U.S. mortgage rates dropped slightly for the second week in a row but are still higher than they were a year ago. Higher mortgage rates have made it harder for people to buy homes, contributing to slower home sales.
Key Facts
The average 30-year fixed mortgage rate decreased to 6.65% from 6.67% last week.
One year ago, the 30-year mortgage rate was 6.58%.
The 15-year fixed mortgage rate, often used for refinancing, fell slightly to 5.95% from 5.96%.
A year ago, the 15-year mortgage rate was 5.69%.
Mortgage rates usually move along with the 10-year Treasury yield, which is influenced by economic factors like inflation and Federal Reserve decisions.
The 10-year Treasury yield rose to 4.71% from 3.97% before the war between the U.S. and Iran started in late February.
Higher mortgage rates have slowed down U.S. home sales, which remain near a 30-year low.
The U.S. Treasury plans to buy back more government bonds to help reduce bond yields and mortgage costs.
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Specsavers paid £12 million in dividends to its parent company after its profits increased by over 25% to nearly £430 million in the year ending February. The company, which runs about 3,000 stores worldwide, saw sales grow 7% to £4.3 billion and resumed dividend payments after pausing them last year due to economic uncertainty and expansion.
Key Facts
Specsavers operates nearly 3,000 optometry, audiology, and ophthalmology stores in at least eight countries.
The company paid nearly £258 million to shop owners, up from £239 million the previous year.
Pre-tax profits rose to £429.7 million in the year ending February 2024.
Sales increased by 7% to £4.3 billion during the same period.
Dividends to the parent company controlled by founders Doug and Dame Mary Perkins resumed after being paused last year.
The company faced inflation pressures on wages, utilities, and supplier costs but tried not to increase prices for customers.
Specsavers is investing in its website to support customers who want to combine online and in-store shopping.
The Perkins family founded Specsavers in 1983 and their combined fortune is now estimated at £1.4 billion.
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David Mansdoerfer says slow approval processes at the FDA are holding back American progress in regenerative medicine. This delay may allow countries like China to get ahead in this important area.
Key Facts
The FDA is responsible for approving new medical treatments in the United States.
Regenerative medicine is a field focused on healing or replacing damaged tissues and organs.
Bureaucratic delays mean the FDA takes a long time to approve these new treatments.
Slow approvals can slow down innovation and investment in the U.S. biotech industry.
China is moving faster in this field and may become a global leader.
Mansdoerfer believes freeing biotech innovators from strict rules could help America compete better.
The issue highlights a balance between safety regulations and speed in medical advances.
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Alibaba’s profit dropped by 75% in the latest quarter because it spent a lot on building artificial intelligence (AI) infrastructure. Despite lower profits, the company’s revenue grew, especially from AI-related cloud services, which increased by 45%.
Key Facts
Alibaba’s quarterly profit fell from 43.1 billion yuan ($6.4 billion) to 10.5 billion yuan ($1.6 billion).
Total revenue rose 9% to nearly 269 billion yuan (about $40 billion).
Revenue from AI cloud and computing services increased 45% to 48.4 billion yuan ($7.2 billion).
Capital spending grew 75% to 67.7 billion yuan (around $10 billion), mainly for AI infrastructure.
Higher costs came from buying more computer chips and expanding computing power for AI services.
Alibaba plans to invest about 380 billion yuan ($56 billion) over three years in cloud computing and AI.
The company aims to earn over $100 billion annually from AI and cloud services in five years.
Alibaba’s CEO said they expect AI and cloud revenue to grow more and improve profits soon.
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Brian Armstrong, the CEO of Coinbase, spoke on CBS News about the need for clear rules to regulate cryptocurrency. He supports the CLARITY Act, a bill backed by President Donald Trump, that aims to create official regulations for the crypto market.
Key Facts
Brian Armstrong is the CEO and co-founder of Coinbase, a major cryptocurrency exchange.
He discussed cryptocurrency regulation on CBS News.
Armstrong supports the CLARITY Act, a bill currently moving through the U.S. Congress.
The CLARITY Act was introduced with support from President Donald Trump.
The act aims to establish clear rules and guidance for the cryptocurrency industry.
Clear regulation is seen as important to improve safety and trust in crypto markets.
The bill intends to reduce confusion around how crypto assets are treated by the law.
Congress is considering this legislation as cryptocurrency grows in popularity and use.
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Putting $10,000 into a 5-year certificate of deposit (CD) now can earn over $2,000 in interest by the end of the term due to fixed higher rates. However, this money cannot be accessed easily without penalties until the CD matures, while high-yield savings accounts offer easier access with slightly lower, but flexible, interest rates.
Key Facts
A 5-year CD lets you lock in a fixed interest rate for the full five years.
At current rates between 4.20% and 4.35%, a $10,000 deposit could earn roughly $2,280 to $2,370 in interest over five years.
The total amount after five years would be approximately $12,280 to $12,370.
Early withdrawal from a 5-year CD usually results in a penalty, meaning money is not easy to access before maturity.
High-yield savings accounts offer variable rates around 4.00% to 4.10%, giving about $2,160 to $2,225 in interest over five years.
Unlike CDs, savings accounts let you withdraw money any time without penalty.
The Federal Reserve has kept its key interest rate steady recently but may increase it, affecting future CD rates.
Banks may lower CD rates in advance if the Fed cuts rates later, which could make locking in a higher long-term rate now more attractive.
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The TV show "The Shards" is bringing back popular fashion styles from the 1980s. Lori Bergamotto explains how people can wear these retro trends that are becoming popular again because of the show.
Key Facts
The series "The Shards" has inspired a renewed interest in 1980s fashion.
Lori Bergamotto is sharing advice on how to adopt these 80s styles today.
The 1980s fashion revival includes clothing, accessories, and looks featured in the show.
This trend is gaining attention in the fashion industry and among viewers.
The popularity of "The Shards" is influencing shopping habits and style choices.
1980s fashion is known for bold colors, big shapes, and unique patterns.
Fans of the show are embracing vintage and retro clothing pieces.
This revival reflects how popular media can impact fashion trends.
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Air traffic controllers at Sydney airport have raised serious safety concerns about new airspace rules introduced to support the new Western Sydney International airport. They warn that rushed changes, staff shortages, and insufficient training could increase the risk of accidents, citing recent near-miss incidents and comparing the situation to a deadly 2025 crash in the United States.
Key Facts
Sydney air traffic controllers have made a confidential complaint about rushed airspace changes and inadequate training.
The complaint was made to the Australian Transport Safety Bureau (ATSB) in June and made public recently.
The new airspace rules started on July 9 to manage traffic for the new Western Sydney airport.
There have been three recent safety incidents at Sydney airport, including near collisions on runways and tarmacs.
Controllers must learn about 1,000 pages of new training materials quickly, with concerns about staff shortages and experience gaps.
The ATSB compared Sydney’s situation to a 2025 US crash that killed 67 people due to controller issues and poor management.
The Civil Aviation Safety Authority (CASA) said they believe training and safety procedures are adequate and that monitoring is in place.
Airservices Australia, responsible for control, says they have added extra supervision and restrictions to maintain safety during this transition.
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The article discusses the idea of taxing billionaires more heavily to address economic issues. It considers whether a wealth tax would help society or if it is better to allow billionaires to keep and invest their money.
Key Facts
The article talks about the possibility of a wealth tax on billionaires.
A wealth tax means charging rich people a tax based on their total assets.
Some people believe a wealth tax can help improve society and reduce inequality.
Others argue that billionaires should keep their money to invest in businesses.
The article does not take a clear position but presents both ideas.
The discussion involves how government policies affect wealth and the economy.
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The number of cattle in the United States has dropped to the lowest level since the 1950s, causing beef prices to rise and stay high for the next few years. Factors like drought, high costs, trade rules, and disease outbreaks have limited cattle supply, making it hard to increase beef production quickly.
Key Facts
The U.S. started the year with 86.2 million cattle, down over 8 million since 2019.
This cattle shortage is expected to keep beef prices high until at least 2027.
Beef prices have risen significantly, with steak costs over $13 per pound and ground beef prices nearly doubling in ten years.
Drought and high farming costs have reduced cattle production and delayed herd rebuilding.
Changes in trade policies under President Donald Trump raised barriers for beef imports from countries like Brazil and Australia.
A New World screwworm outbreak paused cattle imports from Mexico, affecting supply.
USDA data showed a slight increase in total cattle in July 2024 but a record low number of beef cows, signaling slow herd recovery.
Rebuilding cattle herds takes years because ranchers must keep more female cows for breeding rather than selling them for meat.
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Moderna’s stock price more than doubled after the company announced positive early results from a study of its new mRNA cancer vaccine called intismeran. When combined with Merck’s immunotherapy drug Keytruda, the treatment helped melanoma patients live longer without their cancer returning compared to Keytruda alone.
Key Facts
Moderna shares rose sharply following the study announcement.
The treatment, intismeran, is an mRNA cancer vaccine tailored to each patient’s tumor mutations.
Moderna is working with Merck, which makes the immune-boosting drug Keytruda.
The study tested intismeran plus Keytruda against Keytruda alone in melanoma patients.
Patients receiving both drugs lived longer without cancer coming back or spreading.
This treatment would be the first of its kind if approved by health regulators.
mRNA vaccines use genetic material to instruct the body to fight disease, similar to some COVID-19 vaccines.
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President Trump's tariffs caused prices to rise for many products in the U.S. The Supreme Court recently removed some of these tariffs, leading to billions of dollars in refunds for businesses. However, most consumers are not expected to see much of this money returned to them.
Key Facts
President Trump imposed tariffs that made many goods more expensive in the U.S.
The Supreme Court ruled against some of these tariffs.
As a result, billions of dollars are being refunded to companies that paid the tariffs.
These refunds are going to businesses, not directly to consumers.
Consumers who paid higher prices likely will not receive significant compensation.
The refund process affects prices and costs in the economy.
The news highlights concerns about who benefits from tariff changes.
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Walmart is using $2.9 billion it received from tariff refunds to lower prices and invest in grocery and merchandise areas. The company aims to help customers facing higher costs due to inflation and expects these price cuts to attract more shoppers.
Key Facts
Walmart received almost all of the $2.9 billion in tariff refunds it qualified for.
The money is being used to lower prices on many products like beef, Coca-Cola, and laundry detergent.
Walmart’s operating income rose nearly 30% in the second quarter, partly because of the tariff refunds.
U.S. comparable sales grew 2.6% in the second quarter, slower than 4.1% growth in the first quarter.
Walmart increased temporary price cuts from 7,200 in Q1 to 11,000 in Q2.
The tariffs were originally imposed during President Trump’s administration and were later struck down by the Supreme Court.
The U.S. government refunded about $100 billion in tariffs by the end of July.
Walmart is also investing in improving stores along with price reductions to keep its "Everyday Low Price" reputation.
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Frozen blueberries were recalled because of a safety risk. The recall affects stores in eight states and is classified as a Class I risk by the FDA, which means it could cause serious health problems.
Key Facts
Frozen blueberries have been recalled.
The recall covers shipments to stores in eight states.
The FDA has given this recall a Class I risk level.
Class I risk means there is a reasonable chance the product could cause serious illness or injury.
The recall aims to protect consumers from potential health hazards.
Consumers should check their frozen blueberries and follow recall instructions.
The company involved has issued the recall notice to stores and customers.
Frozen blueberries are often used in smoothies, baking, and snacks.
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Knowing the true age of a collection debt is important because it affects how long the debt stays on your credit report and whether a collector can still take legal action. To find out how old a debt really is, you need to look beyond the current debt collector’s information and check the original account’s first missed payment date.
Key Facts
Collection debts can be sold or transferred to different companies, which may change the account name or date shown.
The “date of first delinquency” is when you first missed a payment that led to the debt being sent to collections.
This original delinquency date does not reset when the debt is sold to another collector.
Negative information usually stays on credit reports for about seven years from the first delinquency date.
Debt collectors must provide validation notices with details about the debt, including creditor information and amounts owed.
The date on a collection notice may not reflect the original delinquency date, so you can ask the collector for more details.
Reviewing old bank and credit card statements can help verify the timeline of the debt.
You have the right to dispute a debt if you believe it is incorrect or the amount owed is wrong.
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Saudi Arabia’s Public Investment Fund (PIF), which manages the country's investment assets, has decreased by $10 billion. This drop is important because it shows changes in Saudi Arabia’s financial position and may affect global markets.
Key Facts
Saudi Arabia’s Public Investment Fund lost $10 billion in assets.
The Public Investment Fund is Saudi Arabia’s main investment fund.
The decrease raises concerns about the country’s financial health.
Changes in the fund could impact investments worldwide.
The report on this was shared by the news outlet Semafor Gulf.
Kelsey Warmer, a reporter, provided more details on the matter.
The news was featured on CBS News.
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Brazil is becoming an important source of rare earth minerals, which are vital for technology and clean energy. Many foreign companies, especially from the U.S., Australia, and Canada, are investing in Brazil's rare earth mining, but there are concerns about environmental damage and effects on Indigenous communities.
Key Facts
Brazil has the second-largest rare earth mineral reserves in the world, after China.
Rare earth minerals are used in electronics, magnets, batteries, wind turbines, and electric vehicle motors.
Over 42% of mining exploration applications in Brazil come from foreign companies or investors.
Most rare earth exploration applications have been filed in the last three years, with a sharp rise recently.
The U.S. increased investment in Brazil’s rare earth sector after China limited rare earth exports to the U.S. in 2025.
Brazil’s only commercial rare earth producer, Serra Verde Mining, was bought by a company partially owned by the U.S. government.
Mining projects may threaten areas in the Amazon rainforest and affect Indigenous and local communities.
Demand for rare earth minerals is expected to grow at least three times by 2040 due to a shift to renewable energy and digital technologies.
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Debt collectors can ask for the full amount you owe, but you may not have to pay everything at once. Borrowers should confirm the debt, consider what they can afford, and try to negotiate before making a payment.
Key Facts
Credit card debt in the U.S. rose by $21 billion in the second quarter of 2026, reaching $1.26 trillion.
The average interest rate on credit cards recently charged interest is over 22%.
When a debt goes to collection, minimum monthly payments may no longer be accepted.
Debt collectors can request full payment, but borrowers can propose payment plans or settlements.
Borrowers should verify the debt and amount owed before paying.
It’s important to review your budget and only agree to payments you can afford.
Federal rules forbid debt collectors from harassing or misleading consumers and restrict when calls can be made.
Debt collectors cannot sue or threaten to sue for very old debts that are past the statute of limitations.
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The British online fashion company Boohoo was fined €2.3 million by a French consumer group for misleading discounts and incorrect product labels. The company exaggerated discounts and mislabeled synthetic products as leather or suede, violating French rules.
Key Facts
Boohoo, owned by Debenhams Group, was fined €2.3 million by France’s consumer watchdog.
About 40% of promotions tested were not real discounts; 7% had smaller discounts than shown, and 48% had price increases.
Boohoo labeled some synthetic items as “leather” or “suede,” which breaks French product rules.
In 2020, Boohoo faced criticism for poor working conditions in factories.
Boohoo settled a $100 million US lawsuit over fake promotions without admitting guilt.
The company faces strong competition from cheaper brands like Shein and Temu.
Debenhams Group raised £35 million in February to reduce debt amid pressures from inflation and regulations.
Boohoo said the issues happened during previous management and are now fixed.
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