Gary Cohn, IBM vice chairman and former economic adviser to President Trump, said high energy prices are worrying consumers in the U.S. and around the world. While the main economic numbers look good, many people feel uncertain about the future, especially because of rising costs and concerns about artificial intelligence and jobs.
Key Facts
Diesel, gasoline, motor oil, and jet fuel prices are very high worldwide, leading to protests in several countries.
Diesel prices impact many parts of the economy, like farming and transportation, which affects food costs.
Consumer feeling about the economy is negative due to energy costs and worries about AI and jobs.
Official economic data, such as GDP, employment, and spending, still shows stability and growth.
Real wages have recently fallen because prices (inflation) are rising faster than paychecks.
Americans are using their savings to keep buying things, but this cannot continue forever.
Treasury Secretary Bessent says U.S. economic fundamentals remain strong, including low poverty and foreign demand for U.S. assets.
The Federal Reserve chair, Kevin Warsh, recently stated the economy is getting stronger with new hiring in the private sector.
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The Federal Reserve raised its main interest rate, reflecting ongoing high inflation and steady economic growth. Big tech companies are borrowing large amounts of money to invest in data centers, and the government continues to run big deficits, all of which support higher interest rates over time.
Key Facts
President Donald Trump criticized the Federal Reserve’s recent interest rate increase.
The economy is growing steadily with inflation remaining high.
Big technology companies are borrowing heavily to build AI-related data centers.
The federal government is still running large yearly budget deficits.
Mortgage rates have risen to nearly 7%, much higher than during the 2010s and the COVID-19 period.
Supply shortages and higher oil and gas prices are contributing to inflation.
Consumer spending remains healthy despite worries about the economy.
Long-term interest rates on government bonds have risen as companies and government compete for loan money.
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The Liberal Democrats revealed a £2 billion plan to lower fuel duty by 10p per litre for three months. Their leader, Ed Davey, also proposed cuts to bus and rail fares to help voters, while the party tries to make its policies better known.
Key Facts
The Liberal Democrats proposed cutting fuel duty by 10p a litre for three months.
They also want to reduce bus fares from £3 to £1 and cut rail fares by 10%.
Ed Davey is the party leader and made these proposals at their conference in Brighton.
Polls show only 39% of voters know what the Liberal Democrats stand for, lower than other parties.
The party has 71 MPs, more than the newly formed Restore Britain party, which has 1 MP.
The Lib Dems have won council elections for eight years in a row, their best record ever.
Some party members want clearer messaging and wider appeal across the country.
Research showed the Lib Dems do better in wealthier areas and less well in poorer regions.
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Ari Emanuel is a leading Hollywood talent agent and the head of WME Group, representing famous actors and musicians. He is also chairman of TKO Group, which owns UFC and WWE. Emanuel shares his life story and career in a new memoir called "Roll the Calls."
Key Facts
Ari Emanuel began his career in the mailroom, delivering scripts across Los Angeles.
He leads WME Group, a top talent agency with clients like Denzel Washington, Adele, and Matt Damon.
Emanuel is chairman of TKO Group, which owns UFC (Ultimate Fighting Championship) and WWE (World Wrestling Entertainment).
He grew up near Chicago in a family focused on high achievement; his mother was a civil rights activist and his father a doctor.
His older brothers include Rahm Emanuel, a political figure, and Zeke Emanuel, a bio-ethicist and oncologist.
Emanuel struggled with dyslexia and was bullied as a child but learned to defend himself.
He describes his job as helping people achieve their dreams by negotiating deals, raising money, and supporting clients through challenges.
Emanuel’s memoir "Roll the Calls" will be published by Knopf and reflects on his competitive nature and career.
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A gas station in Ohio showed prices of $9.99 per gallon on its display, but this was because it had run out of fuel, not because the price was actually that high. The average gas price in Ohio was about $4.50 per gallon, and the high number on the sign was due to an empty tank rather than a special price increase.
Key Facts
Gas prices across the US have increased about 50% since the war that started on February 28, reaching an average of $4.48 per gallon.
The Ohio state average for regular gas rose from $2.76 before the conflict to $4.53 recently, a 64% increase.
A photo showing gas priced at $9.99 per gallon at a station in Ohio went viral on social media.
The gas station in Gibsonburg, Ohio, actually listed prices around $4.50 for regular gas at the time.
An employee explained the $9.99 price was a default display because the station ran out of gas.
Gas price displays sometimes show $9.99 when out of fuel, due to technical limits on the sign.
Similar high price displays happened during the 2021 East Coast fuel shortage caused by the Colonial Pipeline hack.
The viral photo was shared alongside false claims that Ohio gas prices were unusually high due to the Iran war.
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A Florida lawyer recently filed 15 lawsuits against major sports betting apps, FanDuel and DraftKings, claiming these apps are designed to cause gambling addiction. Sports betting has grown quickly, with $167 billion wagered last year, but studies show that this rise has led to more bankruptcies and financial problems for many people.
Key Facts
Meta recently agreed to pay $17.1 billion in penalties over claims its platforms were addictive.
Attorney Jennifer Hoekstra filed lawsuits against FanDuel and DraftKings, saying their apps encourage addiction.
Sports betting reached $167 billion in bets last year in the US.
A UCLA study found that states legalizing online sports betting have seen a 25% rise in bankruptcies and credit card problems.
Nearly 20 million American adults showed signs of problem gambling behavior in the past year.
FanDuel claims it spends $158 million on responsible gaming and removed 5,700 users for risky gambling last year.
Former insiders say the companies try to keep bettors engaged rather than stopping them from gambling too much.
VIP rewards like luxury seats and signed jerseys are used to encourage more betting by top customers.
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Since 2018, when sports gambling became legal outside Nevada, the amount of money bet online has grown to $167 billion a year. In states where online sports betting is legal, there has been a 25% increase in bankruptcies and missed credit card payments.
Key Facts
Sports gambling was legalized beyond Nevada in 2018.
Legal online sports betting now involves about $167 billion wagered annually.
States with legal online sports betting have seen a 25% rise in bankruptcies.
These states also have a 25% increase in credit card delinquencies (late or missed payments).
Gamblers sometimes bet amounts equal to their total yearly income.
Companies like FanDuel and DraftKings offer online sports betting platforms.
Lawsuits have been filed against these betting companies about how their platforms are designed.
The article includes interviews with gamblers and an examination of betting company practices.
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Sir Jim Ratcliffe, billionaire co-owner of Manchester United and founder of Ineos, criticized the UK for high taxes and immigration while living as a tax resident in Monaco since 2020. Labour Party chair Bridget Phillipson said his tax exile status weakens his position to criticize the UK and expressed optimism about the country's economic future ahead of the upcoming Budget.
Key Facts
Sir Jim Ratcliffe lives in Monaco for tax reasons and has been a tax resident there since 2020.
He said he has lost confidence in the UK due to high taxes and immigration.
Ratcliffe criticized the UK government for not investing enough in North Sea oil and gas.
Ineos, Ratcliffe’s company, runs a pipeline transporting about 30% of the UK’s North Sea oil.
Bridget Phillipson, Labour Party chair, said Ratcliffe loses the “moral high ground” by criticizing the UK while being a tax exile.
Other billionaires, like Lakshmi Mittal and Chris Rokos, have also left the UK.
Phillipson said she is optimistic about the UK’s economic prospects despite challenges.
The UK government emphasized the importance of oil and gas but highlighted a transition to clean energy for long-term security.
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Liberal Democrat deputy leader Daisy Cooper announced a 30-page plan to boost the UK's economic growth by cutting red tape and supporting businesses. She also proposed a new Growth and Defence Partnership with the EU to help recover £90 billion a year in lost tax revenue due to Brexit.
Key Facts
Daisy Cooper is the Lib Dem deputy leader and Treasury spokesperson.
The UK economy is slowed by what Cooper calls a "computer says no" approach, meaning unnecessary bureaucracy.
The plan includes a digital one-stop-shop to simplify services for businesses and investors.
Cooper wants a new Department for Growth to help small and medium-sized businesses expand.
The Growth and Defence Partnership with the EU aims to reverse Brexit’s economic impact.
Brexit currently costs the UK £90 billion a year in lost tax revenue, according to Cooper.
Cooper criticized rival parties for lacking clear economic plans or increasing taxes and spending cuts.
She warned against Nigel Farage’s influence, comparing him negatively to U.S. President Donald Trump.
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The stock market grew strongly during the first 20 months of President Donald Trump's second term, but it did a little worse than during his first term. The main U.S. stock indexes show Trump’s second term performed better than President Biden’s first term but still behind President Obama’s.
Key Facts
The S&P 500 index rose about 27.6% in the first 20 months of President Trump’s second term.
During the same period in his first term, the S&P 500 rose 28.5%.
Trump’s second term stock gains were better than President Biden’s first 20 months, but lower than President Obama’s.
The Dow Jones Industrial Average increased 18.8% under Trump’s second term, compared to 33.8% in his first term.
The Nasdaq Composite grew 35.1% with Trump’s second term, lower than 43.5% in his first term and 51.4% under Obama.
The Russell 3000 index performed better in Trump’s second term than in his first term.
President Trump views the stock market as an indicator of the economy, though many economists disagree with this idea.
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Ferrari has released the Purosangue, a new four-door vehicle they call an "FUV" (Ferrari Utility Vehicle) instead of an SUV. It features a powerful 6.5-liter V12 engine, all-wheel drive, and seating for four with rear-hinged doors for easier access.
Key Facts
Ferrari’s Purosangue is a new model described as an FUV, not an SUV.
It has four doors, including rear-hinged doors for rear passengers.
The engine is a 6.5-liter naturally aspirated V12 with 715 horsepower.
It uses an all-wheel-drive system with a unique front-mid engine layout.
The car is 195.8 inches long and weighs about 4,784 pounds.
Rear seats are fixed and do not fold down, and there is a solid barrier between the cargo area and cabin.
The eight-speed dual-clutch gearbox powers the rear wheels, with a separate unit driving the front wheels.
The Purosangue is designed to be both practical for everyday use and capable of high performance.
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Independent bookshops in the UK and Ireland are growing in number, reaching 1,086 stores in 2025, the highest since 2012. This rise is partly linked to social media platforms like TikTok, which encourage young people to buy and share books.
Key Facts
The number of independent bookshops in the UK and Ireland rose from 867 in 2016 to 1,086 in 2025.
New booksellers often work long hours and face challenges learning to run a retail business.
Some new bookshops are started by people with no previous retail experience but strong community ties.
Social media, especially TikTok, has helped boost book sales, with £175m spent on books influenced by the platform in 2025.
Nearly half of young adult TikTok users reported buying books after seeing them on the app.
Bookshops serve as community hubs where people share their love of reading and connect with others.
Despite growth, some bookshops struggle with high rents and have turned to crowdfunding to stay open.
The trend shows younger people collecting physical books as trophies and enjoying sharing their reading on social media.
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Chiltern Railways, a train company running services between London and Birmingham, has been taken over by the government as part of a plan to bring major passenger trains back under public control. The government aims to improve services, add more trains and seats, and create an integrated railway system called Great British Railways.
Key Facts
Chiltern Railways became publicly owned on Sunday.
It is the sixth train operator nationalised under the Labour government.
The government plans to nationalise all major passenger rail services by the end of 2027.
Improvements promised include more trains, upgraded stations, better wifi, and 10,000 extra seats each weekday.
A new railway body, Great British Railways, is being set up to manage the network.
Additional train services will start on the Chiltern network from December.
The East West Rail project, connecting Oxford and Cambridge, is linked to these changes but still faces delays.
Rail unions oppose some plans like driver-only trains and are planning protests.
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Global stock markets are showing signs of possible trouble amid rising tensions in the Middle East, higher oil prices, and increasing government borrowing costs. Investors worry that higher inflation and interest rate hikes could trigger a market downturn or recession.
Key Facts
The US stock market recently reached a record high but has dropped about 3% since then.
Rising conflict in Iran and the Middle East is causing uncertainty and inflation fears.
US government borrowing costs rose to their highest level since 2007.
The price of oil has passed $100 per barrel, adding pressure on energy costs globally.
Central banks like the US Federal Reserve, Bank of England, European Central Bank, and Bank of Japan are raising interest rates to combat inflation.
Higher interest rates can slow economic growth and may lead to job losses.
The US stock market's CAPE ratio—a measure of market valuation—is at its highest since 2000, suggesting the market may be overvalued.
Past patterns show recessions often start about three to three and a half years after the first interest rate increase.
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Australia’s latest long-term forecast shows people will live longer, with women expected to reach almost 90 years and men 86 years by 2065/66. The population will grow more slowly and be smaller than previously predicted, and government debt is expected to be lower partly due to advances in technology like artificial intelligence.
Key Facts
Life expectancy for women is expected to rise from about 86 years now to nearly 90 years by 2065/66.
Men’s life expectancy is forecasted to increase from 82 to 86 years in the next 40 years.
Australia’s healthcare system and medical research are key reasons for longer lifespans.
Population growth will slow to 0.9% per year over the next 40 years, down from 1.4% in the past 40 years.
The population is expected to be 39.3 million by 2065/66, which is 1.8 million less than last year’s forecast.
Falling fertility rates, especially women having fewer children later in life, contribute to slower population growth.
Government policies support families through subsidized childcare, increased parental leave, and higher retirement savings.
Advances in technology like artificial intelligence are expected to help reduce government debt and improve productivity.
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Opposition leader Angus Taylor pledged to make one of the biggest immigration cuts in Australia’s history and criticized the current Labor government’s policies. He also announced a “fuel price shield” policy to reduce fuel taxes automatically when oil prices go above $100 a barrel, aiming to lower costs for drivers.
Key Facts
Angus Taylor is the federal opposition leader in Australia.
He promised to cut immigration more than any previous government.
Taylor criticized the Labor government for what he called “socialist” policies and national symbols displayed at events.
Labor’s new immigration plan includes turning a former quarantine facility into a detention center and limiting family visits for international students.
Taylor wants to protect Australia’s national flag and changes laws related to gender.
The “fuel price shield” would automatically halve the fuel tax when oil prices remain over $100 a barrel for two weeks, saving drivers about 27 cents per liter.
The fuel tax reduction would last up to three months or until oil prices drop, costing the government about $950 million per month.
Victorian Greens MP Tim Read passed away, and leaders from different parties praised his work and character.
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Small businesses near tobacconists in Melbourne are having trouble getting insurance or facing higher costs because of increased firebomb attacks linked to criminal groups fighting over illegal tobacco sales. These attacks have caused significant damage and made insurers see nearby shops as high-risk, leading to denied or limited coverage.
Key Facts
Over 200 firebomb attacks on homes and businesses in Australia since 2023 are linked to criminal groups competing in the illegal tobacco market.
A recent fire in Richmond, Melbourne, destroyed a tobacco shop and nearly a dozen nearby stores, involving 80 firefighters.
Some insurers, like Suncorp, have stopped offering insurance to tobacconist retailers and may deny coverage to nearby businesses.
Small businesses near tobacconists report difficulty renewing insurance or must pay higher prices without fire coverage.
Businesses within about 20 meters of tobacconists are generally considered higher risk by insurance brokers.
Illegal tobacco made up 80% of cigarettes smoked in Australia in 2025, with much lower prices than legal cigarettes.
There is an ongoing political debate about reducing tobacco taxes to lower illegal sales, while health experts want stronger law enforcement.
Authorities warn that firebombings hurt local shops by reducing customers and damaging reputations, adding financial pressures on small businesses.
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Ari Emanuel, a successful Hollywood agent, shares a story from his memoir "Roll the Calls" about being hit by a truck in 1994. He reflects on the experience and its meaning, emphasizing the importance of living purposefully and facing life's challenges head-on.
Key Facts
Ari Emanuel is a major Hollywood agent and wrote the memoir "Roll the Calls."
The memoir is published by Knopf and was set to be released on September 22, 2026.
In the excerpt, Emanuel describes being struck by a black pickup truck in 1994.
He compares the physical pain to past injuries and fights he has experienced.
Emanuel reflects on the fragility of life and the need to act with purpose and urgency.
The memoir discusses his perspective on the entertainment business and life struggles.
The excerpt was published with permission from the publisher, Penguin Random House.
The book is available in several formats, including hardcover, paperback, ebook, and audio.
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The article says that automation, meaning machines and computer programs doing work, is changing jobs in America. It explains that this shift can make it harder for workers to negotiate pay and may cause some skilled workers to lose their jobs.
Key Facts
Automation uses machines and software to perform tasks previously done by people.
This change affects the American middle class by reducing workers' ability to demand better wages.
Specialized professionals may lose their jobs because machines can do some of their work.
The article warns that these changes could impact job stability.
The writer highlights the growing number of workers replaced or affected by technology.
The concern is focused on how automation changes the labor market.
The topic connects to economic challenges faced by American workers today.
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Mark Walter, owner of the Los Angeles Dodgers, and several insurance companies he controls are being sued for not telling customers about a federal investigation. The lawsuit claims they directed policyholders' money into Walter’s other companies without proper disclosure.
Key Facts
Mark Walter owns the Los Angeles Dodgers and several insurance companies, including Delaware Life and Clear Spring Life and Annuity.
A class-action lawsuit was filed by Ira Rosner, who bought a policy from Delaware Life and was not informed of a federal probe until after the withdrawal period passed.
The lawsuit accuses Walter and the companies of negligent misrepresentation, breach of contract, and helping fraud.
Walter is under investigation by the U.S. Attorney’s Office in Manhattan and the Securities and Exchange Commission (SEC) after a whistleblower complaint.
The investigation involves loans between companies within Walter’s business portfolio.
TWG Global Holdings is the company Walter uses to control the insurance companies and his investment firm, Guggenheim Partners.
TWG Global denied any wrongdoing related to the investigation.
Recently, Walter and co-owner Todd Boehly sold their stakes in the Chelsea football club and Walter agreed to sell the Los Angeles Lakers basketball team.
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