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Putting $40,000 into a long-term certificate of deposit (CD) can earn a guaranteed return at current interest rates of around 4% or higher. CDs lock in a fixed interest rate for a set time, helping savers avoid market ups and downs while growing their money steadily.
Key Facts
A CD is a savings account that pays a fixed interest rate for a specific period.
Current long-term CD rates range from about 3.9% to 4.16% depending on the term length.
An 18-month CD at 4.15% can earn about $2,515 on $40,000.
A 10-year CD at 3.9% could earn about $18,643 on the same amount.
CDs require you to keep your money locked in for the term to avoid withdrawal penalties.
High-yield savings accounts offer similar interest rates but with variable (changing) rates and easier access to funds.
CDs provide steady, predictable growth since their interest rates do not change over time.
Choosing the right CD term is important to balance earnings and access to money.
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James Murdoch's company, Lupa Systems, is buying New York magazine, the Vox Media Podcast Network, and the Vox editorial brand from Vox Media. The deal, worth over $300 million, will make these media outlets part of Lupa and aims to expand Murdoch's media presence with a focus on strong journalism.
Key Facts
James Murdoch, son of Rupert Murdoch, is acquiring parts of Vox Media through his company Lupa Systems.
The purchase includes New York magazine, several of its related websites, and the Vox Media Podcast Network.
The deal does not include some Vox brands like Eater, Popsugar, The Verge, and others.
The Vox Media Podcast Network includes popular shows such as "Criminal" and "Pivot."
The purchase price is estimated to be over $300 million.
Current Vox CEO Jim Bankoff will continue leading the merged company after the deal closes.
New York magazine’s editor-in-chief promised the magazine will keep its independent journalism.
This acquisition is part of James Murdoch building his own media group distinct from the rest of the Murdoch family empire.
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Since President Donald Trump signed an order to start a deep-sea mining industry, companies have raised millions from investors and federal regulators are speeding up permission processes. Several companies are negotiating with the government to mine minerals from the ocean floor in U.S. waters, with auctions expected soon, but questions remain about the companies’ reliability and how the minerals will be processed.
Key Facts
President Trump signed an executive order in April 2025 to create a deep-sea mining industry in the U.S.
Federal agencies NOAA and the Bureau of Ocean Energy Management are leading permit approvals.
Companies could begin mining sections of the ocean floor near places like Alaska and American Samoa.
Polymetallic nodules on the seabed contain valuable metals like manganese, copper, nickel, and cobalt.
Some companies seeking permits have histories of legal issues or uncertain business records.
The U.S. government aims to speed up permit processing, with a lease sale planned as early as August 2026.
The industry is new, and commercial deep-sea mining has never before been approved in international waters.
The effort is partly intended to reduce U.S. reliance on China for critical minerals.
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Musicians Tinie Tempah and Skye Newman warn that the music industry may exclude working-class artists if small music venues close and efforts to find diverse talent do not increase. They say these venues are important places where new musicians learn and grow, and losing them could mean missing future successful artists.
Key Facts
Small music venues help new music scenes grow and train artists by giving them performance experience.
Tinie Tempah and Skye Newman say working-class musicians face challenges because making music professionally requires a lot of money and support.
Newman calls for more programs to find talent in underprivileged areas to give equal opportunities.
Tempah supports campaigns to save small venues, saying the UK’s global music influence started from these grassroots spaces.
They believe losing small venues will reduce musical diversity and harm the rise of new styles and artists.
Grime music, which has roots in Black British culture, usually emerges from local scenes supported by small venues.
The music industry currently lacks new underground scenes gaining wide recognition.
Supporting smaller venues and diverse talent is vital to keep the music industry representative and innovative.
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Air travel in the summer could face many problems like higher prices, flight delays, and cancellations. Airlines are struggling with staffing shortages, bad weather, and higher fuel costs, which may make travel plans harder for passengers.
Key Facts
In 2025, flight delays were the worst since 2014, with one in 12 flights arriving at least an hour late.
Airlines canceled over 100,000 flights last year; American, Frontier, and JetBlue canceled the most, while Allegiant, Hawaiian, and Southwest canceled the fewest.
Shortages of air traffic controllers and bad weather cause many delays, but airlines also schedule more flights than airports can handle.
Some airports, like Chicago O'Hare, have limited flights to reduce delays.
Passenger numbers are expected to increase this summer, with United Airlines forecasting 53 million travelers from June to August.
Rising jet fuel prices, influenced by the Iran war, are causing airlines to raise prices and cut less profitable routes.
Passengers have rights to refunds if their flights are canceled and they choose not to travel or be rescheduled.
Budget airline Spirit Airlines has left the market, possibly improving overall on-time performance for other carriers.
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Michael Thomson, former head of London Capital & Finance (LC&F), was jailed for six months for breaking a court order by selling luxury items like a hot tub. LC&F collapsed after selling mini-bonds that promised returns but invested money in risky projects, causing investors to lose millions.
Key Facts
Michael Thomson and his wife, Debbie, were found guilty of breaking a Serious Fraud Office (SFO) restraining order.
The couple sold luxury items worth nearly £5,800 and received a £2,000 holiday refund despite the order.
Thomson was already serving a suspended sentence for transferring £95,000 to hide it from investigators.
LC&F collapsed in 2019 after raising £236 million from investors through mini-bonds promising up to 8% annual returns.
Most of the invested money went into risky businesses like property developments, oil exploration, and a helicopter purchase.
A Brighton marketing company received £58 million in commission for promoting the mini-bonds.
The UK government created a compensation scheme to help victims, which has paid out over £173 million so far.
SFO investigators say the Thomsons' actions caused more than £100,000 in investor assets to disappear.
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The prices of America’s most expensive homes are rising, with some listings reaching $400 million. However, actual sales tend to be far lower, showing limits in buyer demand even among the very wealthy.
Key Facts
A Bel-Air estate listed for $400 million is the highest-priced home ever publicly marketed in the U.S.
The Bel-Air mansion has 70,000 square feet, 39 bedrooms, and 59 bathrooms.
"The One" in Los Angeles was originally listed near $500 million but sold at auction for about $141 million.
In Aspen, "Little Lake Lodge," a 74-acre estate with multiple homes and a private lake, is listed for $300 million but has not sold.
Florida’s Gordon Pointe estate in Naples is listed at $271 million but faces concerns over flooding risk.
A mega-estate in Key Biscayne, Miami, is listed for $237 million and is noted for its historic connections.
Many ultra-luxury homes rely on unique features or history to justify high prices, but sales show buyers are cautious.
These trends highlight how even very rich buyers have limits on what they will pay for luxury real estate.
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Walmart said higher gas prices are causing American shoppers to spend less in other areas. The company expects its sales growth to slow between May and July because of rising fuel costs linked to the war in Iran.
Key Facts
Walmart expects slower sales growth of 4% to 5% between May and July, down from 7.3% earlier this year.
Higher gas prices are squeezing household budgets as oil prices rise due to the Iran war.
The average price of a gallon of gas in the US is $4.56, up from $3 at the start of the conflict.
Walmart’s finance chief said higher tax refunds helped shoppers cope so far, but this effect is ending.
If the Strait of Hormuz remains closed, Walmart may need to raise food prices due to shortages of fertilizer ingredients.
Walmart’s profit for the first quarter was $5.3 billion, an 18.8% increase from last year.
The company's shares dropped 7% after it gave a cautious sales forecast.
Walmart is the largest private employer in the US, making its sales reports an important sign of consumer health.
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Europe’s economy is slowing down because the war in Iran has made energy more expensive. Business activity in the eurozone shrank in May, and inflation rose, causing worries about a long-lasting rise in living costs and a possible recession.
Key Facts
The war in Iran has caused energy prices to rise sharply in Europe.
Eurozone business activity fell at its fastest rate in over two years in May.
Inflation in the eurozone increased, putting more pressure on living costs.
The European Commission lowered its growth forecasts for the eurozone economy.
Germany and France experienced drops in private sector activity due to higher fuel and energy costs.
New orders and exports across the eurozone’s private sector declined significantly.
Services activity, which is very important to the European economy, contracted the most since February 2021.
The situation is making it harder for central banks to decide on interest rates and for governments to support consumers.
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Volition America has started a contest where American veterans and first responders can enter to win a Jeep Wrangler. The company’s CEO, John Sapiente, and Lt. Col. Dan Rooney shared information about the sweepstakes on CBS News.
Key Facts
Volition America is hosting a contest for veterans and first responders.
The prize is a Jeep Wrangler vehicle.
CEO John Sapiente and Lt. Col. Dan Rooney discussed the contest on CBS News.
The sweepstakes is aimed at honoring and supporting vets and first responders.
Participants enter for a chance to win the Jeep Wrangler.
Details about the contest were provided to the public through CBS News coverage.
The initiative highlights Volition America’s engagement with military and emergency communities.
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President Donald Trump is seeking to gain permanent authority to impose trade restrictions without needing new approval from Congress each time. This involves expanding the use of Section 301, a trade law that currently allows the president to act against unfair trade practices but with limits.
Key Facts
President Trump wants permanent powers to impose trade measures.
Section 301 is a law that lets the president respond to unfair trade actions.
The law is currently targeted and requires congressional oversight.
Trump’s proposal could allow the president to act without Congress.
This change could shift how trade disputes are managed in the U.S.
Critics worry it may give too much power to the executive branch.
The issue relates to managing trade conflicts and tariffs.
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A bank levy lets creditors freeze and take money from your bank account to pay off a debt after winning a court case. However, there are rules and protections that can limit how much money a creditor can take, especially for certain types of funds and depending on state and federal laws.
Key Facts
A bank levy allows a creditor to freeze and seize funds from your bank account after obtaining a court judgment.
Creditors can take money up to the full amount owed, including interest and fees, but not necessarily the entire account balance.
Federal law protects certain funds from being taken, such as Social Security benefits, veterans' benefits, and federal student aid.
Banks must automatically protect two months' worth of these protected payments from being taken.
State laws may protect a minimum balance or recent wage deposits and allow debtors to contest the levy.
Most private creditors need a court judgment before they can levy an account, but some government agencies can levy without one.
Many people do not get advance notice when their accounts are frozen or funds are taken.
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Elon Musk plans to sell shares of SpaceX, his space company, to the public in a large stock offering. Despite losing $2.6 billion last year, SpaceX earned $18.7 billion in revenue and aims to raise about $75 billion from this sale, which could be the biggest ever.
Key Facts
Elon Musk announced plans for a huge stock sale for SpaceX.
SpaceX lost $2.6 billion last year but made $18.7 billion in revenue.
Losses continued into the start of this year.
The amount Musk hopes to raise is around $75 billion.
This would be the largest initial public offering (IPO) in history.
The current biggest IPO was Saudi Aramco, which raised $26 billion seven years ago.
The exact amount SpaceX will raise was not included in the official filing.
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WiseTech, a logistics software company, has started laying off employees due to advances in artificial intelligence (AI). However, emails sent to Chinese staff did not mention AI, likely because of legal issues following a court case in China about AI-related job cuts.
Key Facts
WiseTech plans to cut about 2,000 jobs worldwide, around 30% of its 7,000 employees.
The layoffs are linked to changes caused by AI in the workplace.
The redundancy process began in South Korea and Mexico and will soon start in Australia and other countries.
Emails to Chinese employees removed the word “AI” and some explanations used in emails to other countries.
This change in wording is believed to respond to a recent Chinese court case where a worker, fired for AI replacement, was awarded compensation.
WiseTech says communication varies by country because of different legal rules, but their obligations to employees remain the same everywhere.
Employees have expressed low morale and frustration due to long delays and unclear communication about the layoffs.
Some workers have postponed important life decisions, like holidays or buying homes, while waiting for news about their jobs.
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Australia’s government plans to change tax rules on property investment to help renters and first-time homebuyers. The changes would limit tax benefits for investors buying existing homes but keep them for current landlords and new home constructions.
Key Facts
The government wants to limit negative gearing (a tax benefit) to new homes only and keep current landlords’ benefits unchanged.
Capital gains tax (CGT) rules will also change to make housing fairer for new buyers.
Housing and community groups support the changes, saying they will help renters and first home buyers.
Treasury predicts 35,000 fewer homes will be built due to the changes but only a small rise in rents, about $2 per week for the average renter.
Some economists and property groups warn the changes could cause home prices to drop and rents to rise significantly in some cities.
The government says the changes aim to add 75,000 first home buyers and support building 30,000 new homes over ten years.
Politicians and advocates urge lawmakers to pass the reforms quickly, calling some arguments against them misleading.
The government has also increased rent assistance to help renters alongside these tax reforms.
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The United States, Mexico, and Canada are reviewing the trade agreement that connects their economies. The U.S. wants to fix problems with Canada, such as rules that hurt American dairy farmers and other trade barriers.
Key Facts
The three countries are reviewing the U.S.-Mexico-Canada Agreement (USMCA).
The U.S. is focusing on trade issues with Canada during this review.
American dairy farmers face unfair treatment under current Canadian import rules.
Canada has restrictions that limit imports from the U.S.
Retaliatory actions from Canada have affected U.S. trade.
The U.S. aims to resolve these disputes through discussions with Canada.
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Produce prices in Southern California are rising sharply, with tomatoes leading the increase. Farmers and restaurants are facing higher costs due to tariffs, fuel, and transportation, which are being passed on to consumers.
Key Facts
Fresh fruit and vegetable prices are expected to increase by nearly 5% in 2024.
Tomato prices have risen 23% compared to last year, and 15% in March alone.
Farmers face higher costs from tariffs on materials imported from China and increased fuel prices, especially for diesel.
Transportation costs are especially high for tomatoes because they require refrigerated and quick shipping.
Restaurants, like Cuernavacas Grill in Los Angeles, are adjusting menus and using social media to promote dishes with fewer tomatoes.
Wholesale prices for some produce have gone up about 25% from last year.
The rise in produce prices is part of broader inflation, making it hard for businesses to raise prices without losing customers.
Experts say these high tomato prices may continue until 2027.
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SpaceX has shared details about its plan to sell shares to the public for the first time. If successful, the sale could value SpaceX at $1.75 trillion, making Elon Musk the first person to be worth one trillion dollars.
Key Facts
SpaceX plans to launch an initial public offering (IPO), which means selling company shares to the public.
The IPO could value SpaceX at $1.75 trillion.
This valuation could make Elon Musk the world’s first trillionaire.
The filing revealed both the company’s financial results and its future goals in space exploration.
An IPO is often used by companies to raise money from investors by selling parts of the company.
SpaceX is a space company founded by Elon Musk, known for its work on rockets and space travel.
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Billionaire Jeff Bezos suggested that low-income workers should pay no income tax to reduce their financial burden. However, experts argue that some tax contribution from everyone, including lower earners, helps support a fair and functioning society, and that taxes should be based on the ability to pay.
Key Facts
Jeff Bezos said lower earners should pay zero income tax to avoid financial strain.
Taxes fund government services and are essential for a civilized society.
The top 1% pay about 40% of federal income taxes, while the bottom half pays about 3%.
About 40% of households are expected to pay no federal income tax in 2025.
Many low-income households avoid income tax due to credits and low earnings.
Consumption taxes, such as sales taxes, often place a heavier burden on low-income people.
A small income tax from everyone can support democratic participation and fairness.
Experts suggest shifting some tax burden away from sales taxes toward income taxes for fairness.
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CBS Mornings Deals is offering special discounts on products that could be useful every day. You can find these deals on their website, cbsdeals.com, where CBS earns a commission if you buy something.
Key Facts
CBS Mornings Deals features exclusive discounts on various items.
The items shown may become useful in daily life.
Customers can visit cbsdeals.com to see and buy these deals.
Purchases through the website help CBS earn commissions.
The offers are promoted during CBS Mornings broadcasts.
The deals are designed to attract viewers to shop online.
The CBS News app and web browsers like Chrome and Safari can access these offers.
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