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Business news, market updates, and economic developments

'Monitoring the situation': why young men are drawn to prediction markets

'Monitoring the situation': why young men are drawn to prediction markets

May 21, 2026 • BBC Business

Summary

Prediction markets are online platforms where people can bet on events like sports, politics, or cryptocurrency prices. These markets are growing quickly in the US, especially among young men, because they allow users to put money on their opinions and see real-time changes in odds based on others' bets.

Key Facts

  • Prediction markets let people bet on many subjects, such as sports, political events, or financial outcomes.
  • Two large prediction market platforms are Polymarket and Kalshi, valued at $9 billion and $22 billion respectively.
  • The majority of prediction market users are under 45 years old, and about 71% are men.
  • Around 25% of American men aged 18-24 have used a prediction market or gambling app recently.
  • Prediction markets are legally classified as commodity futures trading, not gambling, so they are allowed across all US states.
  • These markets make money by charging small fees on bets instead of setting odds like traditional bookmakers.
  • Supporters say prediction markets provide better odds and more accurate public opinion insights than polls.
  • Critics worry these platforms may encourage risky behavior and normalize gambling, especially among young men.
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BBC Business BBC Top Stories
Stop blaming young people for being unemployed, says Amazon's UK boss

Stop blaming young people for being unemployed, says Amazon's UK boss

May 21, 2026 • BBC Business

Summary

Amazon’s UK boss, John Boumphrey, said that youth unemployment is caused by problems in the education and job system, not because young people lack motivation. He called for mandatory work experience for those over 16 to better prepare them for work and help close skill gaps.

Key Facts

  • Nearly one million young people in the UK are not in education, employment, or training.
  • Amazon UK employs 75,000 people, half of whom come directly from education or unemployment.
  • The UK’s unemployment rate rose slightly to 5% in early 2024.
  • Boumphrey says the education system does not prepare young people with the skills employers need.
  • Amazon struggles to find workers with technical skills, especially for roles related to maintaining robots in warehouses.
  • Boumphrey supports making work experience mandatory for people aged over 16 to teach teamwork, communication, and problem-solving.
  • Amazon has 100 sites in the UK, including 30 warehouses, and accounts for 30% of UK online sales.
  • Amazon UK contributed over £5.8 billion in tax and created 75,000 jobs in the country.
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BBC Business BBC Top Stories
Belfast says 'yes' to extension of Sunday trading hours

Belfast says 'yes' to extension of Sunday trading hours

May 21, 2026 • BBC Top Stories

Summary

Belfast City Council is considering letting large stores open earlier on Sundays during the summer months. A recent survey found that about 80% of people in Belfast support this change, which could start in July and last through a big Irish music festival in August.

Key Facts

  • Currently, large stores in Belfast can only open on Sundays from 1 p.m. to 6 p.m.
  • A survey of 3,773 Belfast residents showed 82% support extending Sunday opening hours.
  • Retail workers showed a more divided opinion, with 48% against and 47% for the extension.
  • The extension would apply only if Belfast is officially named a holiday resort.
  • If approved, large shops could open earlier on 18 Sundays between March and September, excluding Easter Sunday.
  • A business survey showed 57% of businesses support longer Sunday hours, while 38% oppose it.
  • Some political leaders support the extension, seeing it as beneficial for tourists and the local economy.
  • The trade union Usdaw opposes the change, saying many workers do not want Sunday hours extended.
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BBC Top Stories
SCOTUS ruling allows lawsuits over property seized by Cuban government

SCOTUS ruling allows lawsuits over property seized by Cuban government

May 21, 2026 • ABC News

Summary

The U.S. Supreme Court ruled that four major cruise companies can be held financially responsible for using a port in Havana, Cuba, that was taken by the Cuban government in 1960. The court said the U.S. company that once owned part of the port can sue these companies in federal court for using the port between 2016 and 2019.

Key Facts

  • The cruise lines Royal Caribbean, Carnival, Norwegian, and MSC used the American-built port in Havana, which was seized by Cuba in 1960.
  • Havana Docks Corporation, a U.S. firm, owned part of the port before the Cuban Revolution and claims it can sue the cruise lines for using the port.
  • The Supreme Court ruled 8-1 that federal law allows Havana Docks to sue for financial damages over the use of the port.
  • The ruling is based on the Cuban Liberty and Democratic Solidarity Act of 1996, which lets U.S. owners sue for use of property taken by the Cuban government.
  • U.S. cruise lines started sailing to Havana again from Florida between 2016 and 2019 during a period of warmer relations with Cuba.
  • President Donald Trump enforced the law's provision allowing lawsuits against companies using seized Cuban property.
  • A lower court first awarded Havana Docks over $400 million, but that decision was overturned before reaching the Supreme Court.
  • Justice Clarence Thomas wrote that anyone who uses property seized by Cuba can be held liable to the U.S. owners of that property, regardless of when the claim first expired.
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ABC News
Spotify bets on taste as differentiator in the AI era

Spotify bets on taste as differentiator in the AI era

May 21, 2026 • Axios

Summary

Spotify plans to use artificial intelligence (AI) to improve how it recommends music and creates interactive experiences for users. The company also announced new services and partnerships aimed at growing its business and increasing profits over the next several years.

Key Facts

  • Spotify will build a "large taste model" using AI to personalize music recommendations in real-time.
  • The company introduced "Reserved," a ticket service for premium subscribers in partnership with Live Nation.
  • Spotify made a deal with Universal Music Group to let fans create covers and remixes of songs.
  • Starting this summer, creators can offer subscriptions directly to their fans on Spotify.
  • Spotify expects to increase its gross margin to 35%–40% by 2030 and achieve an operating margin above 20%.
  • The company aims to grow its user base to 1 billion by 2030.
  • Advertising is still challenging, with ad growth expected to pick up in late 2026 but no new ad products announced.
  • Spotify's podcast and audiobook businesses show promise for future revenue growth and profitability.
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Axios
Jailed Vietnamese tycoon's Birkin bags sells for more than $550K

Jailed Vietnamese tycoon's Birkin bags sells for more than $550K

May 21, 2026 • BBC World

Summary

Two luxury Hermès Birkin bags owned by jailed Vietnamese businesswoman Truong My Lan were sold at a government auction for over $535,000. Truong My Lan is serving a life sentence for embezzling billions from a Vietnamese bank, and the auction was part of efforts to recover assets linked to her crimes.

Key Facts

  • Truong My Lan was sentenced to death in April 2024 for embezzling about $44 billion from Saigon Commercial Bank but her sentence was changed to life imprisonment after Vietnam abolished the death penalty for some crimes.
  • She secretly controlled the bank and took out large loans using shell companies over 10 years.
  • Two confiscated Hermès Birkin bags sold quickly at auction, fetching $440,144 and $94,858.
  • One bag was decorated with rhinestones and sold for nearly seven times its starting price.
  • The auction included 1,200 seized assets being sold by the Ho Chi Minh City Asset Auction Service Center.
  • Birkin bags are highly valued luxury items, considered rare and collectible, often seen as investments.
  • A previous Birkin bag set a record by selling for €8.6 million ($10.1 million) in 2025 at Sotheby’s Paris.
  • Truong My Lan had wanted to keep the bags for her children as keepsakes before they were seized.
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BBC World
Khris Riddick-Tynes Is Building for Legacy

Khris Riddick-Tynes Is Building for Legacy

May 21, 2026 • Newsweek

Summary

Khris Riddick-Tynes is a Grammy-winning music producer known for working with artists like SZA, Kehlani, Drake, and Ariana Grande. He recently served as the executive music producer for the second season of the Netflix series Forever and helped shape Kehlani’s 2026 self-titled album, focusing on creating timeless and cohesive music.

Key Facts

  • Khris Riddick-Tynes co-wrote and co-produced SZA’s “Snooze,” which won a 2024 Grammy for Best R&B Song.
  • He co-wrote and produced Kehlani’s “Folded,” her biggest solo chart success.
  • He is the executive music producer for Netflix’s upcoming Forever season two.
  • Riddick-Tynes has a law degree (J.D.) and previously held an executive role at Arista Records.
  • He guided the creative direction of Kehlani’s 2026 self-titled album, emphasizing long-term vision and artistic identity.
  • The album process involved years of collaboration and alignment between artist and producer.
  • Riddick-Tynes and his team studied classic R&B albums to ensure emotional depth and cohesiveness in their work.
  • He compares their preparation to athletes learning from Hall of Famers to achieve excellence.
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Newsweek
France annouonces €710 million in new energy aid

France annouonces €710 million in new energy aid

May 21, 2026 • France24

Summary

The French Prime Minister Sébastien Lecornu announced a €710 million aid package to help sectors affected by the energy crisis linked to the war in Iran. The aid supports fishing, farming, and construction industries and offers a bonus for taxi drivers to buy electric cars, while fuel tax cuts were not included to help control France’s debt.

Key Facts

  • France is providing €710 million in new energy aid.
  • The aid targets sectors hit by energy problems caused by the war in Iran.
  • Support will continue for fishing, farming, and construction industries.
  • Taxi drivers will get a bonus to switch to electric vehicles.
  • Fuel tax cuts are not part of the aid plan.
  • The government wants to reduce debt and budget deficits.
  • The announcement was made by Prime Minister Sébastien Lecornu.
  • The energy crisis is affecting multiple parts of France's economy.
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France24
Oil prices could spike next week without Iran deal: GasBuddy

Oil prices could spike next week without Iran deal: GasBuddy

May 21, 2026 • The Hill

Summary

Oil prices might rise next week if the U.S. and Iran do not agree to reopen the Strait of Hormuz. This area is important because a large amount of the world's oil flows through it to gas stations.

Key Facts

  • Patrick De Haan is the head of petroleum analysis at GasBuddy.
  • He said on June 5, 2024, that gas prices could jump next week.
  • The rise depends on whether the U.S. and Iran make a deal.
  • The deal would reopen the Strait of Hormuz.
  • The Strait of Hormuz is a key route for oil shipments.
  • If the strait stays closed or restricted, oil prices usually increase.
  • Gas stations selling their current fuel supplies may see price changes because of this.
  • The situation was shared on the social platform X, formerly known as Twitter.
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The Hill
💰 Dan Snyder's estate hits market for $49.9M

💰 Dan Snyder's estate hits market for $49.9M

May 21, 2026 • ESPN

Summary

Dan Snyder, who sold the Washington Commanders nearly three years ago, has put his former home up for sale. The asking price for the property is $49.9 million.

Key Facts

  • Dan Snyder is the previous owner of the Washington Commanders football team.
  • He sold the team almost three years ago.
  • Snyder’s former home is now listed for sale.
  • The asking price for the estate is $49.9 million.
  • The home has been put back on the market recently.
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ESPN
Tipping point? The scramble to contain global energy crisis

Tipping point? The scramble to contain global energy crisis

May 21, 2026 • France24

Summary

The article discusses the global energy crisis caused partly by the war in Iran, which has led to high fuel prices that many countries struggle to manage. Governments, like France’s, are debating whether to increase fuel subsidies to help citizens while facing budget challenges.

Key Facts

  • People in countries like Bolivia and Kenya are struggling to afford rising fuel prices.
  • The Iran war is disrupting global energy supplies and harming economies around the world.
  • France has the largest budget deficit in the euro zone at 5.1% of its GDP and is considering more financial support for fuel costs.
  • Fuel prices are unstable and can change quickly, making it hard for governments to plan.
  • The Strait of Hormuz, a key oil shipping route, faces risks that could worsen energy shortages.
  • Countries must decide whether to provide fuel subsidies despite environmental and financial concerns.
  • The article references lessons from the 2022 energy crisis to guide current responses.
  • Experts from global think tanks and media discuss the energy crisis and its impacts.
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France24
Consumers are still spending, but cracks are starting to show

Consumers are still spending, but cracks are starting to show

May 21, 2026 • CBS News

Summary

Many U.S. consumers feel worried about money and high gas prices, but overall spending is still strong for now. Wealthier shoppers are spending more, which helps keep sales up, but rising fuel costs and inflation could cause problems later.

Key Facts

  • Two-thirds of people in a CBS News poll said they feel financial stress.
  • High gas prices are making life harder for many households.
  • Walmart, Home Depot, Target, and TJ Maxx recently reported strong sales.
  • Retail sales slowed in April but stayed healthy despite higher fuel costs.
  • The average U.S. household pays about $188 more for gas since the Iran war began.
  • Inflation hit 3.8% in April, the highest in nearly three years.
  • Wealthier Americans are spending more, supporting overall consumer spending.
  • Larger tax refunds this year are helping some households spend more temporarily.
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CBS News
Telecom company execs hit with $20M fraud charges in first case of self-reporting

Telecom company execs hit with $20M fraud charges in first case of self-reporting

May 21, 2026 • ABC News

Summary

Three executives from a telecom company in the U.S. have been charged with stealing over $20 million through false records and fake transactions. Their parent company, Telekom Malaysia, reported the fraud to U.S. authorities and avoided criminal charges by cooperating and agreeing to pay back the money.

Key Facts

  • Three executives—Mohd Hafiz Lockman, Mohd Yuzaimi Yusof, and Khanh Thuong Nguyen—are charged with wire fraud and identity theft.
  • They allegedly stole more than $20 million from Telekom Malaysia’s U.S. subsidiary.
  • The fraud included fake sales, impersonating suppliers, intercepting payments, and claiming fake work expenses.
  • For one fake trip, they took pictures later to make it look real.
  • Telekom Malaysia reported the fraud to the U.S. attorney’s office and is cooperating with the investigation.
  • The company avoided charges by agreeing to pay restitution and report any future crimes for three years.
  • This case is the first prosecution under a new self-reporting program launched by the U.S. government.
  • The accused executives were released on bond and have not yet entered pleas.
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ABC News
Artificial intelligence could eliminate thousands of jobs in New York City: Report

Artificial intelligence could eliminate thousands of jobs in New York City: Report

May 21, 2026 • ABC News

Summary

A new report from New York City Comptroller Mark Levin warns that artificial intelligence (AI) could lead to thousands of job losses in New York City this year. The report highlights both positive and negative possible effects of AI on the city’s economy, urging local leaders to prepare financially for risks while encouraging policies that support AI’s benefits.

Key Facts

  • AI could eliminate about 52,500 jobs in New York City as soon as this year in a pessimistic scenario.
  • The most likely scenario predicts AI will add about 52,000 jobs per year through 2030 by improving productivity.
  • New York City Comptroller Mark Levin calls AI a “radical transformation” for the city’s financial capital.
  • New York has hundreds of AI-focused companies and around one million workers who might be affected by AI changes.
  • Levin suggests creating a multi-billion-dollar financial reserve to protect the city against economic harm caused by AI.
  • The report adapts national AI economic models from Moody’s Analytics to predict impacts specific to New York City.
  • AI-driven job cuts have already appeared in industries such as technology and airlines nationwide.
  • Local policies should support federal efforts to manage AI’s risks and opportunities.
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ABC News
3 CD account mistakes to avoid in today's economy

3 CD account mistakes to avoid in today's economy

May 21, 2026 • CBS News

Summary

A certificate of deposit (CD) account offers fixed, higher interest rates compared to traditional savings accounts, making it a helpful option for savers in today’s economy. To make the most of a CD account, people should avoid common mistakes like not comparing rates online, choosing short-term CDs over long-term ones, and depositing money they might need to withdraw early.

Key Facts

  • Inflation is high and interest rates are expected to stay steady for now.
  • CD accounts can offer interest rates of 4% or more, much higher than the average 0.38% on regular savings accounts.
  • CD rates are fixed, meaning they stay the same regardless of economic changes.
  • Online banks often offer higher CD rates than local banks because they have lower costs.
  • Long-term CDs earn more in the long run due to interest compounding, even if short-term rates seem similar.
  • Early withdrawal from a CD usually comes with a fee, so you should only deposit money you don’t need right away.
  • Interest rates cycle over time and will eventually go down again, so locking in a high rate now can be beneficial.
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CBS News
New obesity drug from Lilly delivers major weight loss

New obesity drug from Lilly delivers major weight loss

May 21, 2026 • The Hill

Summary

Eli Lilly announced that its new obesity drug, retatrutide, showed strong results in a late-stage clinical trial. Patients who used the drug once a week lost up to 30% of their body weight, meeting the main goals of the trial.

Key Facts

  • Retatrutide is an obesity drug developed by Eli Lilly.
  • The drug is given as a once-weekly injection.
  • In the phase 3 clinical trial, retatrutide helped patients lose up to 30% of their body weight.
  • The trial met its primary goal and important secondary goals related to weight loss.
  • The highest dose tested led to an average weight loss of 28.3%.
  • The drug is still considered investigational, meaning it has not yet been fully approved for general use.
  • The results suggest significant potential for treating obesity with this medication.
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The Hill
Nearly 90 percent of Americans fear prices will keep rising: Survey

Nearly 90 percent of Americans fear prices will keep rising: Survey

May 21, 2026 • The Hill

Summary

A recent survey by JD Power shows that nearly 90% of Americans expect prices for everyday goods to go up in the next three months. The survey included 4,000 people and was done in April.

Key Facts

  • About 90% of Americans fear higher prices soon.
  • The survey focused on everyday essential items.
  • It was conducted by JD Power, a data analytics company.
  • The survey included 4,000 respondents.
  • 46% of people said they were "somewhat" worried about price increases.
  • The report is part of a monthly consumer sentiment series.
  • It reflects widespread concern about inflation and costs.
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The Hill
Zillow loses thousands of listings in fight over “hidden” homes

Zillow loses thousands of listings in fight over “hidden” homes

May 21, 2026 • Ars Technica

Summary

Zillow lost access to thousands of Chicago-area home listings after filing an antitrust lawsuit. Zillow claims that Midwest Real Estate Data (MRED) and the real estate brokerage Compass are hiding homes in a private network, limiting what buyers can see and harming competition.

Key Facts

  • Zillow’s Chicago listings dropped from about 5,000 to 1,700 after losing access to MRED’s data.
  • Zillow sued MRED and Compass, accusing them of working together to hide listings in a “Private Listing Network” (PLN).
  • Zillow says Compass uses the hidden listings to attract buyers exclusively to its agents, potentially making more profit by controlling deals.
  • MRED says Zillow broke contract rules by blocking certain listings, causing Zillow to lose access to 43,000 listings.
  • MRED calls Zillow’s complaint an issue that should be handled by arbitration, not court.
  • Compass argues the lawsuit is about marketing choices and says restricting listing visibility protects consumer choice.
  • Zillow wants a court order to stop the alleged hiding of listings and promote transparency in the housing market.
  • Other platforms like Redfin and Realtor.com currently have more listings available in Chicago than Zillow does.
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Ars Technica
Hotels in World Cup Host Cities Are Underperforming

Hotels in World Cup Host Cities Are Underperforming

May 21, 2026 • Newsweek

Summary

Hotels in U.S. cities hosting the 2026 FIFA World Cup are seeing fewer bookings than expected a few weeks before the tournament begins. Factors like visa problems, less international travel, and high ticket prices are causing lower hotel demand, even though over 5 million tickets have been sold.

Key Facts

  • Eleven U.S. cities will host 78 of the 104 World Cup games from June 11 to July 19, with the rest in Canada and Mexico.
  • Almost 80% of hotel owners say bookings are below what they first expected.
  • Kansas City reports 85-90% of hotels have booking numbers lower than a usual June or July.
  • Houston and Seattle also show weaker booking rates, between 65% and 75% below expectations.
  • Visa issues and global political concerns are keeping many international travelers from visiting.
  • Some cities like Atlanta are doing better and expect more bookings soon.
  • Vancouver and Toronto in Canada are experiencing similar hotel booking challenges.
  • Experts expect stadiums will be full but say the U.S. and FIFA need to make travel easier for visitors.
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Newsweek
Can my Social Security disability benefits be garnished for debt?

Can my Social Security disability benefits be garnished for debt?

May 21, 2026 • CBS News

Summary

Social Security disability benefits are generally protected from garnishment by private creditors, meaning most lenders and debt collectors cannot take this money. However, some federal debts like taxes, student loans, and child support can lead to garnishment or reductions in these benefits.

Key Facts

  • Social Security disability benefits include SSDI (earned benefits) and SSI (needs-based program).
  • Federal law protects most Social Security benefits from garnishment by private creditors such as credit card companies.
  • Banks protect up to two months’ worth of Social Security benefits from being taken in many cases.
  • Federal debts like unpaid taxes, defaulted federal student loans, child support, and alimony can lead to garnishment or reduction of SSDI benefits.
  • The Treasury Offset Program can reduce Social Security benefits to cover certain federal debts.
  • SSI benefits have stronger protections and usually cannot be garnished for federal tax or student loan debts.
  • Mixing Social Security benefits with other funds in a bank account can make protections more complicated.
  • If benefits are mixed with unprotected funds, creditors may be able to access the account after a court judgment.
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CBS News
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