Kia America is recalling nearly 463,000 Telluride SUVs from model years 2020 to 2024 because their front power seat motors may overheat and cause a fire. Owners are advised to park outside and away from buildings until dealers fix the problem for free by installing a new electronic fuse assembly.
Key Facts
The recall affects almost 463,000 Kia Telluride midsize SUVs from 2020 to 2024.
The issue is caused by the front power seat motor overheating.
Overheating can happen if the power seat slide knob gets stuck or if an earlier recall repair was done incorrectly.
The overheating may lead to fires while the vehicle is being driven or parked.
The National Highway Traffic Safety Administration (NHTSA) is handling the recall.
Owners should park their vehicles outdoors and away from structures until repaired.
Kia dealers will fix the problem for free by adding an electronic fuse assembly.
Notification letters to owners should start going out on August 13.
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Paris Haute Couture Week showcased new fashion collections from top designers, including Pierpaolo Piccioli's first show for Balenciaga. The event featured creative ideas around showing or covering the body, using fantasy themes, and combining traditional craftsmanship with new technology.
Key Facts
Pierpaolo Piccioli debuted as Balenciaga’s couture designer with dramatic gowns and feathered looks.
The event lasted four days and included 30 fashion houses, with five showing couture for the first time.
Designers played with themes of showing skin, covering it, or making it disappear.
Some collections used fantasy elements like balloon shapes, feathers, and inflated latex designs.
New technology like particle accelerators and lab-grown silk were highlighted alongside traditional handmade techniques.
Couture pieces are very expensive and made for a small number of clients, but they help promote other luxury products like perfumes and handbags.
Major fashion houses are relying on new creative directors to bring fresh energy back to the luxury industry after a recent slowdown.
Well-known celebrities such as Demi Moore, Cynthia Erivo, Cate Blanchett, Pedro Pascal, and Tilda Swinton attended the shows.
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Brian Potter, a British songwriter and producer known for many popular 1970s songs, has died at age 87. He worked with American partner Dennis Lambert and helped create hits for artists like Glen Campbell, the Four Tops, and Take That.
Key Facts
Brian Potter was born in Essex, England, and trained as a drummer before becoming a lyricist.
He co-wrote the 1965 hit "Whatcha Gonna Do About It" for Small Faces.
Potter partnered with Dennis Lambert and moved to the U.S. to write and produce music.
They created hits such as "Rhinestone Cowboy" by Glen Campbell and "Baby Come Back" by Player.
Potter and Lambert helped refresh the Four Tops' sound, producing hits like "Ain’t No Woman (Like the One I’ve Got)".
They worked with several artists across genres including disco with Tavares and soul with Dusty Springfield.
"It Only Takes a Minute" was a disco hit they produced for Tavares and later covered by Take That.
Potter and Lambert received two Grammy nominations in 1976 for their work with Glen Campbell.
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Momentum stocks, which have been rising faster than the overall market, helped push stock prices up earlier this year. Recently, these stocks have started to lose value, especially after the Federal Reserve hinted it might raise interest rates.
Key Facts
Momentum stocks are shares that have increased and outperformed the market for about a year.
A popular momentum ETF gained about 33% over the last 12 months, beating the S&P 500’s 20% gain.
Chip and memory companies like Micron Technology, Intel, and AMD were among the top performers in momentum stocks.
Since July, momentum stocks have performed poorly, with the iShares MTUM ETF dropping more than 11% at one point.
The selloff started soon after the Federal Reserve, led by chairman Kevin Warsh, kept interest rates steady but signaled possible future increases.
Rising short-term interest rates can disrupt momentum stocks, which often perform worse during these rate changes.
The current market shift reflects broader economic uncertainties and changing Fed policies.
Oil prices increased due to tensions with Iran, which affects inflation and may influence the Fed’s decisions.
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President Trump threatened to stop all trade with Spain, which caused Spain’s stock market to drop and raised concerns among investors. The trade conflict relates to disagreements over NATO spending and Spain’s position on Iran, but the legal and practical details of such a trade cutoff remain unclear.
Key Facts
President Trump said, "We don't want to do any trade business with Spain anymore," renewing a conflict over NATO and Iran.
Spain’s main stock index fell 2.7% after the announcement, the largest drop since a similar threat in March.
Investors saw Spanish government debt as riskier compared to Germany’s, pushing up the cost of holding that debt.
Cutting trade with one European Union country could disrupt the recent U.S.-EU trade agreement.
The U.S. currently exports more goods to Spain than it imports from them.
In Trump’s first term, there was a tariff on Spanish black olives for "anti-dumping," but this was partly reduced later.
Any trade cutoff could increase prices in the U.S. for products like medicines and olive oil, adding to inflation worries.
The White House did not comment on the trade threat when asked.
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This article talks about ways to control impulse buying by using new tools that simulate shopping thrills without spending money. It also features financial advice from Jill Schlesinger for a caller who is managing a reduced salary while facing rising college expenses and saving for retirement.
Key Facts
South Korea has introduced "dopamine sites" that let people experience the excitement of shopping or ordering food without spending real money.
These sites aim to help people who struggle with compulsive spending.
The article includes a financial advice segment with Jill Schlesinger.
Jill helps a caller named Danielle who took a pay cut for better work-life balance.
Danielle is now facing higher college costs than expected for her child.
Danielle wants to keep saving for retirement despite these new expenses.
Viewers can send money questions to Jill via the email askjill@jillonmoney.com.
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China's passenger car exports rose by 80% in June compared to last year, mainly because more electric vehicles (EVs) were bought overseas. However, sales inside China dropped by 26% due to strong competition and weaker demand from buyers at home.
Key Facts
In the first half of the year, China exported over 4.4 million passenger cars, a 72% increase from the previous year.
Domestic sales in China were around 8.3 million vehicles from January to June but fell 26% in June alone.
The domestic market faces heavy price competition and lower demand due to a weak property market and reduced government support for electric vehicle purchases.
Experts predict China’s car exports may grow by 30% to 50% for all of 2026 compared to last year.
Chinese automakers like BYD are expanding overseas and opening factories abroad to boost profits despite some trade tensions.
High global gasoline prices have increased interest in electric vehicles worldwide.
China’s electric vehicle exports to Canada are growing after the country approved an annual import quota with low taxes.
The U.S. continues to restrict Chinese EV imports with tariffs, and some Chinese-linked EV makers are banned from selling certain models in the U.S. starting 2027.
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PepsiCo reported higher than expected revenue of $24.2 billion in the second quarter despite weaker demand in North America. The company said economic worries caused customers to spend less on snacks and beverages, but sales grew in other countries.
Key Facts
PepsiCo's revenue rose 6.4% to $24.2 billion from April to June 2026.
In North America, snack sales stayed flat and beverage sales dropped by 4% in the second quarter.
Rising gas prices due to the war in Iran affected consumer spending in the U.S.
PepsiCo lowered prices on popular chips earlier in the year to boost sales.
Overall global snack volumes increased 3%, and beverage volumes grew 2%.
The company launched Gatorade Lower Sugar, a healthier drink with no artificial flavors or colors.
PepsiCo’s net income more than doubled to $2.98 billion in the quarter.
Adjusted earnings per share were $2.18, slightly below analyst predictions of $2.19.
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Some famous movie items, like Luke Skywalker's lightsaber and the Wicked Witch's hat from "The Wizard of Oz," are being sold at an auction. The auction is held by Heritage Auctions and features important pieces of film history.
Key Facts
Heritage Auctions is selling well-known movie memorabilia.
Items include Luke Skywalker's lightsaber from Star Wars.
The Wicked Witch's hat from "The Wizard of Oz" is also for sale.
These items are considered significant parts of film history.
The auction event took place around July 2026.
Collectors and fans have the chance to buy these rare items.
Movie memorabilia auctions attract attention from the business and entertainment world.
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As the UK faces hotter summers and more heatwaves, more people are buying air conditioning systems for their homes. There are three main types of home air conditioners—portable, split systems, and ducted systems—and the price varies widely depending on the type and installation costs.
Key Facts
Portable air conditioners are standalone units that cool single rooms and cost between £350 and £650.
Split systems have an indoor and outdoor unit and can cool one or multiple rooms; the unit costs between £750 and £1,100, but total installation costs range from £2,000 to £6,000.
Ducted air conditioning cools the entire house via vents and ducts, costing £990 to £1,750 for the unit, with installation possibly between £5,000 and £10,000.
The size of air conditioning units is measured in BTUs, which determines the cooling capacity and price.
Running air conditioners adds to electricity bills, typically 25p to 40p per hour for portable units.
Demand for air conditioning units has increased significantly due to rising temperatures in the UK.
Installing ducted systems may require major renovations to fit ductwork inside the house.
Higher electricity prices mean using air conditioning regularly will increase household energy costs.
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Volkswagen plans to cut up to 100,000 jobs and close several factories in Germany. The company’s major union, IG Metall, has organized protests at 18 sites to oppose these plans, which the Volkswagen supervisory board will review soon.
Key Facts
Volkswagen may cut up to 100,000 jobs and close four factories in Germany.
The affected factories include plants in Hanover, Emden, Zwickau, and Audi’s Neckarsulm site.
IG Metall union is organizing demonstrations at 18 Volkswagen sites, including the company’s headquarters.
Volkswagen employs over 650,000 people in Germany across brands like Audi, Bentley, Skoda, and Seat.
The supervisory board includes company, union, and local government representatives and must approve the plans.
The Volkswagen Act law protects most plants from closure without a two-thirds board majority, which is unlikely against union opposition.
Some plants like Zwickau and Neckarsulm are not protected by this law and could be closed without board approval, but strong resistance is expected.
Volkswagen may also simplify its company structure by spinning off some divisions to improve efficiency.
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The IRS will soon start automatically waiving certain tax penalties for taxpayers who have a history of filing and paying on time. This change, called the Automatic Exemption from Penalty (AEP) program, will begin in summer 2026 and be fully effective for the 2027 tax season.
Key Facts
The IRS will automatically remove penalties for eligible taxpayers instead of requiring them to request relief.
The program applies to penalties for late filing, late payment, and late deposits.
To qualify, taxpayers must have filed and paid taxes on time for the last three years or 12 consecutive quarters for quarterly filers.
The new system replaces the old "First Time Abate" relief that needed a formal request.
The change aims to help consistent taxpayers avoid penalties without extra paperwork.
Some taxpayers may still get penalty notices in 2026 as the system updates, but can request relief the old way.
The IRS will combine this relief effort with tougher enforcement and fraud prevention measures.
The program does not cover certain tax returns like estate or gift taxes; those taxpayers must use other relief options.
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Italy’s bank UniCredit is close to taking over Germany’s bank Commerzbank after acquiring nearly half of its shares. The German government, which owns part of Commerzbank, is opposing this takeover.
Key Facts
UniCredit is Italy’s second largest bank.
Commerzbank is Germany’s second largest bank.
UniCredit recently secured 47.6% of Commerzbank’s shares.
The German federal government owns 12% of Commerzbank.
The German government is against the takeover by UniCredit.
The takeover is described as "hostile" by some German sources.
This deal is a major development in European banking.
The news was reported in July 2026.
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Costco is facing a proposed class-action lawsuit from customers who say the company sold Orgain Organic Protein Powder without telling buyers it contained unsafe levels of heavy metals like lead, cadmium, and arsenic. The lawsuit claims Costco violated consumer protection laws by not warning shoppers about these contaminants.
Key Facts
Seven consumers filed the lawsuit in federal court in Washington state.
The product involved is Orgain Organic Protein Powder, sold at Costco stores nationwide.
Testing by Consumer Reports found lead levels 43% above the safe benchmark, plus cadmium and arsenic present.
Heavy metals naturally appear in the environment and can end up in food.
The plaintiffs say Costco did not disclose these metal levels on the packaging or in advertising.
Consumers claim they would not have bought the product or would have paid less if they knew about the contaminants.
Protein powders are not regularly reviewed or tested by the FDA before sale.
Lawsuit alleges violations in several states and seeks disclosure of heavy metal levels and sales restrictions until disclosed.
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States in the U.S. rely on different types of taxes to fund their governments. Some states collect most of their revenue from income taxes on wages and businesses, while others depend mainly on taxes from sales, gas, tourism, and other purchases.
Key Facts
In 2025, 27 states got most of their tax money from sales and consumption taxes.
21 states raised most of their tax revenue from income taxes, including taxes on wages and corporate profits.
Texas, Florida, and some other states have no income tax and rely heavily on taxes from spending and business activity.
California, New York, Massachusetts, and Connecticut depend mostly on income taxes, which are affected by earnings and business profits.
All states collected some form of sales or similar taxes by 2025, making up 45.4% of state tax revenue nationwide.
Taxes on consumption can feel lighter for wealthy people but often take more from lower-income families.
The way taxes are collected may influence economic fairness and affect racial inequality since lower-income Black and Hispanic households may pay a larger share of consumption taxes.
States have created tax systems based on different parts of the economy and populations, not just on whether taxes are "high" or "low."
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The total value of the cryptocurrency market is over $2.23 trillion, but Bitcoin has lost more than half its value since its highest price in October 2025. While big investors, banks, and politicians are supporting cryptocurrencies, there are concerns about their use in political interference and by sanctioned countries to move money outside normal banking.
Key Facts
The cryptocurrency market is valued at more than $2.23 trillion.
Bitcoin’s price has dropped by more than 50% since October 2025.
Large institutional investors are investing billions in cryptocurrencies.
Traditional banks are starting to use and support digital currencies.
Some politicians actively promote and benefit from cryptocurrencies.
Governments worldwide are working on new regulations for digital assets.
Cryptocurrencies are being used for political interference.
Some sanctioned countries use cryptocurrencies to bypass normal financial rules.
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Oil prices rose sharply after President Donald Trump ended a ceasefire with Iran following attacks on ships in the Strait of Hormuz and ordered new strikes. Prices later fell but remained volatile as tensions between the US and Iran created uncertainty in the oil markets.
Key Facts
President Trump declared the ceasefire with Iran over after Iranian attacks on ships in the Strait of Hormuz.
The US ordered fresh military strikes against Iran in response.
Oil prices jumped about 8% on the news, with Brent crude surpassing $80 a barrel.
The US revoked a temporary sanctions waiver for Iranian oil.
The Strait of Hormuz is important because about 20% of the world’s oil passes through it.
President Trump said he expects the conflict to end quickly and mentioned talks might resume.
Stock markets, especially tech shares in Asia, rose slightly amid the oil price changes.
Investors remain cautious about further violence affecting global oil supply and prices.
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A man named Brian Davis found a set of checks worth $40 million tucked inside a thrift store book called The Secret, a self-help book about attracting success with positive thinking. These checks were not real money but "Magic Checks," tools used by followers of the book’s philosophy to visualize financial success.
Key Facts
Brian Davis is from Guelph, Ontario, and found the checks while browsing a thrift store.
The checks were hidden inside a copy of The Secret, published in 2006 by Rhonda Byrne.
The Secret promotes the "law of attraction," which says positive thoughts can bring wealth and happiness.
The "Magic Checks" are used by people to write down an amount of money they want as a visualization exercise.
Davis said the checks are part of the book’s method but noted that simply wishing for money doesn’t guarantee success.
Critics have called the law of attraction idea pseudoscientific, saying it lacks scientific proof.
The book has faced criticism for suggesting people cause their own problems by thinking negatively.
Davis thinks the original owner might have donated the book after giving up on the idea or never believing in it.
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Marks & Spencer (M&S), a British high-street retailer, will celebrate its 100th anniversary by joining London Fashion Week (LFW) with a catwalk show featuring its latest clothing collections. M&S aims to attract younger customers by offering trend-focused, affordable fashion that is available to buy immediately after the show.
Key Facts
M&S is participating in London Fashion Week for the first time to mark 100 years in fashion.
The retailer will showcase both women’s and men’s clothing collections on the runway.
The catwalk show will be livestreamed for customers to watch at home.
Unlike many luxury brands, M&S’s clothes will be available to buy right after the show online and in larger stores.
M&S is working to change its image from older, unfashionable styles to trendier clothing for younger shoppers.
Fashion consultant trends like monthly product drops and viral social media items are part of M&S’s new strategy.
The brand’s younger customer base has grown by offering affordable versions of popular fashion trends seen on social media and worn by celebrities.
Previous events supporting this change include a summer fashion show in Ibiza and a recent show at Silverstone.
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A nuclear power plant called Sizewell B in Suffolk, England, will keep producing electricity for 20 more years, until 2055. The plant’s owner, EDF, made a deal with the government to invest around £800 million to upgrade the plant and protect jobs.
Key Facts
Sizewell B started working in 1995 and was originally planned to close in 2035.
The plant will now operate until 2055 after a new agreement.
EDF employs 620 staff and 300 contractors at Sizewell B.
The extension will support hundreds of jobs and allow new local hires.
Sizewell B provides power to over two million homes and contributes 3% of the UK's energy.
EDF plans to invest about £800 million to upgrade the plant.
The government supports the extension as it provides clean electricity and secures jobs.
A campaign group called Together Against Sizewell C expressed concerns about safety, environmental risks, and long-term costs of nuclear power and waste.
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