase agreements were canceled in the U.S. in October.
Cities in Texas and Florida, like Fort Lauderdale, Fort Worth, and Las Vegas, saw high cancellation rates.
Areas with the lowest cancellation rates include Nassau County, New York, and San Francisco, California.
Increased housing supply and decreased demand are causing cancellations.
Real estate agents say buyers are being more selective and sellers may need to lower prices.
Redfin predicts gradual improvements in home affordability in the coming year.
Ofgem, the energy regulator in the UK, has approved a £28 billion investment to upgrade the UK's energy systems over five years. This plan includes maintenance of gas networks and improving the electricity transmission network. By 2031, households will see an increase of about £108 on energy bills, although the actual cost increase might only be £30 due to cheaper wholesale energy.
Key Facts
Ofgem approved a £28 billion investment for the UK's energy networks.
The plan covers a five-year period starting next year.
£10.3 billion is earmarked for enhancing the electricity transmission network.
Households will see an additional £108 on their energy bills by 2031.
The investment aims to reduce reliance on imported gas, making energy cheaper overall.
Ofgem's plan includes maintenance, expansion, and improving resilience of the energy system.
Energy network operators have regional monopolies separate from energy suppliers.
The government plans to remove certain costs, saving households around £150 annually.
Bath & Body Works is holding its annual Candle Day event where they sell their popular three-wick candles at the lowest price of the year, $9.95 each. The event runs from December 4 to December 7, with new and limited-edition scents available for customers to buy.
Key Facts
Bath & Body Works' Candle Day offers three-wick candles at $9.95 each, the lowest price of the year.
The event starts online at 10 p.m. ET on December 4 and ends on December 7.
In-store shopping begins at 6 a.m. local time on December 5.
Over 180 candle varieties are available, including new, returning, and limited-edition scents.
The event is one of the company's largest annual shopping events.
Last year, the candles sold during the event could stretch 1,700 miles if lined up.
Buy now, pay later options have contributed to a rise in holiday spending, reaching record levels.
A court sided with Adidas in an appeal, ruling that the company did not mislead investors about its partnership with Kanye West. The investors claimed they lost money after Adidas cut ties with West due to his controversial behavior. The court found that the partnership's risks were obvious to investors.
Key Facts
Adidas won an appeal against shareholders who said the company hid Kanye West's misconduct before their partnership ended in 2022.
The court in San Francisco ruled that Adidas did not mislead investors about the risks of partnering with West.
This decision follows a previous case dismissal, which the investors later appealed.
Kanye West, known for Yeezy shoes, was criticized for making antisemitic comments and promoting conspiracy theories in 2022.
The controversy led Adidas, Gap, and JP Morgan to end their business relationships with West.
The breakdown of the Adidas and West partnership resulted in a significant drop in the company’s share price.
Adidas had over €1 billion worth of unsold Yeezy products after ending ties with West.
In 2023, Adidas announced plans to sell the remaining Yeezy products and donate part of the proceeds to anti-hate charities.
