The Mexican footwear industry faces challenges and opportunities due to trade tensions and tariffs involving the U.S. President Trump and Mexican President Sheinbaum have extended tariff negotiations until October 31. While some Mexican shoe manufacturers see potential benefits from tariffs on other countries, small businesses struggle with production drops and competition from imports.
Key Facts
Juan Alvarado owns a shoe manufacturing business in Leon, but current U.S.-Mexico trade tensions have forced him to reduce his workforce from 25 to 15 people.
Mexico faces a 25% tariff on cars and a 50% tariff on steel, aluminum, and copper. There is a 25% tariff on goods not covered by the USMCA.
Despite tariffs, some Mexican footwear exports to the U.S. are tariff-free if they comply with USMCA rules.
Juan Carlos Cashat Usabiaga, head of CICEG, sees these circumstances as advantageous compared to tariffs faced by other nations.
Alvarado's production dropped as his U.S. client cut shoe orders due to tariff uncertainties.
Mexico stopped package shipments to the U.S. after an end to a tax exemption for packages under $800.
Mexico is the ninth-largest footwear producer globally, concentrating over 75% of production in Guanajuato.
Chinese imports and price undercutting practices impact Mexico's footwear production, affecting jobs and industry growth.
A Picasso painting called "Bust of a Woman with a Flowered Hat" sold for about $37 million at an auction in Paris. The painting, which features his muse Dora Maar, had not been seen by the public for over 80 years. It was part of Picasso's "Woman in a Hat" series and became the most expensive artwork auctioned in France this year.
Key Facts
The Picasso painting sold for about $37 million at an auction in Paris.
The artwork is titled "Bust of a Woman with a Flowered Hat."
Dora Maar, a longtime muse of Picasso, is depicted in the painting.
The painting had been hidden from the public for over 80 years.
It was part of the "Woman in a Hat" series by Picasso.
The auction took place at the Drouot auction house.
The sale price was the highest for any artwork in France this year.
Although the sale surpassed expectations, it was not the most expensive Picasso sold at auction.
A new report by Realtor.com shows that home prices in the United States have risen significantly over the last 50 years, with the largest increases happening on the West Coast. San Jose experienced the highest growth, with home values up 396 percent since 1975. Meanwhile, some Midwestern and Southern cities saw much smaller increases in property values.
Key Facts
San Jose, California, had the highest increase in home prices since 1975, with a 396% rise.
By 2024, San Jose's median single-family home price surpassed $2 million.
As of September 2025, San Jose had a median home listing price of $1.36 million, making it the most expensive in the U.S.
Other cities with large increases include San Francisco (300%), Los Angeles (292%), Seattle (280%), San Diego (271%), and Portland (154%).
In the East, Boston saw a 196% increase, and New York had a 161% rise in home values.
Memphis and Cleveland had only 2% growth in home values since 1975, among the smallest increases recorded.
As of September, Pittsburgh had the lowest median home listing price among major U.S. cities at $254,950.
Redfin predicts a slight decrease in U.S. home prices by the end of the year, compared to 2024.
Beef prices in the US are very high, creating political issues as President Trump tries to address them. His proposals, such as asking ranchers to lower prices and increasing beef imports, have caused concern among ranchers. Factors like a declining number of cattle and droughts have been pushing beef prices up.
Key Facts
US beef prices have risen sharply, with retail prices for ground beef up 12.9% and beef steaks up 16.6% over the past year.
The US cattle inventory is at its lowest in nearly 75 years, with the number of cattle ranches decreasing by 17% since 2017.
President Trump is encouraging ranchers to lower their prices and has proposed increasing beef imports from Argentina.
Ranchers are worried these proposals could harm their livelihoods without reducing grocery store prices.
The Agriculture Department announced measures to boost domestic beef production, like opening more land for grazing.
Some House Republicans and rancher associations have expressed concerns about Trump's import plans.
Factors like consolidation in the meat processing industry and drought conditions have added pressure on ranchers.
Experts predict high beef prices will continue until the end of the decade due to time needed to rebuild herds.
A group of MPs advised against cutting the cash ISA tax-free allowance in the upcoming Budget, as it might not promote investment as intended. Chancellor Rachel Reeves is considering various tax changes to address a £22bn Budget shortfall. The Treasury Select Committee suggests focusing on improving financial education instead of cutting the ISA allowance.
Key Facts
Cash ISAs let people save up to £20,000 without paying tax on interest.
A group of MPs advised Chancellor Rachel Reeves not to cut this allowance in the Budget.
The Treasury Select Committee said reducing the allowance may not boost investment.
Reeves is expected to announce tax increases or spending cuts to address a £22bn Budget shortfall.
Current limits allow spreading up to £20,000 across cash and stocks and shares ISAs.
The committee suggested improving financial education rather than cutting the allowance.
£360bn is held in cash ISAs in the UK.
The potential cut is intended to encourage investment in stocks and shares.
More people in the UK are choosing to learn to drive with automatic cars as the country prepares to ban the sale of new petrol and diesel vehicles in 2030. However, many learners face challenges, such as a lack of automatic driving instructors and higher lesson costs, which affects their choice. Learning in a manual car offers flexibility to drive different types of vehicles, but automatic lessons and tests are becoming more common.
Key Facts
One-third of cars on UK roads are automatic, showing a shift in driving preferences.
A ban on new petrol and diesel car sales in the UK starts in 2030, favoring electric vehicles, which are automatic.
A quarter of driving tests in England, Scotland, and Wales were taken in automatic cars last year.
Pass rates for manual driving tests are higher (50.4%) than for automatic tests (43.9%).
Automatic lessons tend to be more expensive due to the higher purchase cost of automatic and electric cars.
Learners like Caitlin Graham often choose manual lessons due to a lack of nearby automatic instructors.
Electric vehicles do not have manual gearboxes, impacting the choice between learning manual or automatic driving.
Learning manual driving offers the flexibility to drive both manual and automatic cars.
Over 2 million pounds of Korean barbecue pork jerky sold at Costco and Sam's Club are being recalled by LSI, Inc. due to concerns about metal contamination. The Food Safety and Inspection Service (FSIS) said that the metal came from a conveyor belt used in production.
Key Facts
LSI, Inc. is recalling 2,277,540 pounds of pork jerky.
The recall is due to potential metal contamination in the jerky.
The affected products are 14.5- and 16-ounce packs labeled “GOLDEN ISLAND fire-grilled PORK JERKY Korean BARBECUE recipe.”
The jerky has best-by dates from October 23, 2025, to September 23, 2026.
The jerky was distributed to Sam's Clubs and Costco stores across the United States.
The FSIS advises customers who bought the jerky not to eat it and to discard or return it.
The product's establishment number is “M279A.”
No injuries have been reported from consuming the jerky so far.
The United States is investigating whether China is following a 2020 trade agreement. President Donald Trump is looking for ways to encourage China to buy more American goods. The investigation may allow the U.S. to impose additional tariffs on Chinese products.
Key Facts
The U.S. is checking if China is following a trade deal made in 2020.
U.S. Trade Representative Jamieson Greer announced the investigation.
President Trump will visit Asia to meet China's leader, Xi Jinping.
China claims it is honoring its trade agreement commitments.
The investigation might lead to more tariffs on Chinese goods.
The 2020 agreement required China to buy more U.S. agricultural and manufacturing products.
The U.S. trade office claims China has not met some promises, such as buying more goods and protecting intellectual property.
Upcoming U.S.-China trade talks will discuss China's export restrictions on rare earth metals, which are important for U.S. tech products.
Procter & Gamble reports that its sales performance shows the U.S. economy is stable, though not strong. While its beauty products saw sales growth, other segments like health care and fabric/home care saw declines. Consumers are being careful with their spending, and Procter & Gamble expects its costs to decrease due to lower energy prices and a reduced impact from tariffs.
The U.S. inflation report faced delays because of a government shutdown, and another report might not come out next month. President Trump recently fired the head of the Bureau of Labor Statistics due to dissatisfaction with employment statistics, causing concerns about trust in government data.
Key Facts
The U.S. inflation report was delayed by a government shutdown.
The White House indicated there might be no inflation report next month.
President Trump fired the head of the Bureau of Labor Statistics.
This firing occurred because President Trump was unhappy with employment numbers.
Concerns have emerged about losing trust in government-provided economic data.
The report draws parallels with other countries where trust in data has eroded.
A survey found that more than half of American workers know that a co-worker in the same job makes more money, but many do not mind. The survey also highlights that younger workers are more open to discussing salaries compared to older generations.
Key Facts
56% of Americans know a co-worker earns more in the same role.
20% of them are not bothered by this pay difference.
31% of workers have talked about salaries at work, while 24% do not want to discuss it.
Gen Z workers are more likely (39%) to share salary details than millennials (30%) and Gen X (22%).
36% of those aware of the pay gap feel upset, and women are more upset (45%) than men (33%).
Differences in pay can be due to factors like experience and company seniority.
Some workers stay in less paying jobs because finding new jobs does not always offer better pay or treatment.
The government shutdown is causing issues for air traffic controllers who are working without pay, leading to flight delays across several major airports. The Transportation Secretary and air traffic controllers are concerned about the impact on safety and workforce shortages if the shutdown continues. Some students at the air traffic controller academy are leaving, worried about an unpaid future.
Key Facts
The government shutdown is causing air traffic controllers to work without pay, leading to flight delays.
Major airports like New York's LaGuardia, New Jersey's Newark, and Washington's Reagan National experienced delays.
On a specific Thursday, flight delays climbed to 6,158, up from around 4,000 earlier in the week.
Staffing shortages at FAA facilities mean even small absences can disrupt airport operations.
Some students at the air traffic controller academy have left because of concerns about unpaid work.
New controllers and existing ones are struggling financially, with some taking second jobs or using food banks.
The ongoing shutdown may worsen, with possible money shortages for student payments at the academy.
There is a risk that safety could be compromised as controllers face stress from both work and financial uncertainty.
Reliance Industries, India's largest buyer of Russian oil, announced it will follow Western sanctions on Russia. This decision impacts its operations and agreements amid international measures aiming to restrict Russian oil companies. Reliance emphasized it will comply with Indian government guidance and maintain stable refinery operations.
Key Facts
Reliance Industries is India's top importer of Russian oil.
The company stated it will comply with Western sanctions targeting Russian oil companies.
The U.S. Treasury recently designated Russian majors Rosneft and Lukoil under sanctions.
The European Union introduced a full transaction ban on Rosneft as part of its 19th sanctions package.
Reliance operates the world’s largest refining complex in Gujarat, India.
Reliance purchased about half of the discounted Russian crude sent to India.
Reliance did not specify how it would adjust its processes but assured compliance with EU import restrictions.
President Trump enacted tariffs on Indian exports due to Russian oil imports, increasing them to 50%.
Chancellor Rachel Reeves has not ruled out raising income taxes in the upcoming Budget, a move that could break a Labour election promise. Reeves aims to support working people by keeping taxes low but faces financial pressures, including a £22 billion shortfall. Discussions consider taxing partnerships used by lawyers and accountants, though this may not be enough to balance finances.
Key Facts
Rachel Reeves is the Chancellor of the Exchequer in the UK.
She has not ruled out raising income taxes in the next Budget, despite a previous election promise not to do so.
A report suggested discussions are underway to possibly raise the basic income tax rate by 1p.
The Labour party's manifesto promised not to increase the basic, higher, or additional income tax rates.
The government faces a £22 billion financial shortfall.
Analysts say Reeves is likely to focus on taxing wealthy individuals and partnerships among professionals like lawyers and accountants.
The current basic income tax rate is 20% starting from earnings over £12,570.
Raising income taxes could be necessary to meet fiscal rules that require the UK government to reduce debt as a share of national income by 2029-30.
Target is cutting 1,800 corporate jobs to try to improve its business after four years of flat sales. The new CEO, Michael Fiddelke, aims to simplify decision-making and boost growth. The layoffs will not affect employees working in Target stores.
Key Facts
Target plans to cut 1,800 corporate jobs as part of a plan to improve its performance.
The layoffs represent about 8% of Target's global corporate workforce.
This is Target's first major round of layoffs in ten years.
Michael Fiddelke, who will soon become the CEO, is implementing these changes.
Target's sales have been weak, and its stock price has dropped 30% this year.
The job cuts will not impact store employees working at Target's 2,000 locations.
Factors like reduced consumer spending on non-essential items and backlash over diversity policies have added to Target's challenges.
The new CEO plans to use more technology and improve product quality to boost Target's business.
The federal government released new numbers for the Consumer Price Index (CPI) after a delay caused by a shutdown. These numbers are important because they help determine Social Security benefits for the next year.
Key Facts
The Consumer Price Index (CPI) numbers were delayed due to a government shutdown.
The CPI is a measure that tracks changes in the cost of goods and services.
Social Security uses the CPI to adjust benefits for inflation each year.
The recent release of CPI numbers will inform changes in Social Security payments for 2025.
The Social Security Administration relies on these figures to ensure benefits keep up with inflation.
A settlement requires TFG Holding, Inc., an online clothing retailer, to pay $1 million to customers. This is due to claims that the company's VIP Membership Program was marketed deceptively and membership cancellation was difficult. Customers who joined the program before May 31, 2016, may be eligible for payments.
Key Facts
TFG Holding, Inc. manages brands like JustFab, ShoeDazzle, and FabKids.
The company faced claims of misleading marketing for its VIP Membership Program.
The settlement amount is $1 million and involves multiple states.
Customers often struggled to cancel memberships due to complex policies.
The VIP Membership Program included a recurring charge of $49.95 unless waived.
Eligible customers enrolled before May 31, 2016, can receive payments.
Payments will be automatically processed unless specific exceptions apply.
The settlement was led by several states, including Pennsylvania and Texas.
A trade dispute between China and the Netherlands affects Bosch and other car part suppliers. Bosch might furlough workers at a German plant if the issue with the Dutch chipmaker Nexperia continues. This situation could worsen the challenges facing Europe's car industry.
Key Facts
Bosch may furlough employees at its Salzgitter plant in Germany due to chip supply issues.
The dispute is between China and the Netherlands over the Dutch chipmaker Nexperia.
China banned exports of Nexperia products after the Netherlands seized control of the company.
Nexperia's chips are essential for car parts, impacting the European car industry.
Bosch is searching for alternative suppliers to avoid production halts.
Volkswagen has secured its production for the near term but acknowledges potential short-term impacts.
BMW and Mercedes have also reported challenges with their supply networks.
Chip supplier alternatives include Infineon, NXP, and Texas Instruments, but switching takes time.
Political discussions are ongoing to find a solution to the dispute.
Henry Ford Health Hospital in Grand Blanc, Michigan, is in a dispute with 750 nurses on strike over working conditions. The hospital says the nurses are more focused on a broader union agenda rather than immediate healthcare needs. Negotiations between the hospital and the nurses' union have been ongoing, but no agreement has been reached.
Key Facts
750 nurses at Henry Ford Genesys Hospital are on strike.
The strike is focused on demands for better working conditions and safety.
The strike began on September 1, after most of the nurses rejected the hospital’s contract offer.
Henry Ford Health claims the nurses are pushing a union agenda.
The hospital has had nearly 60 negotiation sessions with the union since April.
Teamster General President Sean O’Brien joined the strike, supporting the nurses.
The union says the hospital has shown no interest in collaboration.
Henry Ford Health took over Genesys Hospital in October 2024.
Western Union reports a decline in its main business of money transfers within the U.S. This decrease has been noted since President Donald Trump took office.
Key Facts
Western Union specializes in money transfers.
The company says its U.S. money transfer business is down.
Migrant workers in the U.S. are a key group for Western Union's services.
Western Union's earnings call indicated reduced activity in money transfers.
The decline has been observed since President Donald Trump assumed office.
