A court dismissed a £50 million lawsuit by Biffa against the Scottish government over a failed bottle return scheme. Biffa claimed a letter assured their investment, but the judge found this claim unjustified. The scheme was dropped after the UK government did not grant necessary permissions.
Key Facts
A court rejected a £50 million claim by Biffa against the Scottish government.
Biffa alleged a letter from a former minister assured them the scheme would proceed.
The judge found Biffa's interpretation of the letter as unrealistic.
The Scottish bottle return scheme was delayed and eventually dropped in 2023.
The UK government did not grant the scheme a needed exemption under the Internal Market Act.
Biffa had signed a contract with Circularity Scotland after receiving the letter.
It was later revealed the Scottish government knew about potential legal issues before.
The ruling stated Biffa did not seek additional information when needed.
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The U.S. Department of Energy is considering a plan to swap oil with Venezuela. The idea is to exchange Venezuelan heavy oil for U.S. medium sour crude to help fill the U.S. Strategic Petroleum Reserve.
Key Facts
The U.S. may trade heavy oil from Venezuela for U.S. medium sour crude oil.
This oil exchange aims to replenish the U.S. Strategic Petroleum Reserve.
The Venezuelan oil could be stored at the Louisiana Offshore Oil Port.
The U.S. medium sour crude would be sent directly into storage caverns.
This information comes from people familiar with the discussions.
Newsweek has requested a comment from the Department of Energy.
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Martin Lewis, a personal finance expert, advises people to check their tax codes. This is important to ensure they are not overpaying or underpaying taxes.
Key Facts
Martin Lewis is a personal finance expert known for giving money-saving advice.
A tax code is a combination of letters and numbers used by the tax system to work out how much tax a person should pay.
Checking your tax code can help ensure you are paying the correct amount of tax.
Overpaying taxes means some of your money could be refunded, but you need to correct the tax code first.
Underpaying taxes could lead to having to pay more later.
The advice about tax codes is relevant to people in the UK.
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Curtis International has expanded a recall on nearly 964,000 Frigidaire mini fridges due to fire risks. The U.S. Consumer Product Safety Commission reported that the fridges' electrical components can short-circuit and catch fire. Customers are advised to stop using the fridges and can get a refund.
Key Facts
Curtis International recalled nearly 964,000 Frigidaire-branded mini fridges.
The recall involves an additional 330,000 fridges beyond the 634,000 recalled in July 2024.
The fridges have an internal component that may short-circuit, leading to fire risks.
At least six incidents of fires have been reported, causing property damage.
The recall was announced on January 15, 2026, covering units sold from January 2020 to October 2023.
Customers are told to unplug the fridge, cut the power cord, and label it with "Recall" before disposing of it.
A refund process is available online for affected customers.
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Many small- and medium-sized U.S. businesses plan to increase prices soon due to ongoing economic uncertainty. A survey shows 57% of business leaders intend to raise prices within three months, despite recent improvements in business confidence. Additionally, these businesses face challenges like rising costs and labor market issues.
Key Facts
57% of small- and medium-sized business executives plan to raise prices soon.
Among those raising prices, 8% expect increases of more than 10%.
The survey involved responses from 1,202 business executives.
Business confidence improved to an index of 88.9 from 81.9 in the prior quarter.
Inflation has slowed, with a current rate of 2.7%.
69% of CEOs anticipate higher sales revenues in 2026.
Staffing increases are planned by 57% of businesses over the next 12 months.
Despite confidence, CEOs remain aware of economic and staffing challenges.
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The Trump administration is preparing backup plans in case the Supreme Court rules against existing tariffs. Kevin Hassett, Director of the National Economic Council, stated that there are alternative legal options to implement similar tariffs if needed. The administration might use Section 301 of the Trade Act of 1974 to address trade imbalances if the court's decision is unfavorable.
Key Facts
The Trump administration is concerned about a potential Supreme Court decision against current tariffs.
Kevin Hassett discussed the administration's plans on various financial news shows.
If the court rules against them, there are other legal ways to impose similar tariffs.
U.S. Trade Representative Jamieson Greer is working on these backup plans.
Section 301 of the Trade Act of 1974 allows temporary tariffs to adjust trade imbalances.
The administration is confident they will win the court case, but is preparing just in case.
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Newsweek is hosting an event focused on agricultural technology in Davos, Switzerland, on January 22, 2026. Leaders from various industries will discuss how farming can better align with global environmental goals. The forum includes panel discussions led by executives from companies like SAP, PepsiCo, and the United Nations Food and Agriculture Organization.
Key Facts
The AgriTech event will take place in Davos, Switzerland, on January 22, 2026.
Newsweek is organizing the event to focus on agricultural technology and sustainability.
Discussions will explore digital tools, sustainability strategies, and financial frameworks in agriculture.
Panel topics include sustainable agriculture, high yield farming, financing innovation, and climate challenges.
Prominent speakers include executives from companies like PepsiCo, SAP, and Syngenta.
The event aims to bring together leaders from various sectors to discuss climate-aligned agriculture.
Representatives from organizations like the United Nations and the Gates Foundation will attend.
Newsweek aims to promote solutions for sustainability and climate resilience through this event.
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Canada has decided to reduce tariffs on 49,000 Chinese-made electric vehicles (EVs) each year. This comes as part of a broader agreement that also includes lowering Chinese tariffs on Canadian agricultural goods. President Donald Trump has previously made comments suggesting openness to Chinese automakers in the U.S., although there are existing high tariffs and regulations on Chinese EVs.
Key Facts
Canada will cut tariffs on 49,000 Chinese electric cars to 6.1% annually.
This change is part of a deal that also lowers Chinese duties on Canadian farm products like canola.
President Trump previously expressed a willingness to allow Chinese carmakers to operate in the U.S.
The U.S. currently has a 100% tariff on Chinese-made EVs.
Some U.S. politicians want to ban Chinese EVs over data security concerns.
Canada aims to reduce its trade reliance on the U.S. by diversifying imports.
The European Union is considering setting price floors rather than blocking Chinese EVs completely.
Chinese car companies, like BYD, make competitive electric cars that are affordable.
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A worker went viral for sharing an online post about managing rigorous work hours while their wife was in intensive care. The worker described how their boss reacted by prioritizing business needs over personal family emergencies. The post sparked widespread discussion about sharing personal information at work and the implications of employer-funded health insurance.
Key Facts
A worker managed work deadlines and went viral for their post while their wife was in the ICU for 12 days.
The worker shared with their workplace the challenges they were facing but continued to meet work responsibilities.
The worker's boss reminded them of business needs, despite knowing about the personal crisis.
A different company member suggested the worker should prioritize being with their wife in the hospital.
The viral post warned about being cautious with sharing personal details at work.
Comments on the post noted the risks of employer-funded health insurance revealing costly health conditions.
It was discussed how employers might infer which employee is costly for health insurance, potentially leading to job cuts.
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In 2025, foreclosure activity in the U.S. increased by 14% from the previous year, reaching the highest level since 2019. Florida had the highest foreclosure rate, with several other states also showing significant increases. Despite this rise, foreclosure rates are still much lower than during the housing crisis or pre-pandemic periods.
Key Facts
Foreclosure filings in the U.S. totaled 367,460 in 2025.
This number is 14% higher than in 2024 and the highest since 2019.
The U.S. foreclosure rate was 0.26% in 2025, up from 0.23% in 2024.
Florida had the highest foreclosure rate among states, at 0.44%.
The increase in filings is attributed to financial stress and market recalibration.
2025 foreclosure levels are still below those seen during the housing crisis and pre-pandemic.
Economic factors like rising costs and slow job growth are contributing to financial strain.
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Former Teen Mom star Farrah Abraham, who is running for a city council seat in Austin, Texas, criticized the city's housing market, saying her rent has significantly increased. Austin experienced a housing demand surge during the pandemic, causing home prices to rise sharply, although prices are now stabilizing. Abraham aims to address affordable housing if elected.
Key Facts
Farrah Abraham is running for a city council seat in Austin's District 5.
Abraham stated her downtown rent has doubled or tripled.
Austin's housing market surged during the pandemic, with home prices rising over 60%.
Prices are now stabilizing as fewer people move to the city.
Abraham plans to address housing affordability if elected to city council.
She cited issues with outdated tax laws affecting self-employed individuals.
Abraham has lived in Austin since 2013 and works in various roles, including as a life coach.
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BlackRock has warned that the U.S. might face a worker shortage as a massive global construction boom, partly driven by AI technology development, is underway. This shortage could be due to the retirement of older workers and the growing demand for skilled trade jobs tied to infrastructure projects. Despite these challenges, there is potential for wage growth that could attract younger workers to these positions.
Key Facts
BlackRock highlighted a potential shortage of workers in the U.S. for upcoming infrastructure projects.
The construction boom is driven by AI expansion and efforts to upgrade aging infrastructure.
BlackRock noted that training workers quickly could be a significant challenge.
Infrastructure-related jobs are expected to grow at a rate of 5% over the next 10 years, faster than the 3% national average.
Many construction workers and supervisors are nearing retirement, contributing to the labor shortage.
Immigration crackdowns have also contributed to a shortage of construction workers in the U.S.
Companies and governments are encouraged to train workers for the increasing demand for AI infrastructure jobs.
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The article discusses key trends from the J.P. Morgan Healthcare Conference, focusing on innovation in the biopharma industry, the strategic use of artificial intelligence (AI), and challenges related to healthcare policy and economics. Companies at the conference are planning strategic expansions and partnerships, while AI is increasingly viewed as an important tool for drug development and operational improvements.
Key Facts
The J.P. Morgan Healthcare Conference is in its 44th year and serves as an important event for the healthcare industry.
Major companies like Bristol Myers Squibb and AbbVie are discussing strategies for growth, including partnerships and diversification.
AI is being emphasized as a valuable tool in drug discovery, diagnostics, and improving workflows.
Economic and policy issues, such as Medicaid funding and healthcare regulation, are prominent topics at the conference.
The conference highlights a trend towards early-stage deals and strategic partnerships in the biotech sector.
Healthcare leaders are addressing concerns about the scientific enterprise amid public skepticism.
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Amazon, a financial backer of Saks Global, is concerned about its investment after Saks filed for bankruptcy. Amazon objected to Saks' bankruptcy plan and is considering more serious actions if its worries are not addressed. The bankruptcy filing is significant due to Saks' financial challenges and the impact on the luxury retail sector.
Key Facts
Amazon invested $475 million in Saks Global to support a Neiman Marcus acquisition.
Saks Global filed for bankruptcy with approximately $3.4 billion in debt.
Amazon claims its investment is now worthless due to Saks’ financial issues.
A judge approved a $400 million financing lifeline for Saks.
Saks faces problems like declining sales and cash shortages.
Saks failed to meet conditions of the Amazon deal, affecting revenue expectations.
Late payments to vendors have affected Saks’ supply chain and inventory.
Saks requires $1.75 billion in new financing to continue operations.
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Taiwan and the United States have agreed on a trade deal where Taiwan will invest heavily in U.S. technology and energy sectors in return for reduced tariffs on its goods. Taiwan will invest at least $250 billion in U.S. semiconductor and tech industries while the U.S. will lower tariffs on Taiwanese imports from 20% to 15%.
Key Facts
Taiwan will invest at least $250 billion in the United States' tech and energy sectors.
The U.S. will reduce tariffs on imports of Taiwanese goods from 20% to 15%.
The deal aims to improve U.S. access to Taiwan's semiconductor industry.
Taiwan is a major global supplier of semiconductors, crucial for digital technology.
President Trump previously set a 32% tariff on Taiwanese goods before lowering it to 20%.
Taiwan will provide the same amount in credit guarantees for further U.S. semiconductor supply chain investments.
By 2030, production capacity for advanced chips will be primarily centered in Taiwan, with some development in the U.S.
China opposes the deal, urging the U.S. to recognize its stance on Taiwan's sovereignty.
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Kroger has teamed up with Uber Technologies to offer on-demand and same-day grocery deliveries across the United States. Customers can now order groceries from nearly 2,700 stores in the Kroger Family of Companies using the Uber Eats, Uber, and Postmates apps.
Key Facts
Kroger and Uber have launched a nationwide grocery delivery service.
The service is available through Uber Eats, Uber, and Postmates apps.
Customers can order groceries from nearly 2,700 Kroger stores.
The service offers on-demand and same-day delivery options.
Uber is offering up to 50% off first orders from many Kroger stores.
Uber One subscribers get $0 delivery fees on eligible orders.
This move follows Kroger's other digital collaborations with platforms like DoorDash and Instacart.
Uber is also exploring delivering food by drone, with pilot markets expected by the end of 2025.
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The United States is looking to control Venezuela's oil sector after Venezuelan President Nicolas Maduro was taken. Venezuela has the world's largest oil reserves, mainly a type of heavy, sour crude that is harder to refine but may have potential if significant investments are made.
Key Facts
Venezuela has the world's largest proven oil reserves, estimated at 303 billion barrels.
Most of Venezuela's oil is heavy, sour crude, located in the Orinoco Oil Belt.
Heavy, sour crude is more challenging and costly to refine compared to light, sweet crude.
The U.S. government under President Trump is interested in investing in Venezuela’s oil sector.
Venezuela's oil industry has been affected by nationalization under Hugo Chavez and U.S. sanctions.
Venezuela's oil production dropped from about 3.5 million barrels per day in the 1970s to around 860,000 barrels per day as of November.
Significant investment, estimated at $110 billion, is needed to boost Venezuela's oil output.
U.S. oil companies, like ExxonMobil, have concerns about investing in Venezuela due to its uncertain political situation and past expropriations.
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Hermès, a luxury fashion brand, is under scrutiny for reportedly investigating whether potential Birkin bag buyers are wealthy or prestigious enough. A report by a French publication claims Hermès staff check customer addresses and social media to make these judgments. The investigation has sparked debate about the exclusivity and sales practices of the brand.
Key Facts
Hermès is a well-known luxury brand famous for its Birkin bags, which can sell for over $100,000.
A French publication, Glitz, reported that Hermès staff supposedly check home addresses and social media profiles of potential buyers.
The checks are believed to look for signs of wealth and prestige, like living in affluent neighborhoods.
Customers wearing certain luxury watches might be seen more favorably by staff.
Prospective buyers may need to spend a lot and build a relationship with Hermès before being offered a Birkin bag.
The Birkin bag, named after actress Jane Birkin, was designed in the 1980s and is a symbol of wealth and status.
Reselling a Birkin bag on social media may lead to the customer being blacklisted by Hermès.
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Kathleen Kennedy is stepping down as the president of Lucasfilm after 14 years. She will become a full-time producer while Dave Filoni takes over as the president and chief creative officer. During her leadership, Lucasfilm released several successful Star Wars films and shows and introduced more female and diverse characters.
Key Facts
Kathleen Kennedy led Lucasfilm since Disney bought it in 2012.
She will now become a full-time producer at the studio.
Dave Filoni, previously involved in animated Star Wars shows, will become president and chief creative officer.
Kennedy oversaw the release of five Star Wars films that earned over $5 billion worldwide.
Some of the films she managed include The Force Awakens and Solo: A Star Wars Story, the latter being a box office disappointment.
She introduced more female leads and characters from different backgrounds, though some fans criticized this approach.
Lucasfilm produced popular Disney+ series like The Mandalorian and Andor during her tenure.
Kennedy will continue to work on upcoming Lucasfilm projects like The Mandalorian and Grogu and Star Wars: Starfighter.
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India has approved a large financial plan to produce its own rare earth magnets by 2025, aiming to reduce reliance on imports, especially from China. These magnets are crucial for many technologies, including electric vehicles and wind turbines. The plan includes incentives for companies to produce magnets, but India faces challenges in technology, expertise, and raw material availability.
Key Facts
India approved a 73 billion rupee plan ($800 million) to produce rare earth magnets domestically.
The goal is to make 6,000 tonnes of permanent magnets per year within seven years.
India currently imports 80-90% of its rare earth materials from China.
China controls over 90% of global rare earth processing and recently restricted exports during a trade dispute.
India has the world's third-largest rare earth reserves but does minimal mining.
India is building facilities to support magnet production but lacks extensive industry experience.
Experts suggest that India will need partnerships to acquire technology and develop skills.
Steps are being taken to prioritize domestic use of rare earth materials over exports.
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