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Business news, market updates, and economic developments
Rising gas prices in the U.S. have increased interest and sales in electric vehicles (EVs), especially used EVs. Demand and prices for used EVs have grown as they offer a more affordable alternative during fuel price spikes caused by global events.
Key Facts
Gas prices in the U.S. rose from under $3 to over $4.50 per gallon between March and mid-May 2024.
Online searches for new EVs increased by 62%, and searches for used EVs rose by 49% in the same period.
Used EV sales grew 17% year-over-year, with prices increasing nearly 9% since February.
Used EVs are selling faster, with the average time on car lots dropping from 50 to 42 days.
The recent spike in gas prices is linked to conflicts in the Middle East affecting oil supply.
Prices for some used EV models, like Chevy Equinox EV and Hyundai Ioniq 5, have decreased 17-20% year-over-year.
Used Tesla Model 3 vehicles average around $25,700, making them competitive with used gas cars.
A wave of three-year EV leases returning to the market is increasing supply and affordability for buyers.
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The UK Treasury rejected a government plan to reduce VAT on electricity used at public electric vehicle (EV) chargers from 20% to 5%. This decision followed disagreements between departments, even though lowering VAT on public EV charging is supported by transport officials to help consumers amid rising living costs.
Key Facts
The government considered cutting VAT on public EV charging electricity from 20% to 5% during the last budget.
The Treasury, led by Chancellor Rachel Reeves, rejected the proposal because of concerns about lost tax revenue.
Electricity charged at home for EVs is charged VAT at 5%, while public chargers are charged at 20%.
Transport officials encouraged EV charging companies to explain how they would lower prices if VAT was cut; companies said they would pass savings to consumers.
The difference in VAT rates is called a “pavement tax” by critics who say it discourages electric car use, especially for those without home charging.
A London tax tribunal ruled that VAT on public EV charging should be 5%, but HM Revenue & Customs (HMRC) is appealing this decision.
The government plans to review public EV charging costs in the autumn, which includes the VAT issue.
The government promotes EV use through car discounts and investments but also plans a new 3p-per-mile charge for EVs starting in 2028 to replace lost fuel taxes.
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Tourists in Rio de Janeiro have been tricked by beach vendors using card payment scams that add extra zeros to prices, charging hundreds of pounds instead of a few. Victims often struggle to get their money back because these transactions are considered authorized payments, making refunds difficult without proof like a receipt.
Key Facts
A visitor was charged £590 instead of £5.90 for two slices of barbecued cheese after the vendor secretly added zeros to the card reader.
Similar scams have charged tourists £1,500 for a kebab and £3,000 for corn on the cob.
Scammers manipulate the card payment terminal after showing the correct amount to the customer.
UK consumer protection typically allows refunds for bank transfer scams, but not for face-to-face transaction scams without evidence.
One victim’s bank first said the payment could be reversed, but later said authorized payments cannot be undone.
The victim’s attempt to use a chargeback failed due to lack of a receipt.
The bank refunded the victim as a goodwill gesture after media attention.
Authorities advise tourists to pay vendors in cash or handle their own card payments to avoid scams.
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The prices of everyday food items like eggs, milk, and bread have risen significantly in the UK over the past few years. Factors driving these price increases include poultry culling due to avian flu, higher grain and energy costs, and global conflicts affecting supply chains.
Key Facts
In 2022, a box of six free-range eggs cost £1, but in 2024 it costs about £1.80.
Egg prices rose due to bird culling from avian flu and increased energy costs for indoor housing.
Ukraine is a key grain supplier, and prices rose after Russia’s invasion in 2022, pushing up feed costs.
The price of four pints of semi-skimmed milk went from £1.29 in 2022 to £1.65 now.
Energy price increases have raised costs in dairy farming and processing.
Bread prices increased from 65p to 74p per loaf since 2022, partly due to wheat cost changes.
Producer costs have increased faster than inflation, but contracts with supermarkets limit price rises mid-term.
Ongoing global conflicts, like in the Middle East, continue to affect food supply and prices.
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East African countries want to reduce the import of used clothes because they hurt local clothing businesses. However, many people in the region rely on buying and selling second-hand clothes because they are cheaper than new clothes.
Key Facts
East Africa imports large amounts of second-hand clothing from the US, Europe, and China.
Kenya is the biggest importer in Africa, bringing in nearly 180,000 tonnes of used clothes in 2022.
The East African Community tried to ban second-hand clothing imports before but gave up after pressure from the US.
Uganda added a 30% tax on used clothes to help its local clothing makers and protect the environment.
Kenya charges a 30% customs duty on used clothes, which is higher than the tax on new clothes.
Many people work in the second-hand clothing trade, with an estimated 4.9 million people across East Africa depending on it for jobs.
Some local clothing designers say used clothes make it hard to sell their more expensive products.
Traders and sellers argue that the used clothing business supports many people and should remain free of heavy restrictions.
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A New York City official, Comptroller Mark Levine, warned that artificial intelligence (AI) could lead to the loss of thousands of jobs in the city. He discussed how AI might affect the economy and the job market in New York in the future.
Key Facts
Comptroller Mark Levine spoke about potential job losses due to AI in New York City.
AI could negatively impact many workers in the city.
The warning suggests thousands of jobs might disappear because of AI technologies.
Levine described different scenarios about AI’s impact on the economy and employment.
The focus is on how the city's workforce and economy might change as AI develops.
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Moo's Craft Barbecue is a new barbecue restaurant in Los Angeles that serves Texas-style barbecue. It has quickly become one of the city's most popular barbecue spots.
Key Facts
Moo's Craft Barbecue offers barbecue food in the style common in Texas.
The restaurant is located in Los Angeles.
It has gained popularity fast and is considered one of the top barbecue places in the city.
CBS News featured Moo's Craft Barbecue on their program "CBS Saturday Morning."
The article highlights the connection between Texas barbecue tradition and the restaurant's menu.
People interested in barbecue food in Los Angeles are visiting Moo's Craft Barbecue.
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Home sales are increasing fastest in several Southern and Midwestern U.S. cities where the number of homes for sale has risen above levels seen before the COVID-19 pandemic. Austin, Texas leads with a 20 percent rise in home sales thanks to more available homes and better affordability.
Key Facts
Austin, Texas had a 20 percent increase in home sales compared to last year.
Austin also has 52 percent more homes for sale than before the pandemic.
Other Texas cities saw sales rises: San Antonio 11.7%, Dallas 8.6%, Houston 3.3%.
Nashville, Raleigh, Miami, Phoenix, and Denver also had good increases in home sales.
Milwaukee, Richmond, New Orleans, Chicago, and Louisville outperformed in mostly Midwestern and Southern cities.
Many Northeastern cities, including New York and Pittsburgh, saw home sales drop.
The supply of homes has improved in 19 of the 50 largest U.S. metro areas, mostly in the South and West.
The pandemic caused a surge in demand and low supply for homes, pushing prices up, but increased building in some areas has improved inventory and sales recently.
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The article discusses how the concept of the office lunch has changed over time. Once a relaxing break or even a social event, office lunches now feel like a rushed, inconvenient task during the workday.
Key Facts
Office lunch breaks are mandatory by law in some places, like California.
Traditionally, lunch was a leisure time and important break, especially during industrial work.
Modern office lunches focus on quick, convenient food to return to work fast.
The author feels the current office lunch is less enjoyable and more of a distracting obligation.
Lunch has become less about nourishment and more tied to work routines and personal habits.
Industrialization helped establish lunch as a main meal during the day.
Some people prefer smaller snacks or skipping the traditional lunch to stay more productive.
Venture capitalists may promote upscale takeout options to profit from office workers' lunchtime habits.
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CBS Mornings is offering special discounts on various products through its website, cbsdeals.com. Viewers can find useful everyday items at reduced prices and support CBS as it earns commissions on sales made through the site.
Key Facts
CBS Mornings features exclusive discounts on selected products.
The deals are available on the website cbsdeals.com.
The products showcased may become helpful in daily life.
Purchases made through CBS Deals generate commissions for CBS.
The promotion is part of the CBS News programming.
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A finance expert, Jill Schlesinger, answers common money questions. She covers topics like investing and home loans to help people understand their finances better.
Key Facts
Jill Schlesinger is a business analyst for CBS News.
She provides advice on various finance topics.
Questions include details about investments.
She discusses issues related to home loans.
The advice is shared through CBS News and its app.
The goal is to help viewers manage their money wisely.
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Vermont had the largest rise in mortgage delinquency in the U.S., with an increase of 12.32% from the last quarter of 2025 to the first quarter of 2026.
Key Facts
Mortgage delinquency means borrowers are late on their home loan payments.
Vermont saw the biggest growth in late mortgage payments compared to other states.
The increase happened between late 2025 and early 2026.
This shows more homeowners in Vermont struggled to pay on time during that period.
The report compares changes in mortgage payment status over time.
Other states had smaller increases or stable delinquency rates.
Mortgage delinquency is an important indicator of economic stress for homeowners.
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Even if the war between the US and Iran ended immediately, gas prices in the US are unlikely to return to prewar levels soon. This is because fixing damaged oil infrastructure and resolving supply chain problems will take months or even years.
Key Facts
The current US average gas price is $4.55 per gallon, about $1.50 higher than before the US and Israel attacked Iran in February.
About 25% of global oil shipments, around 20 million barrels a day, pass through the Strait of Hormuz, which is affected by the conflict.
Turning crude oil into gasoline usually takes 30 to 60 days, including extraction, refining, and delivery.
Oil wells in the Gulf region use slower traditional pumping methods compared to faster US shale wells.
Restarting refineries and clearing shipping backlogs in the Gulf could take 3 to 5 weeks or more.
Experts estimate it could take between six months to two years for prices to normalize after the conflict ends.
Jet fuel prices in Europe have been high but are easing somewhat due to lower demand from reduced flight bookings.
Seasonal changes and ongoing demand also influence fuel prices during the conflict.
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A government adviser reports that many young people in the UK are struggling to find jobs because of mental health issues and changes in how they live and communicate. The report says businesses should offer more flexible work and mental health support to help these young people join the workforce.
Key Facts
Nearly 1 million young people aged 16 to 24 in the UK are not in education, work, or training (called Neets).
Mental health problems like anxiety and depression are a major reason many cannot work.
Social media and smartphone use are affecting young people’s sleep, focus, and overall mental health.
More than half of Neets have never had a job, and a quarter are unable to work due to sickness or disability.
The UK has a much higher percentage of Neets compared to countries like Japan, Ireland, and the Netherlands.
Falling immigration is making it harder for UK businesses to find skilled workers.
The report calls for businesses to change by providing flexible work conditions and mental health support for young workers.
Experts suggest schools need to improve to prevent more young people from becoming workless.
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Ice cream prices are rising in some seaside towns in Wales, with Porthmadog charging an average of £3.85 for one scoop. This comes as many UK households face higher costs for food, energy, and fuel due partly to global supply issues.
Key Facts
Porthmadog in Gwynedd has the highest average price for a single scoop of ice cream in the UK at £3.85.
Aberystwyth and Tenby are also among the most expensive seaside towns for ice cream in the UK.
The price for a two-scoop cone in Porthmadog averages £5.28.
Barton-on-Sea in Hampshire is the cheapest UK seaside town for ice cream, with a single scoop costing about £1.95.
The analysis was done by credit card company Zable, which checked prices from popular ice cream shops in 33 UK seaside towns.
Chancellor Rachel Reeves announced cuts on import taxes for certain foods to help reduce prices amid the cost of living crisis.
Rising energy, food, and fuel costs are linked to global events, including the war in Iran affecting supply chains.
Some locals say the high ice cream prices are too expensive for families, while others are willing to pay more for quality ice cream.
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James Watt, co-founder of the beer company Brewdog, is starting a new beer brand called Second Best. He plans to give free shares in this new company to people who lost money investing in Brewdog’s crowdfunding scheme after Brewdog faced financial collapse.
Key Facts
James Watt co-founded Brewdog in 2007 with Martin Dickie.
Brewdog once had four breweries, about 100 pubs worldwide, and was valued at over $1 billion.
Brewdog collapsed with debts over £500 million and was bought by US company Tilray in March 2024.
Brewdog raised £75 million through Equity for Punks, a crowdfunding plan letting fans invest for perks like beer discounts.
When Brewdog was sold, a US equity firm with special shares got paid first, leaving Equity for Punks investors with no returns.
About 484 jobs were lost and 38 bars closed in the sale process.
James Watt resigned as Brewdog CEO in 2024 and apologized for mistakes, saying the company expanded too fast.
Watt will give nearly 20% of shares in Second Best to former Brewdog crowdfunding investors for free, calling them "second founders."
The new company is still getting licenses and legal approval, with no set launch date yet.
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Mexico and the European Union signed a free trade agreement on May 23, 2026. The deal aims to reduce their reliance on the United States and protect themselves from tariffs imposed by President Donald Trump.
Key Facts
The trade agreement between Mexico and the EU had been delayed but was finalized on May 23, 2026.
The goal of the deal is to diversify trade partners away from the United States.
This move helps both Mexico and the EU avoid the impact of tariffs set by President Trump.
Free trade agreements remove or reduce taxes on goods traded between the partners.
Mexico, the EU, and the U.S. are important global trading regions.
The agreement may strengthen economic ties between Mexico and European countries.
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A new designer outlet associated with Leeds is located 15 miles away from the city, in Castleford. This outlet is part of the retail sector and is connected to the Frasers Group company.
Key Facts
The designer outlet is branded with the Leeds name but is actually 15 miles outside Leeds.
The outlet is located in the town of Castleford.
It is related to retail shopping, focusing on designer brands.
The Frasers Group, a retail company, is involved with this outlet.
This news relates to business and retail development in the Leeds area.
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Chancellor Rachel Reeves has temporarily cut the tax on children’s meals in restaurants from 20% to 5% for the summer to help families and support the hospitality sector. However, some restaurant owners say the cut is too small to make a real difference, while others plan to lower children’s meal prices during this time.
Key Facts
The VAT (value-added tax) on children’s meals in restaurants in England is cut from 20% to 5% between June and September.
This measure is part of a wider "Great British summer savings" campaign to ease the cost of living, which includes free bus travel for under-16s.
Some restaurateurs say children’s meals are often already sold at a loss, so the tax cut may not reduce prices much.
Tim Martin, owner of Wetherspoons pubs, plans to lower his children’s menu prices over the summer in response to the VAT cut.
UK VAT on restaurant food is 20%, higher than the European average of about 12% and much higher than Italy’s 10%.
Hospitality businesses want a permanent VAT cut to match supermarket rates and other European countries.
Industry group UKHospitality says a lower VAT could reduce prices, control inflation, increase demand, and create jobs.
Some restaurateurs describe the tax cut as symbolic and call for broader, longer-term support for the hospitality sector.
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