PBS News has started a new video podcast called "Settle In," featuring a discussion with financial journalist Andrew Ross Sorkin. The first episode focuses on Sorkin's book about the 1929 stock market crash and its effects on the nation.
Key Facts
PBS News launched a new video podcast named "Settle In."
Amna Nawaz hosts the premiere episode.
Financial journalist Andrew Ross Sorkin is the guest on the first episode.
The discussion revolves around Sorkin's book on the 1929 stock market crash.
Sorkin explains how Wall Street figures convinced ordinary people to invest with borrowed money.
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The process of getting a Christmas tree from a farm to a home involves many people and careful planning. A PBS News digital video producer explored one part of this journey.
Key Facts
Christmas trees start their journey on farms.
It takes careful planning and coordination to move trees to homes.
Many people are involved in the process, including growers and transporters.
Trees are grown, harvested, and then shipped to various locations.
PBS News highlighted part of this supply chain in a video segment.
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Global futures trading was disrupted for over 11 hours due to an outage at CME Group, the largest exchange operator. Trading resumed after the issue, caused by a cooling system failure at a data center, was fixed.
Key Facts
CME Group is the world's largest exchange operator.
The outage stopped trading in stocks, bonds, commodities, and currencies.
The disruption lasted over 11 hours and was due to a cooling failure at a data center.
Trading on CME's EBS platform was impacted, halting major currency pairs.
Benchmark futures like West Texas Intermediate crude, Nasdaq 100, and gold were also affected.
The outage happened during U.S. Thanksgiving week, causing potential market volatility.
CME average daily derivatives trading volume in October was 26.3 million contracts.
CME shares were up 0.4% in premarket trading after the outage.
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Canada's economy grew by 2.6% in the third quarter of the year, mainly due to increased crude oil exports and government spending. Business investments and household spending were lower than expected, partly because of concerns about U.S. tariffs. Economists believe that the Bank of Canada is unlikely to change interest rates soon due to the current economic conditions.
Key Facts
Canada’s economy grew 2.6% in the third quarter of the year.
This growth was higher than the 0.5% predicted by analysts.
Crude oil exports increased by 6.7%, boosting economic activity.
Government investments grew by 2.9%, including increases in spending on weapons and infrastructure.
Business investments remained unchanged, and consumer spending dropped slightly.
Economists suggest the growth might not reflect true economic strength due to reduced imports.
Concerns about U.S. tariffs contributed to lower business and consumer confidence.
The Bank of Canada is expected to maintain its interest rate at 2.25% for now.
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Downing Street denied claims that Chancellor Rachel Reeves misled the public about the UK's financial situation before this week's Budget. The Office for Budget Responsibility told Reeves there was a financial surplus due to higher than expected tax income, yet she suggested potential tax increases. Later, the government decided against raising income tax rates, citing positive financial forecasts.
Key Facts
Downing Street refuted accusations against Chancellor Rachel Reeves for misleading the public about public finances.
The Office for Budget Responsibility informed Reeves in September about a financial surplus due to increased tax receipts.
Reeves suggested potential income tax rate increases, citing weaker productivity and its impact on public finances.
The government decided not to raise income tax rates, citing better than expected financial forecasts.
Conservative leader Kemi Badenoch accused Reeves of lying to the public and facing a £20bn gap in finances.
The Treasury assured that they had enough financial surplus to meet Chancellor Reeves' fiscal rules.
OBR confirmed the positive financial position before Reeves' interventions and speeches.
The PM's spokesperson stated that Reeves clearly outlined the financial challenges in her speeches.
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Gas prices in the U.S. have fallen to their lowest levels since May 2021, with an average price below $3 per gallon. This decrease is partly due to lower global oil prices and reduced demand following the summer travel season. Despite lower gas prices, many Americans remain concerned about the overall economy and inflation.
Key Facts
Nationwide average gas prices are now below $3 per gallon, the lowest since May 2021.
The highest gas prices are in California, averaging $4.567 per gallon, while the lowest are in Oklahoma at $2.454 per gallon.
Prices have dropped because of lower global oil prices and seasonal increases in fuel production.
Twenty-eight states report average gas prices below $3 per gallon.
A YouGov poll found that many Americans consider the economy the most important issue for President Trump, but a significant number believe he is not addressing it adequately.
Analysts predict that gas prices may continue to fall as refineries complete maintenance and demand decreases.
President Trump's administration claims to focus on economic policies to reduce inflation and boost wages during his second term.
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The UK government has promised not to tax state pensions before 2030. This pledge aims to benefit those who only receive a state pension by keeping them free from income tax. However, some experts are concerned about fairness and complexity, as most pensioners have other incomes and already pay taxes.
Key Facts
The UK government plans not to tax state pensions for those who only receive this income.
Chancellor Rachel Reeves confirmed the pledge in her Budget speech.
The state pension is expected to exceed the tax-free amount in April 2027.
Those solely on a new flat-rate state pension will get £12,547.60 next year, just below the tax threshold.
Many pensioners, about three-quarters, pay income tax due to additional incomes.
Experts highlight potential fairness issues as workers earning the same as a state pension might still pay tax.
The policy has no detailed costing in the Budget documents, indicating it's still developing.
The approach aims to simplify tax collection for small amounts owed by pensioners.
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Business groups have asked the U.S. Supreme Court to stop California from enforcing two laws that require large companies to report their greenhouse gas emissions and climate-related financial risks. The legal challenge argues that these laws force companies to speak on climate issues, which they claim violates their First Amendment rights.
Key Facts
California passed two laws in 2023: Senate Bill 253 and Senate Bill 261.
SB 253 requires companies with over $1 billion in revenue in California to disclose their greenhouse gas emissions.
SB 261 requires similar companies to report on climate-related financial risks and publish this information online starting in 2026.
Business groups, including the U.S. Chamber of Commerce, argue these laws force them to discuss climate change, violating free speech protections.
The case has reached the U.S. Supreme Court as an emergency appeal.
The outcome could affect how much climate information companies are required to share with the public.
Exxon Mobil has filed its own lawsuit, claiming these laws compel them to promote ideas they disagree with.
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First Lady Melania Trump has started a new film production company called Muse Films. She announced a documentary about her life and White House role, titled "MELANIA," which will be released in theaters worldwide on January 30, 2026.
Key Facts
Melania Trump has launched Muse Films, her own film production company.
A documentary named "MELANIA" will focus on her life and time as First Lady.
The film is set for a global theatrical release on January 30, 2026.
The announcement was made on social media.
This is considered Melania Trump's significant solo venture since 2025.
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The Campbell Soup Company is dealing with controversy after a senior executive was secretly recorded making offensive remarks about its products, employees, and customers. The company fired the executive and is facing a lawsuit alleging wrongful termination of a former employee who reported misconduct. The incident has sparked social media backlash and discussions about consumer reactions and potential boycotts.
Key Facts
A Campbell Soup Company executive was recorded making derogatory remarks about the company's products and employees, leading to their dismissal.
The recorded comments included calling the products "highly processed" and insulting remarks about customers and Indian employees.
Campbell's released a statement apologizing for the offensive comments made by the executive.
The company is involved in a lawsuit where a former employee claims he was fired for reporting misconduct by a senior executive.
Social media has seen mixed reactions, with some calling for boycotts of Campbell's products.
Florida's attorney general announced an investigation into Campbell's over alleged law violations related to lab-grown meat.
The controversy is raising questions about its impact on Campbell’s reputation and consumer buying habits.
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New York State has sent out "inflation refund" checks to over 8.2 million residents, with amounts ranging from $150 to $400. This program, part of Governor Kathy Hochul’s "Affordability Agenda," aims to help New Yorkers manage living costs amid economic pressures.
Key Facts
Over 8.2 million inflation refund checks have been sent to New York residents.
The checks are part of a $2.2 billion program funded by higher-than-expected sales tax revenue.
Eligible single filers can receive $150 to $200, while married couples filing jointly may get $300 to $400.
The checks are automatically mailed to those who filed a 2023 state tax return.
New York City residents received about 3.54 million payments.
The program includes other measures like free school meals and child tax credits to help with living costs.
The initiative is part of Governor Hochul's "Affordability Agenda" to address financial strain on residents.
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Aldi has recalled certain holiday food products in many U.S. states due to undeclared allergens, which could cause allergic reactions. Customers are advised to immediately discard these items. This issue is part of broader product safety challenges for the company this year.
Key Facts
Aldi recalled holiday-themed food products due to possible undeclared allergens.
The recalled products include Choceur Pecan, Cranberry & Cinnamon Holiday Bark and Choceur Cookie Butter Holiday Bark.
The potential allergens are wheat and pecans, which are not listed on the product labels.
The affected products were sold in 24 U.S. states, including Alabama, California, Florida, and Texas.
Recent recalls by Aldi include soft taco dinner kits and spring rolls due to similar allergen concerns.
Aldi's recalls are part of ongoing product safety alerts this year, with some items classified as high-risk by the FDA.
Customers are advised to throw away the recalled products to avoid health risks.
Additional recall information is available on Aldi's official recall page.
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The owner of a pub chain in southeastern England, Phil Thorley, reports that recent changes to business rates will increase his costs by £62,000 annually. Despite government efforts to lower taxes for smaller retail, leisure, and hospitality businesses, many of these establishments face higher business rates due to increased rateable values and the end of certain discounts. These changes result in significant financial pressure for businesses like pubs.
Key Facts
Phil Thorley runs the Thorley Taverns pub group and expects a £62,000 rise in costs due to new business rates.
Business rates are a tax on commercial properties, calculated using the rateable value, which is the estimated annual rental cost.
Changes in the Budget aimed to reduce taxes for some small businesses but increased the levy on high-value properties.
Many establishments, like pubs, will lose a 40% discount from the COVID era starting in April.
Analysis suggests an average increase of 66% in business rates for pubs.
The government plans to save independent pubs an average of £4,800 per year.
Business owners report financial stress despite government support packages worth £4.3 billion.
Some business owners express concerns about further reducing their profit margins without raising prices.
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A man in California expressed surprise after his Chipotle meal for two cost over $50. The meal included two bowls with double meat and guacamole, and two small sodas. Chipotle recently increased menu prices by about 2% due to higher costs from inflation and wages.
Key Facts
A California man spent $52.64 on a meal for two at Chipotle.
The order included two bowls with double meat and guacamole, plus two small sodas.
The man shared the experience on social media, gaining millions of views.
Chipotle recently raised their prices by about 2% across the U.S.
The price increase helps cover costs from inflation and higher wages, especially in California.
There is ongoing online discussion about Chipotle's portion sizes and prices.
The man still enjoys Chipotle's food despite the higher costs.
Social media users reacted strongly to the rising fast food prices.
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The California High-Speed Rail Authority has launched a $3.5 billion bidding process to build the rail tracks and systems for its high-speed rail project in California. This initiative is part of a larger plan to connect major cities like San Francisco, Los Angeles, and Anaheim with a 494-mile rail line. The step marks progress in constructing the railway, which has faced funding and legal challenges since it was first approved in 2008.
Key Facts
The project's bidding process is for a $3.5 billion contract to build track and rail systems.
It will cover a 119-mile section of the high-speed rail currently under construction.
The contract is divided into nine parts, focusing on areas like track setup, electrification, and safety testing.
The rail system aims to connect San Francisco to Los Angeles and Anaheim, totaling 494 miles.
Over 70 miles of track and nearly 60 major structures have been completed.
As part of the project, more than 16,100 jobs have been created.
A prebid conference and small business workshop are scheduled for December 19 in Sacramento.
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This year's Black Friday shopping event is taking place amid concerns about the U.S. economy, with shoppers focused on finding good deals. Retailers remain hopeful as consumer spending continues despite worries about the economy. Many stores have adjusted to tariff impacts by managing inventory and pricing.
Key Facts
Black Friday still attracts the most shoppers in stores compared to any other day of the year in the U.S.
U.S. consumer confidence has dropped due to the recent government shutdown, weak job growth, and ongoing inflation.
Retailers report that customers are careful with spending but will pay more for significant occasions.
Many shoppers, like those at Macy's in New York, were drawn by discounts of 40% to 50% on items like shoes and clothes.
Some customers, such as Veronica Nam, note the challenges of finding the best prices because of factors like tariffs and inflation.
Nicholas Menasche, a shopper in New York, plans to spend around the same amount as last year despite economic concerns.
Retailers faced challenges from the Trump administration's tariffs, leading some to adjust shipments or absorb costs.
Nearly 80% of toys sold in the U.S. come from China, and prices on many items have risen due to tariffs.
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A recent study shows that warnings for mass layoffs in the U.S. have risen to their highest level since 2016. This comes as fewer people are being hired, raising concerns about a weaker job market.
Key Facts
WARN notices, which employers issue before mass layoffs, are at their highest level since 2016, excluding the initial pandemic surge.
Goldman Sachs analysis shows more companies are mentioning layoffs in their earnings calls.
Discussions about layoffs often mention artificial intelligence as a factor in the tech sector.
A report noted that U.S. employers announced 153,074 job cuts in October, a 175% increase from the previous year.
Year-to-date job cuts in 2025 have reached 1.1 million, up 65% from the same period in 2024.
Economists are worried because hiring rates are currently low, making it hard for unemployed people to find new jobs.
Recent unemployment benefit filings remain low, but WARN notices suggest more layoffs could happen soon.
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The UK government has changed its plan to allow workers to claim unfair dismissal rights from their first day on the job. The new plan reduces the qualifying period from two years to six months. This change is part of a broader employment rights bill.
Key Facts
The UK government changed its original plan for workers to claim unfair dismissal rights from day one to requiring six months of employment.
The qualifying period for unfair dismissal rights will be reduced from the current two years to six months.
This decision is meant to help pass a broader employment rights bill that includes other benefits like sick pay and paternity leave.
Business groups favored the change, but some members of the Labour Party criticized it.
The original Labour plan promised basic rights from day one, as stated in their election manifesto.
The new six-month period for claiming unfair dismissal rights does not yet have a confirmed start date.
The government already has the power to change the qualifying period without new legislation but plans to write it into law for stability.
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Cook County in Illinois has extended its guaranteed income program, giving low- and middle-income residents $500 each month until 2026. President Trump has proposed a national plan to give Americans $2,000 checks funded by tariff revenues, but this requires new legislation. Cook County's program began in 2022 with federal COVID-19 relief funds and has shown positive outcomes for recipients.
Key Facts
Cook County will continue its $500 monthly checks to residents through 2026.
The program originally started in 2022 using $42 million of federal COVID-19 relief funds.
A recent vote allocated $7.5 million from the county's 2026 budget to the program.
The program aims to help low- and middle-income families with their financial stability.
President Trump proposed $2,000 "tariff dividend" checks for Americans funded by tariffs.
The proposed national plan would require new legislation to be implemented.
Economic experts say the cost of the national plan would be much higher than current tariff revenue.
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