The UK government plans to let regional mayors in England keep a portion of income tax and business rates from 2027 and 2028. This move aims to give local leaders more control over funding for public services, though some critics worry it could create inequality between richer and poorer areas.
Key Facts
Regional mayors will begin keeping some business rates revenue from April 2027.
They will get a share of income tax from April 2028, but tax rates will not change.
The government says this is the biggest transfer of power from central government to local regions.
Some mayors want the ability to offer taxpayers rebates, but current plans do not allow this.
Critics argue that poorer areas might lose out and that central government support is still needed.
Some regions, like Cornwall, may not have elected mayors or combined authorities and could miss out on these powers.
Chancellor John Healey will provide more details in the October 28 Budget.
The policy is part of Prime Minister Burnham’s focus on devolution, giving more power to local leaders.
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Three Federal Reserve officials disagreed with the decision to keep interest rates the same and argued for raising them to fight high inflation. They believe inflation will not go down on its own and that small rate increases now could prevent bigger problems later.
Key Facts
Three Fed officials wanted to raise interest rates by a quarter-point instead of leaving them unchanged.
They say inflation has stayed too high for too long because of ongoing supply problems and strong demand.
These officials think the current policy is not slowing the economy enough to reduce inflation.
Fed President Neel Kashkari compared the current situation to the 1970s, warning repeated shocks can make inflation stick.
Kashkari mentioned big investments in data centers as a new factor driving demand and inflation.
Cleveland Fed President Beth Hammack heard from businesses and consumers about rising prices and supports rate hikes.
The officials suggest making small increases now to avoid having to make bigger increases later.
They are watching whether more Fed members agree with this approach in the near future.
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A judge ruled that private equity investors behind a £300 million used-car company planned in advance to remove the company’s CEO, Peter Waddell, from his role. Although Waddell was properly dismissed for serious misconduct, the court found the investors delayed addressing his behavior to gain full control of the business without paying for his shares.
Key Facts
Peter Waddell was CEO of Big Motoring World, a used-car dealership valued at £300 million.
Private equity firm Freshstream invested in the company in 2022, acquiring about one-third of the shares.
The judge found Freshstream had a planned strategy to remove Waddell and take full control of the business.
Waddell was dismissed for “gross misconduct” after making racist, sexist, and bullying remarks.
Freshstream delayed acting on Waddell’s behavior until they could force him out without paying for his remaining shares.
Waddell built the company from scratch, growing it to 525 employees and £371 million in revenue in 2021.
Waddell said he wants to regain control of the company after the ruling.
Freshstream says it was right to dismiss Waddell and is reviewing legal options regarding the judge’s other findings.
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The UK government, led by Prime Minister Andy Burnham and Chancellor John Healey, will announce a budget on October 28 focused on spreading money and power beyond London. The budget aims to follow strict spending rules while addressing economic challenges like inflation and rising borrowing costs.
Key Facts
The budget date is set for October 28.
The government plans to distribute money and power away from Westminster to other regions.
Chancellor John Healey promises to follow Labour’s fiscal rules, balancing spending with income.
Prime Minister Burnham has introduced policies like cutting VAT on energy bills and lowering business rates for pubs and live venues.
The UK is facing higher borrowing costs partly due to the economic effects of the Iran war.
The national debt is at its highest level since the 1960s.
Burnham has ruled out increasing income tax, National Insurance, or VAT but has not dismissed other tax changes like wealth or property taxes.
The government plans to fund social care, cost of living support, regional devolution, and increased defense spending within this budget.
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The United States faces a big shortage of automotive technicians, with 1.2 million more needed by 2029 to meet demand. This shortage is due to fewer young people entering the field, retiring experienced workers, and more complex car technologies requiring new skills.
Key Facts
The U.S. needs about 1.2 million new automotive, collision, and diesel technicians by 2029.
Current training programs will only supply a small portion of the needed technicians.
Retiring experienced workers and advanced car technology make the shortage worse.
Electric and high-tech vehicles require special training that takes time to develop.
Longer wait times and higher labor costs for repairs are affecting consumers.
The U.S. Department of Labor is investing $162 million to grow apprenticeship programs.
Companies are offering scholarships and better pay to attract more workers.
Industry leaders say the root problem is that young people are not introduced early enough to automotive careers or vocational training.
Vocational careers in the automotive field offer opportunities beyond traditional repair jobs, like vehicle customization and detailing.
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New York state has filed a lawsuit against Kalshi, saying the company is running an illegal gambling business. The lawsuit claims Kalshi is not following state laws by operating without a proper license and avoiding gambling taxes.
Key Facts
New York sued Kalshi on Friday.
The lawsuit accuses Kalshi of running an illegal gambling operation.
Kalshi is described as a prediction market platform.
The company allegedly did not get a license from New York's gaming commission.
The lawsuit says Kalshi avoided paying gambling-related taxes.
The state claims Kalshi ignored New York laws on gambling.
The term "Empire State" refers to New York.
The legal action is focused on compliance with state regulations.
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Creditors usually begin to negotiate with borrowers when the borrower has missed payments and it becomes unlikely they will pay the full debt. The size of the debt matters less than how late the payments are and other factors like income and financial hardship.
Key Facts
Creditors often start negotiating when a debt account is 90 days or more overdue.
There is no set minimum debt amount that triggers creditor negotiations.
A smaller debt that is very overdue may get better settlement offers than a large debt with current payments.
Creditors look at payment history, account status, income, assets, and potential recovery chances.
Some credit card companies offer hardship programs to reduce payments or interest for those facing temporary financial problems.
Hardship programs usually do not forgive any part of the debt.
Direct negotiation works best for a few accounts or temporary financial problems.
For multiple debts or ongoing financial trouble, a broader debt relief plan may be needed.
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Americans plan to spend more money on back-to-school shopping this year. Higher prices due to inflation are causing total spending to increase compared to previous years.
Key Facts
Inflation has raised the cost of goods, including school supplies and clothing.
Families expect to spend more on back-to-school items in 2024.
CBS Mornings shared tips to help shoppers save money.
Finding deals is important for managing increased costs.
The trend reflects broader economic changes affecting everyday expenses.
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New York state is suing Kalshi, a prediction market platform, accusing it of operating illegal gambling activities. The lawsuit seeks to stop Kalshi's business in New York, recover money for consumers, and impose fines, arguing that Kalshi violates state gambling laws and allows underage betting.
Key Facts
New York Attorney General Letitia James filed a lawsuit against Kalshi for illegal gambling.
The complaint demands Kalshi pay restitution to bettors, forfeit profits, and pay triple fines based on earnings in New York.
Kalshi is accused of allowing users under the state's legal gambling age of 21 to place bets.
New York Governor Kathy Hochul supports the lawsuit, saying Kalshi ignores state gaming laws.
Prediction market activity has grown rapidly since the 2024 presidential election, with combined monthly trading volume on such platforms rising from under $5 billion in 2025 to $24 billion in 2026.
Kalshi claims it is federally licensed and regulated by the Commodity Futures Trading Commission (CFTC).
The lawsuit is part of a wider legal struggle between states wanting to regulate or ban prediction markets and the federal CFTC, which claims exclusive regulatory authority.
A recent federal court ruling blocked Minnesota from enforcing a law banning most prediction market bets, showing ongoing legal conflicts.
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Chancellor John Healey has announced that his first Budget will be presented on 28 October. The Budget will focus on careful money management and aims to provide stability for businesses and families while respecting government spending rules.
Key Facts
John Healey is the Chancellor responsible for the UK's Budget.
The Budget date is set for Wednesday, 28 October 2026.
It will focus on moving resources from central government in Westminster to local areas across Britain.
The Budget will follow strict fiscal rules, meaning careful control of government spending and borrowing.
Prime Minister Andy Burnham’s government promises not to increase income tax, VAT, or national insurance contributions, sticking to Labour’s 2024 promises.
Economists warn that added government spending priorities like defence and social care could strain public finances.
Recent cost-of-living policies include removing VAT from domestic electricity bills.
The economic impact of the Middle East war and ongoing inflation may reduce financial buffers left by the previous Chancellor, Rachel Reeves.
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About 178,000 OCTROT heated blankets and throws are being recalled because they can catch fire or cause electric shocks. The products have caused fires and injuries, and customers are advised to stop using them and contact the company for a refund.
Key Facts
Approximately 178,000 OCTROT heated blankets and throws are recalled.
The electrical cord can detach and catch fire, creating fire, burn, and shock risks.
The Consumer Product Safety Commission (CPSC) received 555 reports of problems like melting, sparking, and smoke.
There were 27 fires and 15 injuries related to burns or electric shocks.
The products were sold on Amazon from August 2021 to December 2025, priced between $40 and $60.
The recalled items have model numbers OCT-5060, OCT-5062, OCT-6248, OCT-7284, or OCT-8490.
Consumers should stop using the products immediately, unplug and cut the cords, then send a photo to OctrotRecall@gmail.com to get a refund.
The official recall number is 26-652.
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New York’s Attorney General sued prediction market company Kalshi, claiming it operates illegal gambling without a license. Kalshi says it is regulated by the federal government, but New York argues it breaks state gambling laws and could face fines up to $36 billion.
Key Facts
New York sued Kalshi for running an illegal gambling platform disguised as a prediction market.
The lawsuit claims the outcomes are based mostly on chance, not skill.
Kalshi states it deals in federally regulated contracts, which it calls derivatives.
New York’s lawsuit says Kalshi violates laws on sports betting and underage gambling protections.
The Commodity Futures Trading Commission wants a court to stop New York’s lawsuit.
The suit demands Kalshi pay taxes, give up profits, and compensate users nationwide.
Potential penalties for Kalshi could reach about $36 billion.
New York officials say gambling laws protect consumers and fund public services.
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Wedding dresses are becoming more creative and less traditional. More designers and brands now offer unique styles that reflect the bride’s personality instead of the classic big white gown.
Key Facts
Celebrities like Charli XCX and Gabbriette have worn non-traditional wedding dresses, including minidresses and gothic-style gowns.
Designers such as Dilara Findikoğlu and brands like Weddings & Funerals and Wed. focus on alternative bridal wear, including black dresses and bold styles.
Brides today want their wedding looks to show who they truly are, not just follow traditional norms.
Wed. was started by Amy Trinh after she struggled to find a wedding dress she liked, showing demand for non-traditional options.
Alternative bridal wear is not new; past examples include Elizabeth Taylor’s yellow dress and Yoko Ono’s sneakers.
The rising popularity of unique wedding dresses coincides with fewer people getting married overall, as reported by the Centre for Social Justice.
These new bridal styles attract a wide range of women, including professionals in tech, law, and finance.
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A $40,000 deposit in a 3-month certificate of deposit (CD) account can earn between about $375 and $390 in interest at current rates around 3.8% to 3.95%. CDs offer a guaranteed fixed return and protect money from market changes during the short term but charge fees if funds are withdrawn early.
Key Facts
The Federal Reserve is currently keeping interest rates steady but may raise them in September.
CDs pay a fixed interest rate for a set term, such as three months.
Current top 3-month CD rates range from 3.80% to 3.95%.
A $40,000 deposit in a 3-month CD can earn approximately $375 to $390 in interest.
Early withdrawal from a CD usually incurs fees that can reduce earnings.
Money market accounts offer variable rates and easier access but do not guarantee interest earnings.
CDs help protect savings from market fluctuations during uncertain times.
Savers may consider renewing CDs later if rates increase for potentially higher returns.
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New York state sued the prediction market company Kalshi, calling it an illegal gambling business. The state wants to stop Kalshi’s operations and make the company give up its profits. Kalshi says it is regulated by the federal government and that states cannot control it.
Key Facts
New York officials filed a lawsuit against Kalshi in Manhattan’s state Supreme Court.
The state claims Kalshi operates without a state license and breaks gambling laws.
New York wants Kalshi to forfeit illegal profits, pay back consumers, and face fines.
Kalshi and similar platforms say they have federal licenses and are not traditional gambling.
The lawsuit argues Kalshi lets users aged 18 to 20 participate, but New York requires bettors to be 21 or older.
New York also sued other prediction market platforms like Coinbase and Gemini for similar reasons in April.
The state says prediction markets are gambling because event outcomes are uncertain and based on chance.
Kalshi’s spokesperson said shutting down the platform would push users to offshore sites and harm New Yorkers.
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Fuel prices in the UK have risen to levels not seen since late 2022, with petrol reaching 160p per litre and diesel also increasing. This rise is linked to renewed tensions in the Middle East, including recent attacks involving Iran, and is causing financial stress for many UK drivers during the holiday season.
Key Facts
The average petrol price in the UK has increased to 160p per litre, the highest since November 2022.
Diesel prices have risen by 14.5p to 179p per litre, though still below the April peak of 192p.
Filling a family-size car with petrol now costs around £88; filling with diesel costs about £10 more.
The price rise follows recent attacks by Iran’s Revolutionary Guards on ships near the Strait of Hormuz, increasing uncertainty in oil markets.
Fuel prices had fallen earlier after a US-Iran ceasefire agreement but rose again after renewed US attacks on Iran and Iran’s retaliation.
Around 20.5 million UK drivers plan to travel in the third week of the holiday season, many facing higher fuel costs.
A UK government scheme called Fuel Finder, which requires petrol stations to report prices publicly, may be helping prices respond faster to changes in wholesale costs.
Previously, petrol prices often rose quickly but fell slowly; now they seem to follow wholesale price changes more closely.
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BTS, the popular K-pop group, has returned to North America with a world tour that is boosting local economies in US cities. Their concerts and related events generate millions of dollars through ticket sales, partnerships with businesses, and cultural activities.
Key Facts
BTS is on their first world tour in four years, performing 14 shows in six US cities in August and September.
Their Las Vegas concerts in May created about $340 million in economic activity, benefiting hotels and local shops.
HYBE, BTS’s record label, partners with local businesses to offer exclusive events and activities for fans.
New York’s Koreatown and cultural centers expect large crowds and significant economic impact from BTS fans.
HYBE reported record revenue of $993 million in the recent quarter, helped by BTS’s success.
Fans can enjoy themed foods, art exhibits, and cultural experiences connected to BTS and Korean culture.
The tours and promotions help spread Korean culture, including music, food, beauty products, and language.
This economic effect is compared to the impact seen during major sporting events like the World Cup final.
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Ben Cohen, co-founder of Ben & Jerry’s, is fighting to regain control of the company from its parent company, Magnum Ice Cream (a Unilever spin-off). He claims that Magnum is preventing the brand from supporting social causes and wants it to be independently owned again. Cohen has launched a boycott of other Magnum brands to pressure a sale, while the legal battle over company values and control continues.
Key Facts
Ben Cohen co-founded Ben & Jerry’s in 1978 with Jerry Greenfield in Vermont.
In 2000, they sold the company to Unilever but kept an independent board to protect the brand’s social mission and quality.
Cohen says the independent control has mostly disappeared after Unilever spun off its ice cream brands into Magnum Ice Cream in 2025.
Cohen sued Unilever in November 2024 for blocking Ben & Jerry’s support for Gaza and breaking their agreement.
Cohen wants Magnum to sell Ben & Jerry’s so it can be independently owned and operated again.
Magnum refuses to sell and denies the company is for sale.
To pressure Magnum, Cohen started a boycott of Magnum’s other ice cream brands like Breyers and Talenti.
Some experts doubt the boycott will succeed because it is hard to keep consumer attention long term.
Ben & Jerry’s was once known for strong social activism while under Unilever, including supporting same-sex marriage and opposing war and racism.
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A pet-sitter shares her experience of unexpectedly caring for very sick pets. She explains how pet owners sometimes leave her detailed medical instructions, which can be challenging and stressful to follow.
Key Facts
The pet-sitter started five years ago with rules to avoid puppies and aggressive breeds.
She was surprised when owners left her with critically ill pets without prior warning.
One sick cat had to be fed using a syringe and was put down soon after.
Another case involved caring for a blind pug that needed hand feeding.
A client once left her with a cat that had a feeding tube in its neck and multiple medications.
She had to give food and medicine through the tube every eight hours with careful attention to instructions.
The feeding process was difficult, including handling a large syringe that created a vacuum.
Despite the challenges, she worked hard to care for these sick animals.
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