Aidan and Catherine McGowan recently bought a 1906 farmhouse in South Dakota and discovered severe stains and bad smells under the carpet while renovating. They plan to repair the floors and walls themselves despite having no renovation experience.
Key Facts
The McGowans bought a 120-year-old farmhouse on 10 acres in South Dakota.
They noticed a strange smell and stains under the carpet in one room.
The stains were brown and yellow, covering almost the entire floor underneath the carpet.
The couple plans to remove the subfloor, cut out the bottom part of the drywall, and install new hardwood floors.
Their renovation projects keep growing bigger, leading to many trips to the hardware store.
They have no prior experience in home renovation and are learning as they go.
Renovation costs for whole houses in the U.S. can range from $20,000 to $200,000.
Some social media viewers shared their own stories of hidden problems found during home renovations.
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Shell’s profits for the second quarter of 2026 more than doubled compared to last year, reaching $9.84 billion. The rise in oil prices followed the outbreak of a war involving Iran, which disrupted global oil and gas supplies through the key shipping route, the Strait of Hormuz.
Key Facts
Shell earned $9.84 billion in profits from April to June 2026, up from $4.26 billion in the same period last year.
The US-Israel war with Iran caused major disruptions to oil and liquid natural gas supply via the Strait of Hormuz.
Oil prices increased sharply, with Brent crude rising from about $73 per barrel before the conflict to above $120 at peak.
Shell’s CEO Wael Sawan said the company’s strong operations helped it achieve high profits despite energy market disruptions.
Shell’s total earnings in the first half of 2026 rose by 70% compared to last year, totaling over $16 billion.
Other energy companies like BP and Equinor also saw large profits this year due to oil price changes.
Large shifts in oil prices allow traders to profit more by buying and selling at wider price differences.
The Strait of Hormuz remains a critical oil route, and its closure impacts global energy markets significantly.
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Shell’s profit more than doubled to $9.84 billion in the second quarter of 2024. The rise in profits is linked to higher oil and gas prices caused by disruptions from the Middle East conflict.
Key Facts
Shell’s net profit for April to June 2024 was $9.84 billion, more than twice the amount a year earlier.
Oil prices increased from about $61 per barrel in January to a high of $126 in late April.
The conflict in the Middle East disrupted oil and gas flows, especially through the Strait of Hormuz.
Shell’s gas production dropped by 30%, partly due to a strike that damaged its Qatar LNG plant in March.
Repairs to the damaged LNG plant will take about one year.
Environmental groups are calling for a windfall tax on oil companies to support households facing high energy costs.
Campaigners urge governments to use tax revenue to help with climate resilience and energy transition.
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An Italian friar discovered a 19th-century recipe from a Florence convent for a wine-based tonic made with coca leaves and kola nuts. The recipe resembles the original formula used by John Pemberton to create Coca-Cola, though there is no direct evidence linking the two.
Key Facts
The recipe was found in archives at the San Marco convent in Florence by Father Manuel Russo.
The tonic combined Bolivian coca leaves, kola nuts, and wine, meant to fight fatigue and aid recovery.
Coca leaves were imported to Italy by missionaries and widely used before being banned in 1961.
John Pemberton created Coca-Cola in 1886 using coca leaf extract and kola nuts but mixed them with carbonated water instead of wine.
Similar coca leaf medicines were produced in Italy and France during the 19th century.
The San Marco tonic was popular and sold for 2 to 6 Italian lira, which equals less than a cent today.
The convent pharmacy still exists and has historic items like a crocodile hanging from the ceiling, a symbol of rare ingredients.
Another possible inspiration for Coca-Cola is an alcoholic syrup called Kola Coca made in Spain in 1885.
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The FTSE 100 index is expected to drop after the US Federal Reserve decided to keep interest rates unchanged despite concerns about rising inflation. Oil prices increased due to tensions between the US, Israel, and Iran, putting additional pressure on markets. Meanwhile, Rolls-Royce raised its profit forecast, showing strong business performance.
Key Facts
The FTSE 100 index reached a record high of 10,951 points but fell to 10,864 points later.
The US Federal Reserve kept interest rates the same amid rising inflation concerns.
Oil prices rose because of conflicts involving the US, Israel, and Iran.
Investors are worried the Fed may struggle to control inflation, leading to higher bond yields.
The S&P 500 index closed down 1.52% after fluctuating during the Fed announcement.
Semiconductor stocks fell sharply, with the Philly semiconductor index dropping 5.33%.
Some UK companies like BAE Systems, Lloyds Banking Group, and Shell reported earnings.
Rolls-Royce raised its full-year profit forecast to between £4.7 billion and £4.9 billion.
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Lettuce prices rose sharply in early 2026 due to hot weather in Arizona, affecting supply for many restaurants. A cyclospora parasite outbreak linked to shredded lettuce, especially at Taco Bell, has caused health concerns and lowered customer visits at several salad chains.
Key Facts
Arizona produces about one-third of the lettuce in the U.S., and hot weather there caused supply problems early in 2026.
Prices for iceberg and other lettuces increased significantly, with iceberg costing about 25 cents more per head than last year.
A cyclospora parasite outbreak linked to shredded iceberg lettuce caused thousands of Americans to get sick.
Taco Bell stopped using shredded iceberg lettuce from Taylor Farms after the outbreak and saw a 21% drop in customer visits.
Other salad chains like Chopt and Sweetgreen also experienced fewer customers and lower sales during the outbreak period.
The Food and Drug Administration continues investigating the outbreak to understand its full scope.
Fuel price increases, related to geopolitical events in the Persian Gulf, contributed to higher costs for producing and transporting lettuce.
Some salad mixes were sold cheaper than last year, offering some relief to shoppers.
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Oil prices dropped and most Asian stock markets fell, with South Korea’s main stock index, the Kospi, continuing to lose value after recent sharp declines. The changes come amid ongoing U.S.-Iran tensions, including recent U.S. military strikes on Iran and President Trump’s warning of strong retaliation.
Key Facts
Oil prices went down despite renewed conflict between the U.S. and Iran.
The Kospi stock index in South Korea fell 1.3% on Thursday, continuing a recent drop of more than 16% over two days.
The Kospi has dropped over 35% from its June high but is still up about 30% for the year.
Samsung Electronics reported record profits and its stock rose 2.4%.
SK Hynix also reported record profits but its shares fell 4% after missing analyst expectations.
Japan’s Nikkei 225 index gained 0.6%, with some chip-related stocks rising.
Taiwan’s Taiex stock index gained 0.8%, helped by gains in semiconductor company TSMC.
Oil prices remain volatile amid U.S.-Iran military tensions, with President Trump stating the U.S. would respond strongly to Iranian attacks.
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Car makers in the UK are waiting for the government to relax rules that require more electric car sales before they invest in new factories. The government is considering weakening these rules to support the industry, which is facing challenges like competition from China and extra costs for electric car technology.
Key Facts
The UK government enforces a rule called the zero emission vehicle mandate, which requires car makers to sell more electric cars each year until 2030.
The Society of Motor Manufacturers and Traders (SMMT) says car makers are delaying investments until this rule is eased.
Business Secretary Jonathan Reynolds has said the government will likely soften the mandate.
UK car production dropped by 7.5% in the first half of 2026 compared to last year.
Some companies that might delay investment include Toyota, Mini, Nissan, and Jaguar Land Rover.
The UK’s trading relationship with the EU affects car makers, especially if tariffs are applied or if batteries must be sourced from Europe.
The electric car charging industry and environmental groups oppose weakening the mandate due to concerns about increased carbon emissions.
The EU is also reviewing subsidy rules for cars made in Europe, which may affect UK manufacturers.
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The U.S. Department of Agriculture (USDA) will invest $25 million to open a new facility in Arizona that produces sterile flies. These flies will help control the New World Screwworm, an insect that harms livestock. The announcement was made by Agriculture Secretary Brooke Rollins during a visit to Arizona.
Key Facts
The USDA is investing $25 million to build a sterile fly dispersal facility in Arizona.
The facility aims to fight the New World Screwworm insect.
New World Screwworms cause damage to livestock by infesting wounds.
Agriculture Secretary Brooke Rollins announced the investment.
Arizona Republican Representatives Andy Biggs, Juan Ciscomani, and Eli Crane supported the project.
The sterile fly method works by releasing sterilized flies to reduce the pest population.
The project is part of efforts to protect the agricultural industry in the U.S.
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Cameron Parish in Louisiana was devastated by Hurricane Rita in 2005, but it has since become a major center for exporting liquefied natural gas (LNG). The area now hosts the world’s largest LNG export terminal and is expected to generate over $4 billion in tax revenue during the next decade.
Key Facts
Hurricane Rita in 2005 destroyed or badly damaged over 90% of homes in Cameron Parish.
The Sabine Pass LNG terminal in Cameron Parish is the largest LNG export terminal in the world and started exports in 2016.
LNG is natural gas cooled to -162°C so it becomes liquid, shrinking its volume and making storage and shipping easier.
Cameron Parish has two more LNG terminals, with a fourth one under construction costing $13 billion.
The new Commonwealth LNG terminal aims to produce 9.5 million tonnes of LNG annually by 2030.
Louisiana ships about 60% of the U.S. LNG exports, and Cameron Parish is responsible for two-thirds of Louisiana’s total export.
Tax revenues from all LNG terminals in Cameron Parish are expected to exceed $4 billion over the next 10 years.
Local household income in the parish increased by 25% from 2010 ($59,555) to 2024 ($75,000).
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Japan is importing crude oil from Canada for the first time since 2025 due to supply problems through the Strait of Hormuz caused by the conflict involving the US and Israel in Iran. The Trans Mountain pipeline in Canada is now a key source of oil for Japan and other Asian countries, helping them diversify their supplies.
Key Facts
A shipment of Canadian crude oil is on its way to Japan, carried by the ship Freedom Glory.
The oil was bought by Eneos, Japan’s largest oil refiner.
Japan lowered its economic growth forecast to 0.9% because of higher oil prices.
Before February, Japan got over 90% of its oil through the Strait of Hormuz, which is now disrupted by conflict.
The Trans Mountain pipeline carries up to 890,000 barrels of oil daily from Alberta to the west coast of Canada.
Around 77% of oil exported from Vancouver this year went to Asia, up from 51% in 2024.
Other Asian countries like India, Malaysia, and Singapore are also buying Canadian oil via this pipeline.
Canadian Prime Minister Mark Carney said Canada does not plan to use its oil supplies as a political tool despite US tariffs on Canadian products.
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Samsung Electronics reported a record operating profit of 89.5 trillion won ($62 billion) for the April-June 2026 quarter, mainly from its semiconductor business driven by demand for AI-related memory chips. Despite this, its stock price fell amid investor worries over high spending plans and growing competition from Chinese chipmakers.
Key Facts
Samsung’s operating profit for Q2 2026 increased more than 19 times compared to the previous year.
The semiconductor division, especially memory chips for AI servers, was the main profit source.
Samsung’s revenue reached a record 171.5 trillion won ($119 billion) in the same period.
SK Hynix also reported record revenue of 60.5 trillion won ($42 billion) but fell short of profit expectations.
Shares of Samsung and SK Hynix declined due to concerns about heavy investments and competition.
Chinese companies are advancing in chipmaking technology, increasing competition threat.
South Korea is investing heavily in semiconductor manufacturing to support AI growth.
Investor uncertainty comes from whether large capital spending will bring enough financial returns.
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The UK government is investing £8.4 billion in building new Dreadnought-class nuclear submarines to replace older vessels and maintain the country’s security. This project will also support tens of thousands of jobs and apprenticeships, especially around Barrow-in-Furness, where the submarines are being built.
Key Facts
The UK is building four new Dreadnought-class nuclear submarines to replace four older Vanguard-class submarines.
The Vanguard submarines have been in use since 1992 and will be retired in the 2030s.
The £8.4 billion investment marks the start of the fourth phase of this long-term project, first announced in 2006.
The Defence Investment Plan includes £63.6 billion over four years for nuclear defence, most of which supports submarines and related facilities.
About 47,000 jobs currently depend on the UK’s nuclear defence spending, expected to rise to 65,000 by 2030.
The government plans to increase apprenticeships, with a goal of 22,000 apprenticeships by 2035.
Public contracts will favor companies offering 45-day work placements to help young people gain job experience.
Prime Minister Andy Burnham emphasized that defence investment also helps local economies and skills development.
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The Dow Jones stock market index fell sharply on Wednesday, marking its worst day since April 2025. This drop happened after the Federal Reserve decided not to change interest rates because inflation remains high and energy prices increased.
Key Facts
The Dow experienced its largest single-day decline since April 2025.
The Federal Reserve kept interest rates the same instead of raising or lowering them.
Inflation is still high, which means prices for goods and services are increasing.
Energy prices went up, adding pressure to the economy.
Investors reacted negatively to the Federal Reserve's decision.
The Federal Reserve's choice affects borrowing costs and the stock market.
Experts, like Emily Russell from Barron’s, provide analysis on these market moves.
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The cost of burgers and related foods like bread and salad has gone up a lot since last summer, but farmers and food producers are not making more money. Farmers say they get paid less for their beef while shoppers pay more in stores. Other parts of the supply chain, like bakers and flour mills, also face rising costs.
Key Facts
Prices for beef, bread buns, and salad have risen sharply over the past year.
Farmers are receiving on average 8% less money for beef compared to the previous year.
Shoppers are paying about 9% more for beef products like burgers.
A cattle farmer in Lincolnshire has 200 animals sold to a supermarket but struggles with falling beef prices.
Bakers have increased prices slightly to cover higher costs like wages, rent, and fuel but do not make large profits.
Farm wheat prices have dropped slightly, while bread roll prices have increased by 2%.
A flour mill in North Yorkshire raised prices due to higher transportation costs.
Government says it is investing £11.8 billion to support farmers, but some still feel economic pressure.
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The Dow Jones stock market index dropped by 1,000 points after the Federal Reserve decided not to change interest rates. Investors sold many stocks following this decision, causing the market to fall.
Key Facts
The Dow Jones index fell by 1,000 points in one day.
The Federal Reserve chose to keep interest rates the same instead of raising or lowering them.
This decision led to a large number of investors selling their stocks.
The selling caused the stock market to decline sharply.
The Federal Reserve’s interest rate decision is closely watched because it affects borrowing costs and the economy.
The information was reported by CBS News and analyst Richard Escobedo.
Interest rates staying the same means the cost to borrow money remains stable.
The Dow Jones is a major stock market index representing 30 large companies in the US.
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The Federal Reserve decided to keep its main interest rate the same this time. However, three members wanted to increase the rate by 0.25%. This shows there are different opinions within the Fed about the best way to manage the economy.
Key Facts
The Federal Reserve kept its key interest rate unchanged.
Three members of the Fed voted to raise the rate by a quarter of a percent (0.25%).
The decision on interest rates was not unanimous.
Interest rates affect borrowing costs for people and businesses.
The Fed’s choices influence the overall economy and inflation.
The meeting and decision took place on a Wednesday.
CBS News MoneyWatch correspondent Kelly O’Grady provided analysis.
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Film producer Jason Cloth has been charged by a federal grand jury with wire fraud in a $100 million Ponzi scheme involving movie funding. Prosecutors say he promised investors their money would go to films or video games but used it for other projects and to pay earlier investors.
Key Facts
Jason Cloth financed movies like “Joker” and “Ghostbusters: Afterlife.”
He was indicted in Chicago and arrested in Los Angeles on wire fraud charges.
Cloth allegedly raised over $100 million from investors claiming it would fund films or video games.
Instead, he used the money for a Canadian real estate project and to pay back previous investors.
The charges include seven counts of wire fraud, each carrying up to 20 years in prison.
Authorities want Cloth to forfeit more than $12 million.
The FBI is asking anyone who may be a victim to contact their Chicago office.
Cloth and his company are also involved in other ongoing legal cases and investigations related to similar fraud allegations.
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Marcia Kilgore, who left university, built several successful beauty companies including Beauty Pie, Bliss Spa, Soap & Glory, and FitFlop. She shares lessons from her journey, such as starting without a perfect plan, gaining hands-on experience, refining ideas, and valuing kindness in business.
Key Facts
Marcia Kilgore founded Beauty Pie in 2016, an online subscription beauty brand known worldwide.
Before Beauty Pie, she created Bliss Spa, Soap & Glory, and FitFlop.
Kilgore dropped out of Columbia University after her tuition plan failed and supported herself by working and taking beauty classes.
She gained deep knowledge by doing all salon tasks herself, including treatments and training staff.
She advises testing business ideas with customers early to make sure they solve a real problem or have clear value.
Kilgore warns against "ownership bias," where people think their idea is great just because it is theirs.
She believes AI tools can help new entrepreneurs test and improve ideas affordably.
Being kind, polite, and reliable helped her build good relationships that supported her career growth.
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The Bank of England is expected to keep its interest rate at 3.75% for the fifth time due to global political and economic uncertainties. This rate influences borrowing costs for loans and mortgages and helps control inflation, which is currently above target.
Key Facts
The Bank of England’s interest rate is likely to stay at 3.75%, unchanged for the fifth time.
The Bank’s Monetary Policy Committee meets eight times a year to decide interest rates.
Inflation in the UK was 2.6% in the year to June, slightly above the 2.3% target.
Inflation may rise in July because of a 13% increase in domestic energy prices.
The rise in energy prices is linked to the Iran war affecting wholesale energy costs.
Most mortgage holders have fixed-rate deals, but new fixed-rate mortgage rates are rising.
The average two-year fixed mortgage rate recently hit 5.62%, the highest in over a month.
The Bank of England predicts that by the end of 2028, over five million homeowners could see higher mortgage payments.
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