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Business News
Business news, market updates, and economic developments
Two proposed laws, the SECURE Data Act and the GUARD Financial Data Act, aim to regulate companies that collect and sell personal information, known as data brokers. However, both laws still have gaps that may not fully protect people's personal data from being misused.
Key Facts
Data brokers collect, buy, and sell people's personal information.
Currently, there is little federal law controlling how data brokers use this information.
The SECURE Data Act is a proposed law targeting data brokers' practices.
The GUARD Financial Data Act is another proposed law focused on financial data protection.
Both bills try to offer more consumer protections than currently exist.
Despite these laws, important gaps remain in fully protecting personal data.
The bills have not yet become law.
These laws are part of ongoing efforts to improve data privacy rules in the United States.
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Honda is recalling 880,514 vehicles because parts of the rear suspension might fail and cause safety problems. The recall covers specific models sold in 23 states and the District of Columbia. Honda will fix the issue for free starting July 7, 2026.
Key Facts
The recall affects Honda Pilot (2016-2022), Ridgeline (2017-2023), Passport (2019-2023), and Acura MDX (2014-2020) models.
Vehicles were sold in 23 states and the District of Columbia, including New York, Illinois, and Virginia.
The problem is corrosion of the rear subframe that might cause suspension failure.
Suspension failure could make drivers lose control of their vehicles.
Honda estimates only about 1% of the affected vehicles actually have this defect.
Honda will notify owners by mail starting July 7, 2026.
Repairs or replacements of the faulty parts will be free at dealerships.
The recall number from the National Highway Traffic Safety Administration (NHTSA) is 26V365000.
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Many large companies are working to reduce their impact on climate change by cutting greenhouse gas emissions and using resources more efficiently. Groups like the Science Based Targets initiative help businesses set clear goals to align with climate science and encourage transparency and action.
Key Facts
Rising greenhouse gases and deforestation are speeding up climate change, threatening global safety.
Just 57 companies caused 80% of greenhouse gas emissions since 2016.
The World’s Greenest Companies 2026 ranking highlights 850 companies from 28 countries making progress on sustainability.
Companies like Adobe use 100% renewable electricity and invest in green campuses to reduce their carbon footprint.
The Science Based Targets initiative offers guidelines and standards for businesses to achieve net-zero emissions.
Businesses affect climate change significantly due to their energy use and supply chains but can also lead positive change.
Governments can support climate action by requiring companies to disclose climate risks and emissions, as California does.
Common corporate efforts include investing in renewable energy, using low-carbon transport, recycling, and cutting harmful chemicals.
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When a creditor freezes your checking account due to unpaid debt, they may also try to take money from other types of accounts you own. These can include savings accounts, money market accounts, investment accounts, joint accounts, and certificates of deposit. The rules for what creditors can take vary depending on the type of account and where you live.
Key Facts
A bank levy means your checking account is frozen and funds are taken to pay creditors.
Creditors can also target savings accounts if they have a court judgment against you.
Money market accounts, which are similar to savings accounts, may be at risk depending on state laws.
Investment accounts like stocks or bonds in taxable brokerage accounts can be subject to collection.
Joint accounts may be frozen if one owner owes money, but non-debtor owners can try to prove their money is protected.
Certificates of deposit (CDs), which are timed savings accounts, can also be frozen by creditors.
State laws and specific case details affect what assets creditors can reach after freezing a checking account.
Household debt is high, so more people may face these collection actions.
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A new report says Social Security may run out of money by 2032, leading to a 22% cut in monthly payments for recipients. People who get Social Security or will soon should start saving more, reduce debt, and check their insurance to prepare for these changes.
Key Facts
Social Security could become insolvent by 2032.
Insolvency means monthly Social Security payments may be cut by 22%.
Inflation and higher interest rates make living expenses harder for retirees.
Moving money from low-interest savings accounts to higher-yield options like CDs or money market accounts can increase savings.
High credit card interest rates (over 20%) mean paying off debt quickly is important.
Debt relief options include consolidation loans, management programs, and forgiveness in severe cases.
Reviewing insurance can help avoid paying too much or lacking needed coverage, especially for Medicare gaps and long-term care.
People 73 and older should review their required minimum distributions (RMDs) from retirement accounts.
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Mexico has stopped most imports of live animals from the United States due to cases of a harmful parasite called the New World screwworm found in Texas and New Mexico. This ban affects some U.S. farmers who sell breeding animals to Mexico and could change trade patterns in the livestock industry between the two countries.
Key Facts
Mexico blocked imports of cattle, horses, pigs, sheep, and goats from the U.S. after detecting screwworm cases.
The screwworm parasite feeds on live animal tissue and can cause serious harm or death.
Since late 2024, Mexico reported over 28,000 screwworm cases, and the U.S. found new cases in Texas and New Mexico recently.
The ban mostly affects farmers in U.S. border states who export specialty livestock to Mexico.
U.S. exports of live animals to Mexico are smaller compared to imports, so the national impact is limited but regional effects may be significant.
Disruptions in cross-border animal trade can hurt producers, feedlots, and transport businesses that rely on steady trade.
There is concern that long-term trade limits might cause more animal feeding and processing to happen inside Mexico, shifting jobs and profits away from the U.S.
The import restrictions will stay until authorities finish evaluating the outbreak and decide if more cases appear.
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Stellantis is recalling more than 1 million Jeep vehicles because they might catch fire. Vehicle owners are told to park their cars outside and away from buildings until the problem is fixed.
Key Facts
Stellantis is recalling over 1 million Jeep vehicles.
The recall is due to a risk that the vehicles could catch fire.
The National Highway Traffic Safety Administration (NHTSA) issued a warning about this.
Owners are advised to park their Jeeps outside and away from any structures.
Repairs will be made to fix the fire hazard issue.
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A charity called Little Stars in Shropshire helps families with the high cost of school uniforms by collecting donations and giving them out. They are organizing a fundraising event from June 22 to 28, encouraging people to wear star-themed clothes and donate to support the charity’s work.
Key Facts
Little Stars was started by Leanne Farlie in 2020 to support families struggling to afford school uniforms.
The average cost of a secondary school uniform is about £289, excluding shoes.
The charity collects unwanted uniforms and provides them to families in need.
Wear Stars 4 Little Stars Week will be held from June 22 to June 28 to raise money and awareness.
Last year, 12 schools and businesses participated, and the charity hopes for more this year.
Little Stars moved into its own building in Shrewsbury recently to handle growing demand.
Their Cool for School Campaign has helped more than 900 children in Shropshire with uniform essentials in 2023.
Donations of white polo shirts are rare, so the charity needs money to buy these items.
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Patients in most wealthy countries pay lower prices for medicines because their governments negotiate drug costs. The article argues that drug companies lost a court case and that Congress should not help them financially.
Key Facts
Patients in many wealthy countries get medicines at lower prices.
These governments negotiate with drug companies to reduce costs.
Big pharmaceutical companies lost an important court case.
The article suggests Congress should not offer financial support to drug companies after this loss.
The current system leads to higher medicine prices in some countries.
Negotiation by governments helps keep drug prices affordable for patients.
The article implies changes are needed to protect patients and control medicine costs.
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A new study shows people in some Southern U.S. states spend the highest part of their income on fast food. In Mississippi, the cost of buying common fast food items uses nearly half a percent of the average monthly household income, the largest share in the country.
Key Facts
Mississippi residents spend 0.48% of their median monthly income on one burger, a small pizza, and a fried chicken sandwich—the highest percentage in the U.S.
New Jersey residents spend the least on fast food as a share of income, at 0.27%.
Fast food prices rose about 60% between 2014 and 2024, growing faster than overall inflation.
Southern states like Arkansas and Louisiana also rank high for the share of income spent on fast food due to lower median incomes.
Mississippi has the lowest median household income at $55,447; Arkansas and Louisiana follow with the 4th and 3rd lowest median incomes.
The study compared prices of burgers, pizzas, and fried chicken sandwiches in all 50 states and related these to median incomes.
A related report found Southern states have some of the highest adult obesity rates in the country.
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A recall has been issued for four lots of Gas-X products due to the risk of chemical contamination. These bottles were sent out to stores and customers between April 13 and May 14.
Key Facts
Four specific lots of Gas-X are being recalled.
The recall is because of possible chemical contamination.
The affected products were distributed from April 13 to May 14.
Customers who bought these products should check the lot numbers.
The recall aims to protect consumers from potential health risks.
Information about how to return or get a refund is usually provided with recalls.
Gas-X is an over-the-counter medicine used to relieve gas discomfort.
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One Nation, a political party in Queensland, has reported over $1 million in missing or worthless assets in financial reports from 2016 to 2022. Experts criticized the party’s financial statements for poor quality, late filings, and unusual accounting practices, raising concerns about its financial management.
Key Facts
One Nation failed to file some financial reports on time and has not filed any annual returns since 2022.
A financial expert called the party’s accounting reports “sloppy and unprofessional.”
Reports showed unusual buying and selling of assets that did not match the reported values on balance sheets.
In 2020, One Nation bought over $100,000 of office equipment and immediately wrote it off as worthless, which is unusual accounting practice.
The party posted financial losses in three of the last four years, including a $1.05 million deficit in 2022.
One Nation used a simplified financial reporting method meant for small businesses, limiting financial transparency.
Experts question whether the party violated Australian law by using this simplified reporting method.
Poor financial management raises concerns about the party’s ability to responsibly handle public funds.
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AstraZeneca is removing the breast cancer and endometriosis drug Zoladex from Australia's Pharmaceutical Benefits Scheme (PBS) and the private market starting November. This change means many women may lose access to this important medicine that reduces estrogen production, which is used to treat hormone-related breast cancer and relieve endometriosis pain.
Key Facts
Zoladex is a monthly implant that lowers estrogen by temporarily stopping the ovaries, helping treat hormone-positive breast cancer and endometriosis.
About 7,000 women with breast cancer in Australia use Zoladex each year, with 94,000 prescriptions filled in the past 18 months.
The drug also helps preserve fertility in young women undergoing chemotherapy and reduces risk of cancer recurrence.
AstraZeneca is ending the supply of the 3.6mg Zoladex implant, likely due to business reasons related to shifting focus to a higher-dose 10.8mg implant used for prostate cancer.
The higher-dose implant lasts three months but is not currently PBS-listed for breast cancer or endometriosis patients.
The price of Zoladex in Australia is much lower than in the US, but AstraZeneca says making both doses is commercially challenging.
Breast Cancer Network Australia and doctors warn that removing the drug will seriously affect women’s health and quality of life.
AstraZeneca and Australian authorities have said the decision was based on commercial viability, but critics say more transparency is needed.
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Inflation in the United States has risen to 4.2%, the highest rate since April 2023. Rising energy prices and tensions related to the conflict involving Iran are adding pressure to household budgets. The Federal Reserve plans to meet soon to decide on interest rates.
Key Facts
Inflation has increased to 4.2% in the U.S.
This is the highest inflation rate since April 2023.
Higher energy prices are a major factor in rising costs.
The conflict involving Iran is contributing to economic pressure.
Household budgets are feeling the impact of these price increases.
The Federal Reserve will discuss interest rate changes later in June.
Interest rates affect borrowing costs for consumers and businesses.
The Consumer Price Index measures changes in the prices people pay for goods and services.
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Inflation in the U.S. rose by 4.2% in May 2026 compared to a year earlier, reaching its highest level since early 2023. The increase is largely due to the Iran war, which caused oil prices to surge and impacted the cost of gasoline, diesel, and food products.
Key Facts
Inflation rose for the third month in a row, hitting 4.2% year-over-year in May.
The Iran war led to the closure of the Strait of Hormuz, a key route for global oil supply.
Energy prices, including gasoline, increased by 23% compared to last year.
Gasoline prices jumped nearly 40% since the war began in late February, reaching $4.15 per gallon.
Diesel price increases contributed to higher grocery costs because diesel powers trucks and ships in the food supply chain.
Food prices rose significantly: tomatoes up 32%, seafood 6%, and beef roughly 13% year-over-year.
The Federal Reserve may consider raising interest rates to control inflation, though markets expect rates to remain steady in the upcoming meeting.
Kevin Warsh recently began a term as Federal Reserve Chair and has expressed concern about the negative effects of high inflation, especially on lower-income people.
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Amazon announced its top-selling books of the year so far. Sarah Gelman, the editorial director at Amazon Books, shared insights about the most popular books and explained the reasons behind their success.
Key Facts
Amazon revealed the best-selling books for the current year.
Sarah Gelman is the editorial director at Amazon Books.
Gelman appeared on CBS Mornings to discuss the list.
The list highlights books that are popular among readers this year.
The discussion included reasons why these books stand out to buyers.
The information was shared through CBS News and the CBS News app.
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Honda is recalling over 880,000 vehicles due to a possible problem with the rear suspension that could cause driver loss of control and crashes. The recall covers certain models from 2014 to 2023 and repairs will be done free of charge.
Key Facts
The recall affects around 880,514 vehicles sold mainly in 22 U.S. states and the District of Columbia.
Affected models include 2016-2022 Honda Pilot, 2017-2023 Ridgeline, 2019-2023 Passport, and 2014-2020 Acura MDX.
The issue is corrosion in the rear subframe at suspension mounting points, which can cause suspension failure.
Honda estimates only 1% of the recalled vehicles actually have this defect.
No injuries, deaths, or warranty claims have been reported related to this problem so far.
Honda dealers will inspect and, if needed, reinforce, repair, or replace the rear subframe at no cost to owners.
Owner notification letters will start mailing on July 7, and vehicle details can be looked up on the National Highway Traffic Safety Administration (NHTSA) website from June 10.
Owners can contact Honda customer service at 1-888-234-2138 for more information.
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Technology stocks fell again on Wall Street, causing the main stock index, the S&P 500, to decline for the second day in a row. This drop followed recent large gains in artificial intelligence (AI) stocks, which investors now worry may have grown too quickly. Inflation data matched expectations and helped ease some losses.
Key Facts
The S&P 500 index dropped 0.6%, with the Dow Jones down 314 points (0.6%) and the Nasdaq down 0.8% early in trading.
AI-related stocks had strong gains recently but started to decline last week due to concerns their prices rose too fast.
Super Micro Computer’s stock fell 13.5% after announcing plans to raise $7 billion by selling new shares, which can reduce current shareholders’ ownership.
Micron Technology’s stock dropped 2.8%, reducing its year-to-date gains from nearly 280% to about 218%.
The U.S. inflation rate rose to the highest level in three years, as expected by economists.
A key measure of underlying inflation slowed more than forecast in May, helping reduce some pressure on stocks.
Treasury bond yields fell slightly after the inflation report, easing concerns about higher borrowing costs.
Oil prices rose 1.1% after President Donald Trump warned Iran over stalled negotiations affecting shipping through the Strait of Hormuz.
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Inflation rose to 4.2% in May, higher than the Federal Reserve's 2% target and the highest in over three years. This increase may cause mortgage interest rates to rise, making home loans more expensive for buyers and those refinancing.
Key Facts
Inflation reached 4.2% in May, up from 3.8% in April.
The Federal Reserve aims to keep inflation around 2%.
Inflation affects the cost of borrowing, including mortgages.
Strong job growth was reported with 172,000 new jobs in May.
The Federal Reserve will meet mid-June and may keep rates steady for now.
If inflation and employment stay high, the Fed might raise interest rates later.
Lenders might raise mortgage rates before any official Fed action.
Borrowers are advised to lock in current mortgage rates and check their credit scores.
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