Business News

Oil price drops amid hopes of US-Iran peace deal

May 29, 2026 • Guardian World

Summary

Oil prices dropped sharply as hopes grew for a peace deal between the US and Iran to end their conflict. The potential ceasefire helped calm the global market, boosting stock prices in Asia, Europe, and the US.

Key Facts

Brent crude oil price fell 1.3% to $91.54 per barrel, nearing a 17% drop since early May.
West Texas Intermediate oil dropped 1.4% to $87.64 per barrel, down 7% from its recent peak.
President Trump shared a draft peace deal on the Iran conflict with allies.
A tentative ceasefire extension deal between the US and Iran may add 60 more days.
The US vice-president, JD Vance, said the deal is close but not finalized.
The Iran war, lasting 90 days, caused global economic disruption by blocking the Strait of Hormuz, a major oil export route.
Global markets reacted positively, with major Asian and European stock indexes rising.
US 10-year Treasury bond yields fell as investors anticipated lower inflation.

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Guardian World Guardian US Guardian Business

South Korea’s SK Hynix enters exclusive $1 trillion club

May 29, 2026 • Al Jazeera

Summary

South Korea’s SK Hynix has become one of the few companies in the world worth over $1 trillion. This growth is due to strong demand for its memory chips, driven by the rise of artificial intelligence (AI) technology.

Key Facts

SK Hynix is the world’s second-largest maker of memory chips.
The company’s market value reached about $1.1 trillion recently.
Its share price has increased 240% since the start of 2026.
SK Hynix’s profit in the first three months of 2026 was nearly five times higher than last year.
Global demand for DRAM and NAND memory chips is growing rapidly because of AI technology.
SK Hynix joins only 17 companies worldwide valued at over $1 trillion.
Most $1 trillion companies are based in the United States; SK Hynix is one of the few outside the U.S. in this group.
Other non-U.S. companies worth $1 trillion include Samsung Electronics, TSMC of Taiwan, and Saudi Aramco.

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Al Jazeera

KPMG Australia’s CEO Andrew Yates quits over whistleblower scandal

May 29, 2026 • Guardian World

Summary

KPMG Australia’s CEO Andrew Yates has resigned after the firm failed to properly address whistleblower complaints about misuse of client information. Another senior executive, Julian McPherson, will also step down as the company continues its investigation.

Key Facts

Andrew Yates became KPMG Australia’s CEO in 2021 and resigned immediately over a whistleblower scandal.
The whistleblower raised concerns about improper sharing of client documents within KPMG.
KPMG’s initial internal investigation did not find proof but was later admitted to be insufficient.
Julian McPherson, head of audit and assurance, will leave the company after transitioning his client work.
KPMG acknowledges it did not meet internal and public expectations in handling the whistleblower’s case.
The Australian Securities and Investments Commission (ASIC) is conducting a preliminary investigation into KPMG auditors.
KPMG states it is continuing to look into the matter internally.
The firm expressed a commitment to a culture where employees feel safe to report problems (“speak-up culture”).

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Guardian World

When trade soured, this American liquor maker moved to Canada

May 28, 2026 • BBC Business

Summary

Phillips Distilling Company, an American liquor maker, moved some of its Sour Puss production to Canada after provinces there boycotted U.S.-made liquor. The boycott started in 2025 as a response to tariffs imposed by President Donald Trump, which strongly affected Phillips Distilling’s sales in Canada.

Key Facts

Sour Puss is a fruity liqueur popular mainly in Canada, especially among university students.
Canadian provinces began boycotting American-made liquor in spring 2025 to respond to U.S. tariffs.
Phillips Distilling lost 70% of its Canadian business because of the boycott.
The company started producing Sour Puss in Canada to regain access to Canadian stores.
Most Canadian provinces stopped selling U.S. liquor, except Alberta and Saskatchewan, which have private liquor sales.
Canadian provincial governments control alcohol sales through liquor boards.
The trade dispute between the U.S. and Canada continues with no clear resolution yet.
Canadian officials suggest the boycott may end if President Trump removes or reduces tariffs on Canadian products like cars and metals.

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BBC Business BBC US

Dollar stores, off-price chains and Best Buy all sent the same message: Value matters

May 28, 2026 • Axios

Summary

American shoppers continue to spend money but are more careful about where they shop because of higher costs like gas and food. Retailers that offer good value and convenience, such as Dollar Tree, Burlington, Best Buy, Kohl's, Costco, and Gap, are seeing sales growth as customers look for bargains and affordable treats.

Key Facts

Dollar Tree had a 3.5% increase in sales and raised its financial outlook.
Burlington saw a 6% sales rise and improved its future expectations.
Best Buy surprised analysts with a 2% increase in sales, driven by demand for technology and gaming products.
Kohl’s posted its best sales results in over four years, helped by lower-priced store brands and coupons.
Costco reported a strong 9.8% sales growth and saw record fuel purchases due to higher gas prices.
Consumers are focusing on value and often shop at discount and off-price stores to stretch their budgets.
Shoppers still buy some higher-priced items when they see good deals or need new technology.
Gap Inc. had its ninth straight quarter of sales growth, supported by its Gap and Old Navy brands.

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Axios

Map Shows Where Rent Takes the Biggest Bite Out of Pay in America

May 28, 2026 • Newsweek

Summary

Nearly half of renters in the U.S. spend more than 30% of their income on housing, a level that economists say indicates financial stress. This problem is most common in expensive states and big cities, where rents rise faster than incomes.

Key Facts

About 49.7% of renters nationwide spend over 30% of their income on rent, which is considered a "cost burden."
States with the highest share of cost-burdened renters include Florida (56.3%), Nevada (52.8%), California (52.5%), Hawaii (52.1%), and Colorado (50.4%).
Paying more than 50% of income on housing is viewed as a "severe cost burden," which can cause financial instability and risk of eviction.
Rent increases are fastest in the Midwest and Northeast, where limited housing supply drives prices up.
Rents have slowed or decreased in parts of the South and West, where new apartment construction has added housing options.
Lower-income renters and younger people face more challenges due to stagnant wage growth and rising rents.
High housing costs push some workers to live farther from their jobs, increasing commute times and transportation expenses.
States with lower housing costs and less financial strain tend to be in the Midwest and South.

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Newsweek

Should homeowners tap equity to pay off costly debt? Weigh these pros and cons

May 28, 2026 • CBS News

Summary

Using money from your home's value, called home equity, can help pay off expensive debts like credit cards by offering lower interest rates and simpler payments. However, this method involves risks because your home is used as security, meaning you could lose it if you fail to make payments.

Key Facts

Credit card interest rates are high, averaging about 22%, making debt harder to manage.
Home equity loans and home equity lines of credit (HELOCs) have lower interest rates, around 7% on average.
Using home equity can save borrowers money over time by reducing interest costs.
Consolidating debt into one home equity loan simplifies payments and deadlines.
Home equity loans are secured by your house, so missing payments could lead to foreclosure.
Credit card debt is unsecured, so defaulting affects credit but doesn’t risk losing your home.
HELOCs often have variable interest rates, which can rise and increase monthly payments.
The housing market has boosted home values, giving many owners large amounts of equity to borrow against.

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CBS News

Dollar Stablecoins: Short-Term Fix for Latin America’s Long-Term Challenges

May 28, 2026 • Newsweek

Summary

Dollar stablecoins have become popular in Latin America because they help people avoid problems like inflation and difficult banking access. However, relying too much on these digital dollars can cause new risks, such as businesses and households borrowing in dollars but earning local money, which may lead to financial trouble if local currencies lose value.

Key Facts

Dollar stablecoins are digital currencies pegged to the US dollar, used widely in Latin America to protect savings and bypass banking issues.
These stablecoins speed up dollarization, where the dollar is not only saved but also used for pricing and lending, even when local currencies are still used for daily transactions.
Households and small businesses might face higher debt risks because they earn in local money but borrow in dollars, which can cause problems if exchange rates change.
Businesses using dollar stablecoins can unknowingly face currency risks, affecting their profits and costs unpredictably.
Increased use of dollar stablecoins reduces local monetary policy power, as economic activity shifts outside traditional local banking systems.
Changes in U.S. monetary policy, like Federal Reserve interest rate hikes, can affect dollar liquidity costs in Latin America, impacting borrowers.
Most dollar stablecoins depend on U.S.-linked entities, which adds regulatory and geopolitical risks to Latin American financial systems.

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Newsweek

Temu faces €200m EU fine over toxic, unsafe products

May 28, 2026 • France24

Summary

The European Union has fined Chinese online retailer Temu €200 million for selling products that the EU says are toxic or unsafe, including baby toys and electronics. Temu disagrees with this decision, which was made under the EU’s Digital Services Act that aims to protect consumers from harmful goods sold online.

Key Facts

Temu is a Chinese e-commerce company.
The EU fined Temu €200 million for selling unsafe products.
The unsafe items include baby toys and electronic devices.
The fine comes under the EU’s Digital Services Act.
This law requires online platforms to protect consumers from harmful products or content.
Temu disputes the EU’s ruling.
The news was reported on May 28, 2026.
The EU is increasing consumer safety rules for online sellers.

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France24

Looking for a low mortgage interest rate? Pay attention to these 3 June dates

May 28, 2026 • CBS News

Summary

Mortgage interest rates have recently risen due to economic factors, affecting homebuyers and those refinancing. In June, three key dates—June 5, June 10, and June 17—could influence these rates based on new government reports and a Federal Reserve meeting.

Key Facts

Mortgage rates went up by more than half a percentage point since early March and mid-April.
Higher rates have discouraged many homebuyers during a normally active buying season.
June 5 will see the release of the unemployment report, which could affect mortgage rates if unemployment rises.
June 10 will bring the inflation report, which could lead to rate increases or decreases depending on the inflation numbers.
The Federal Reserve meeting on June 17 could change mortgage rates based on decisions about interest rates.
A possible Fed rate cut is considered unlikely in June but comments on future cuts could influence rates.
Borrowers should watch these dates closely and be ready to lock in a rate if it becomes favorable.
External factors like overseas conflicts and inflation affect the overall interest rate environment.

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CBS News

When's the cheapest time of year to buy a new furnace or AC?

May 28, 2026 • CBS News

Summary

The best time to buy a new furnace or air conditioner is during slow seasons when demand is lower. Early spring is usually cheaper for air conditioners, while late summer or early fall is better for furnaces. Buying during extreme weather often means higher prices and fewer discounts.

Key Facts

Furnace and air conditioner prices have risen due to higher equipment costs, labor shortages, and energy prices.
HVAC demand peaks in extreme temperatures, causing longer wait times and higher costs.
Early spring is a good time to buy an air conditioner because demand is low and discounts may be available.
Late summer or early fall is the best time to buy a furnace before the cold season starts.
Buying during slow periods gives homeowners better chances for discounts, rebates, and flexible financing.
Waiting until a system breaks during extreme weather often leads to paying more and having fewer options.
Manufacturers and retailers sometimes offer end-of-year promotions on older furnace models.
Planning purchases ahead can help avoid emergency price spikes and scheduling difficulties.

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CBS News

Former New York Times columnist named ’60 Minutes’ chief

May 28, 2026 • The Hill

Summary

Nick Bilton, a former technology columnist for the New York Times, has been chosen by Bari Weiss, editor in chief of CBS News, to lead the TV news program "60 Minutes." He will replace Tanya Simon as the executive producer of the show.

Key Facts

Nick Bilton was a technology columnist at the New York Times.
Bari Weiss is currently the editor in chief of CBS News.
Bilton was appointed to lead the primetime news show "60 Minutes."
He replaces Tanya Simon as executive producer of "60 Minutes."
The announcement highlights Bilton’s entrepreneurial skills in journalism.

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The Hill

How Surveillance Pricing Could Raise—or Lower—Your Grocery Costs

May 28, 2026 • Newsweek

Summary

Lawmakers are working to stop "surveillance pricing" in grocery stores, a practice where stores use personal data to set prices or offers for each shopper. Maryland has banned some forms of this pricing, and many Americans support banning it because they worry it could raise grocery costs.

Key Facts

Surveillance pricing uses data like shopping history, location, and loyalty program activity to set prices or discounts for individual shoppers.
Maryland is the first state to ban certain types of surveillance pricing in grocery stores.
About 67% of Americans want to ban electronic shelf labels and surveillance pricing in groceries.
68% of Americans think surveillance pricing could increase the cost of groceries.
Supporters say the system can help stores react faster to demand and reduce food waste by adjusting prices quickly.
Critics say it could mean some customers pay more than others for the same items, especially loyal shoppers or during busy times.
People who don’t use apps or loyalty programs might get fewer discounts than those who share their data.
The Federal Trade Commission has said companies can use shopping and personal data to create personalized pricing and promotions.

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Newsweek

Here's how much interest a $125,000 CD account can earn now

May 28, 2026 • CBS News

Summary

A $125,000 certificate of deposit (CD) can earn interest rates around 4% or higher, offering a safe way to grow money with fixed returns. Depending on the term length, savers could earn between about $1,200 and $16,200 in interest over up to three years.

Key Facts

Interest rates on CDs are currently around 4% or higher.
A 3-month CD at 3.90% pays about $1,201 in interest on $125,000.
A 3-year CD at 4.15% pays about $16,217 in interest on $125,000.
Longer terms generally offer more interest but require keeping the money locked in.
CDs have fixed interest rates, so the earnings don’t change with market shifts.
Early withdrawal from a CD can cause penalties, reducing earned interest.
Investing in stocks or bonds could offer higher returns but comes with more risk.
Alternatives like high-yield savings or money market accounts offer easier access but usually lower fixed returns.

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CBS News

Treasury pushing plans for $250 bill with Trump's portrait and signature, sources say

May 28, 2026 • ABC News

Summary

The U.S. Treasury Department is preparing plans for a special $250 bill featuring President Donald Trump's portrait and signature if a new law is passed. This would be the first time in over 150 years that a living person appears on U.S. currency.

Key Facts

The bill would be a $250 Federal Reserve note honoring the nation’s upcoming 250th anniversary.
Current law only allows deceased people to be on U.S. money.
Republican Representative Joe Wilson introduced a bill to authorize this new currency with President Trump’s image.
The bill has 15 Republican supporters but has not passed and is stalled in the House Financial Services committee.
The Treasury’s Bureau of Engraving and Printing is preparing plans in case the bill becomes law.
The bill requires a 60-vote bipartisan majority in the Senate to pass.
The Treasury says no taxpayer money will be used to produce the new bill.
The State Department will issue special passports featuring Trump’s portrait and signature for the 250th anniversary.

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ABC News

U.S. Map Shows Where 2026 Summer Electricity Bills Could Be Highest

May 28, 2026 • Newsweek

Summary

Electricity use in the U.S. is expected to reach higher levels in summer 2026 than in the previous five years. This increased demand, combined with rising energy costs and extreme weather, may lead to higher electricity bills, especially in certain states that already have expensive power.

Key Facts

Electricity use is forecasted to be at record high levels in summer 2026.
Extreme heat and increased use of air conditioning will raise power consumption.
The West, Southwest, and Plains regions are expected to experience especially hot weather.
States such as Connecticut, Massachusetts, Hawaii, Rhode Island, and California have the highest electricity prices.
Rising natural gas prices and infrastructure damage from wildfires and hurricanes may increase costs further.
Delivery charges and utility rate increases also contribute significantly to higher bills.
Consumers can lower bills by adjusting thermostats, using fans, running appliances off-peak, and improving home insulation.
Long-term savings may come from upgrading to energy-efficient appliances and smart thermostats.

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Newsweek

CNN sues Perplexity, alleging unlawful distribution of copyrighted content

May 28, 2026 • Al Jazeera

Summary

CNN has filed a lawsuit against the AI search engine Perplexity in New York, accusing it of illegally copying CNN’s articles, videos, and images. The lawsuit seeks money damages and a court order to stop Perplexity from using CNN’s copyrighted content without permission.

Key Facts

CNN claims Perplexity copied thousands of its stories, videos, and images to feed its AI products.
The lawsuit was filed in federal court in New York.
CNN wants financial compensation and a legal order to prevent further copyright violations.
Perplexity says facts cannot be copyrighted and denies wrongdoing.
CNN is owned by Warner Bros.
Since 2022, many news publishers have raised concerns about AI tools using their content without permission.
Other companies like The New York Times and Reddit have also sued Perplexity for similar reasons.
Some news companies have made deals with Big Tech and AI firms to share content legally and get paid.

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Al Jazeera

‘They’re a private company, run for profit!’: fury in Kent at South East Water’s outages

May 28, 2026 • Guardian World

Summary

Thousands of homes in Kent faced water outages and low water pressure during a hot weather spell, affecting about 22,000 people. South East Water, a private company, said the outages were due to high demand and asked people to use water only for essential needs. Some residents expressed frustration with the company’s response and criticized the water system’s inability to handle the situation.

Key Facts

On Wednesday, 8,000 customers in Whitstable lost water supply.
An additional 14,000 customers in Tankerton, Ashford, and nearby areas experienced low water pressure or intermittent supply.
South East Water estimated 22,000 people were affected by water problems.
The company said the hot weather caused higher water demand.
Residents complained about difficulty contacting emergency services and about the lack of water delivery.
South East Water’s chair and chief executive resigned recently after repeated water outages.
People lined up to collect water at distribution points in hot weather.
The UK government plans to reduce water use per person in England by 20% by 2038.

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Guardian World

CBS News ousts top 60 Minutes producer as part of broader shake-up

May 28, 2026 • Guardian Business

Summary

CBS News is making big changes to its news show 60 Minutes for its 59th season this fall. Nick Bilton, a former New York Times tech journalist, will become the new executive producer, replacing Tanya Simon and other longtime staff who have left or been let go.

Key Facts

Nick Bilton will be the executive producer of 60 Minutes starting this fall.
Tanya Simon, the previous top producer, was removed from her role after less than two years.
Several other key staff, including correspondent Cecilia Vega and executive editor Draggan Mihailovich, have also left the show.
Veteran correspondent Sharyn Alfonsi was terminated; she said her contract was not renewed after her story about an El Salvador prison drew criticism.
60 Minutes has been the most-watched news program for 52 years, with about 9.1 million viewers recently.
CBS News editor-in-chief Bari Weiss praised Bilton as an ambitious journalist.
Bilton said he respects the show’s history but wants to adapt it to how people now consume news.
Bilton has a background in tech journalism and documentaries but no prior experience running a TV news program.

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Guardian Business

$90,000 CD vs. $90,000 high-yield savings account vs. $90,000 money market account: Here's which will earn more in one year

May 28, 2026 • CBS News

Summary

This article compares how much interest you could earn in one year by putting $90,000 into three types of accounts: a certificate of deposit (CD), a high-yield savings account, and a money market account. It shows that CDs usually pay the most interest and guarantee the rate, while high-yield savings and money market accounts have slightly lower rates but allow more flexibility.

Key Facts

Traditional savings accounts have very low interest rates, around 0.38%, which is less than inflation.
A CD has a fixed interest rate that stays the same until the account matures.
High-yield savings and money market accounts have variable rates that can change with the market.
For $90,000 over 6 months, a CD at 4.10% pays about $1,826 in interest; a high-yield savings at 4.03% pays $1,796; a money market at 3.90% pays $1,738.
For 9 months, the high-yield savings account pays slightly more interest ($2,707) than the CD ($2,687) and money market ($2,620).
For 1 year, the CD at 4.11% pays the most interest, about $3,699.
Money market accounts let savers write checks, offering more access to funds than CDs or high-yield savings.
The best choice depends on whether a saver values guaranteed interest or account flexibility.

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CBS News

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