Federal Reserve Chair Jerome Powell gave a speech at an economic event in Jackson Hole, Wyoming. He discussed interest rates and the job market amid criticism from President Trump. Powell's decisions affect borrowing costs and the economy.
Key Facts:
Jerome Powell is the Chair of the Federal Reserve, the U.S. central bank.
President Trump has criticized Powell for not lowering interest rates.
The Federal Reserve's interest rate affects loans for things like houses and cars.
Powell's speech in Jackson Hole is closely watched by financial markets and the government.
Recent reports showed weak hiring and rising core inflation in the U.S.
Powell must balance these economic indicators when deciding on interest rates.
Powell and Trump had a public disagreement about the cost of renovating Fed buildings.
More than 100 business leaders in the UK are urging the government to create a specific law making it a crime to assault public-facing workers, such as those in retail and transport. Currently, assaults on retail workers are being considered for specific legal protection under a new bill, but business leaders want this protection to cover all customer-facing roles. The call for action comes as reports indicate increased hostility and abuse towards workers.
Key Facts:
Over 100 business leaders have asked for assaults on public-facing workers to become a separate criminal offence.
This proposal follows a reported rise in abusive incidents targeting these workers.
A new law is being proposed to specifically protect retail workers, with potential penalties including prison or fines.
Business leaders want this law to cover all sectors, not just retail.
About 60% of the UK's workforce work in customer-facing roles, such as in retail, transport, and hospitality.
A recent survey reported a 20% increase in hostility towards customer-facing workers.
37% of these workers consider leaving their jobs due to customer aggression.
Some sectors, like transport, report increased staff assaults, with calls for better protection.
The real estate market in the U.S. is showing signs of improvement after a period of slowdown. Sales of existing homes increased slightly in July, and more homes are available for sale. High mortgage rates and prices are still challenges for buyers.
Key Facts:
Home sales increased by 2% in July compared to the previous month.
The National Association of Realtors estimates about 4 million homes will be sold in the U.S. this year, which is less than during the pandemic.
Inventory is up, with 1.55 million homes for sale in July, 16% more than the previous year.
Homes are taking longer to sell, averaging 28 days compared to 24 days a year earlier.
Prices dropped in 33 out of the 50 largest metro areas, but the national median price is slightly up to $422,400.
Mortgage rates are averaging about 6.6% for a 30-year loan, which impacts affordability.
Refinancing activity has increased with recent slight declines in mortgage rates.
Future mortgage rates depend on economic factors, including potential Federal Reserve decisions on interest rates.
The UK's third largest steelworks has come under government control, affecting the future of nearly 1,500 workers in Rotherham and Sheffield. The company's change in ownership raises concerns about job security for these workers.
Key Facts:
The UK government has taken control of the third largest steelworks in the country.
This change affects about 1,500 workers.
The steelworks is located in Rotherham and Sheffield.
The future of the workers and the company is uncertain.
The government intervention aims to secure the business's operations.
The article discusses the impact on a country when its people no longer trust the government's economic data. It specifically looks at what happened in Greece when trust in economic statistics declined.
Key Facts:
The article focuses on the issue of distrust in government-released economic data.
It uses Greece as an example of a country where people lost trust in government economic information.
Trust in economic data is important for a country's financial stability.
When people doubt official economic figures, it can lead to confusion and uncertainty.
Lack of trust in government data can affect investment and financial decisions.
Some large U.S. retailers like Walmart, Home Depot, and Target have increased prices on certain products because of tariffs, which are taxes on imports. They have managed to maintain lower prices on other products.
Key Facts:
Major U.S. retailers include Walmart, Home Depot, and Target.
Prices on some items have gone up due to tariffs.
A tariff is a tax on goods brought into a country from abroad.
Retailers have kept prices steady for other items.
The situation affects consumer shopping experiences.
Elon Musk and his company X (formerly Twitter) have reached a provisional settlement with former employees who sued for $500 million in severance pay. This settlement relates to the layoffs of about 6,000 employees as part of cost-saving measures after Musk took over the company in 2022. The details of the settlement are not yet public and need court approval.
Key Facts:
Elon Musk and X have reached a provisional settlement over a lawsuit for $500 million in severance pay.
The lawsuit was filed by former employees who were laid off when Musk took over X in 2022.
About 6,000 employees were laid off, which was more than half of Twitter's workforce.
Laid-off workers claimed they were denied severance benefits promised by the company.
The company reportedly offered at most one month's severance, while some employees received none.
This settlement still requires court approval and details are not public yet.
The layoffs at Twitter were part of broader cost-cutting trends in the tech industry.
Other tech companies like Facebook, Google, and Microsoft also laid off a large number of workers following a hiring increase during the early COVID-19 pandemic.
India has increased its imports of Russian oil, with Reliance Industries being the main importer. This shift is tied to the price cap on Russian oil, meant to reduce revenues for Russia. The U.S. has reacted by imposing a 25% tariff on India, affecting its trade relationship with Russia.
Key Facts:
The U.S. imposed a 25% tariff on Indian imports from Russia due to concerns over Russia's actions in Ukraine.
India’s relationship with Russia dates back to the Cold War and includes defense partnerships.
Reliance Industries, headed by Mukesh Ambani, is India's largest importer of Russian crude oil.
Russian crude was 3% of Reliance's imports in 2021 but grew to 50% by 2025.
The Jamnagar refinery imported 18.3 million tonnes of Russian oil in the first seven months of 2025, a 64% increase from the previous year.
A price cap on Russian oil was intended to curb Russian revenue while maintaining supply.
A shadow fleet is being used by Russia to navigate price cap rules, affecting prices and shipping.
The U.S., along with other countries, has still been importing products refined from Russian crude at the Jamnagar refinery.
The government has instructed baby food companies to reduce the sugar and salt levels in their products and to stop promoting snacks for babies under one year old. New guidelines also restrict false health claims in marketing. If companies fail to comply within 18 months, they may face action.
Key Facts:
Baby food manufacturers must reduce sugar and salt in their products.
Marketing of snacks for babies under one year is discouraged.
Guidelines restrict health claims not backed by scientific evidence.
Companies have 18 months to make their products healthier or face consequences.
The BBC investigation found some top-brand baby foods lacked key nutrients.
The market for baby food in pouches and snacks has grown significantly.
The NHS advises against using baby food pouches as everyday meals.
New guidelines ask companies to stop practices like promoting snacks to babies younger than 12 months.
Cracker Barrel has changed its logo, removing the familiar barrel and man image, which has upset some fans. The new design has simpler elements and is part of a wider rebranding effort that includes modernizing restaurant interiors.
Key Facts:
Cracker Barrel updated its logo, removing the iconic barrel and man image.
The new logo uses "Cracker Barrel" text on a gold background.
This change is part of Cracker Barrel's fifth logo redesign.
The company is remodeling its restaurants with modern design elements.
Cracker Barrel operates nearly 660 locations in the U.S.
The rebranding aims to modernize the company's image while maintaining its core values.
Cracker Barrel shares fell over 7% after the logo change announcement.
The U.S. government is considering buying a 10% share of Intel, a major computer chip company. This action would be one of the biggest U.S. government investments in a private business since the 2008 auto industry bailout.
Key Facts:
The U.S. government might buy a 10% share in Intel.
Intel is a company that makes computer chips.
This would be one of the largest U.S. government investments in a private business since 2008.
The 2008 reference is to the government bailout of U.S. auto companies.
Amna Nawaz spoke with Peter Harrell from the Carnegie Endowment for Peace about this topic.
Peter Harrell is a former economic advisor in the Biden administration.
Walmart's second-quarter earnings report showed that more shoppers are choosing Walmart despite economic challenges. However, the company's profits fell short of expectations because of rising inventory costs. Walmart's revenue grew, but its stock price dropped due to lower-than-expected earnings and concerns about future margins.
Key Facts:
Walmart's revenue for the second quarter was $177.4 billion, slightly higher than expected.
The company's adjusted earnings per share were 68 cents, below the expected 74 cents.
Walmart's stock fell 4% due to missed earnings expectations.
The retailer's gross margin was 24.5%, not meeting the forecasted 24.9%.
Tariffs have increased Walmart's costs, as goods became more expensive.
Walmart's online sales grew by 25% globally in the second quarter.
Consumers, especially middle- and lower-income households, are changing their shopping habits due to higher prices.
Walmart plans to raise some prices to manage tariff-related costs.
A UK business leader, Adam Garfunkel, has suggested that companies in the UK stop doing business with companies linked to Israel. He believes businesses should support international law instead.
Key Facts:
Adam Garfunkel is a UK business leader.
He suggests UK businesses should not work with companies connected to Israel.
He emphasizes the importance of supporting international law.
The context relates to the situation in Gaza.
Adam Garfunkel's comments focus on ethical business practices.
Economists are meeting in Jackson Hole, Wyoming, to discuss key issues related to the U.S. Federal Reserve, focusing on topics like interest rates and the Fed's independence from politics. Jerome Powell, the current Fed chair, is expected to speak about the economic outlook and possibly the future of interest rate cuts. This gathering comes amid tensions between the Fed and political leaders in the U.S.
Key Facts:
The meeting takes place at the Kansas City Federal Reserve's annual economic symposium in Jackson Hole, Wyoming.
Economists are discussing the main topic, "Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy."
Jerome Powell, the Fed chair, is giving a speech on the economic outlook and possibly reviewing the monetary policy framework.
Investors are interested in whether the Fed will cut interest rates soon, as the markets predict.
President Trump has criticized the Fed for not lowering interest rates and pressures Fed officials.
Trump has nominated Stephen Miran to the Fed's Board of Governors, aiming for a majority of Trump-appointed members.
The meeting could impact how U.S. economic policies are shaped moving forward.
McDonald's Japan stopped a toy giveaway that was supposed to start soon. This decision came after a Pokémon toy promotion led to food being wasted and the toys being resold for profit online. McDonald's is now reviewing how it handles these giveaways to prevent similar problems.
Key Facts:
McDonald's Japan postponed a toy promotion tied to "One Piece" due to problems from a past Pokémon card giveaway.
The Pokémon card giveaway resulted in people buying a lot of meals just for the cards, causing food waste.
Complaints came in when people saw the Pokémon cards being sold for high prices online.
McDonald's Japan decided to give out toys from earlier promotions instead of the new ones.
Japan's Consumer Affairs Agency advised McDonald's to improve its sales strategy and reduce food waste.
"One Piece" is a well-known comic and animated series in Japan.
McDonald's faced similar reselling issues with other promotions, like the "Chiikawa" series.
McDonald's Japan apologized for the Pokémon card situation and plans to cap meal purchases to prevent reselling.
The UK's third-largest steelworks is now under government control. This affects around 1,500 workers as the authorities try to find a new owner for the facility.
Key Facts:
The steelworks is the third largest in the UK.
It is located in Rotherham and Sheffield.
The company, Speciality Steels UK (SSUK), owed hundreds of millions of pounds.
Insolvency courts granted a winding-up order against SSUK.
The Official Receiver and Teneo, a consultancy firm, are managing the company.
The government will pay workers' wages and other costs for the time being.
The United States and the European Union have reached a trade agreement involving pharmaceuticals and semiconductors. Initially, there was a threat from President Trump to impose high tariffs of up to 250% on these goods, but that has been reduced to 15%. Other parts of the agreement include maintaining a 27.5% tariff on cars until the EU removes tariffs on U.S. industrial goods.
Key Facts:
The U.S. initially threatened to impose very high tariffs on EU pharmaceuticals and semiconductors.
Under the new agreement, tariffs on these items will be lowered to 15%.
The deal was first mentioned during Trump's meeting with European Commission President Ursula von der Leyen.
The EU will lower tariffs to zero on all U.S. industrial goods, including some agricultural products.
The 27.5% tariff on European car exports to the U.S. will remain until the EU lifts all tariffs on U.S. goods.
This agreement provides stability and clarity for U.S.-EU trade relations.
Ireland's Deputy Prime Minister welcomed the tariff reduction for pharmaceuticals, important for Irish exports.
The new 15% tariff rate will apply to most European goods starting from 1 September.
Jerome Powell, the Federal Reserve Chairman, is preparing to give a significant speech at the Jackson Hole meeting. The speech will discuss the economic outlook and the Fed's approach to managing inflation and unemployment. This comes amid pressure from the White House to lower interest rates.
Key Facts:
Jerome Powell will give a speech at the Jackson Hole meeting, which is his last as Fed Chairman.
The Federal Reserve is under pressure from the White House to lower interest rates.
Powell's speech will address the economic outlook and the balance between inflation and unemployment.
Investors are hoping for hints about a possible interest rate cut in September.
The Fed cut its benchmark rate by one percentage point last year and has kept rates steady since December.
Inflation is above the Fed's 2% target, while job growth is slowing, complicating rate decisions.
The Fed recently reviewed its long-term interest-rate policy, balancing inflation control and maximum employment goals.
Powell might state that the Fed is keeping options open for future rate decisions.
