Canada’s economy is facing challenges, including a recent technical recession and rising inflation. The government is working on plans to improve growth, create jobs, and boost exports, while many Canadians are concerned about the cost of living and housing affordability.
Key Facts
Canada’s economic growth is expected to be around 1.6% in 2026 and improve slightly to 1.7% in 2027.
The country experienced a technical recession with two quarters of declining GDP in late 2025 and early 2026.
Inflation rose to 3.2% in May 2026, driven by higher energy prices, but remains lower than the high levels seen in 2022.
Housing costs have increased, benefiting current homeowners but making it harder for younger Canadians to buy homes.
Canadian households have the highest debt levels among G7 countries, mostly due to mortgages and consumer loans.
About 70% of Canadians describe their finances as good or very good, while 27% feel their financial situation is poor.
Prime Minister Mark Carney is promoting Canada as a strong place for investment to strengthen the economy.
Inflation and cost of living are the top concerns for many Canadians, more than housing or US tariffs.
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Apple has raised the prices of its Mac computers and iPads due to a shortage of memory chips caused by high demand from artificial intelligence (AI) data centers. The company said the surge in prices for these parts is an unusual challenge for the tech industry and expects iPhone prices to rise later this year as well.
Key Facts
Apple increased the price of the entry-level MacBook Neo from $599 to $699.
The 512GB MacBook Air price rose from $1,099 to $1,299.
The 1TB MacBook Pro now costs $1,999, up from $1,699.
The 128GB iPad Air price went up from $599 to $749.
The 256GB iPad Pro WiFi version rose from $999 to $1,199.
Apple attributes these price increases to a shortage of memory chips driven by rapid growth in AI data centers.
Analysts expect that iPhone prices will increase later this year, possibly by as much as $200 for Pro models.
Apple has tried to avoid raising prices so far but says it can no longer absorb the higher costs.
Apple’s stock price dropped 4.5% following the announcement.
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Qantas will launch the first non-stop flight between London and Sydney in October 2027, cutting travel time to about 22 hours. The airline will use special long-range Airbus planes and expects this new service to attract premium-paying customers despite higher costs and challenges with very long flights.
Key Facts
Qantas started flying between London and Sydney in 1947 with multiple stops.
Currently, Qantas has one stop in Singapore for this route.
The new non-stop flight will save about four hours compared to the current trip.
The flight will last approximately 22 hours.
Special planes designed for ultra-long flights will be used.
Nearly 40% of seats will be premium economy, business, or first class.
Passengers will have more legroom and a wellness area to help reduce health risks like blood clots.
The new route is expected to cost about 20% more than the current service with a stopover.
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Comedian Alan Carr has bought Ayton Castle in Scotland and is now selling hundreds of items from the castle that he and the previous owners do not want. The auction, featuring over 400 lots including sculptures, paintings, furniture, and a Bentley car, will take place at Ayton Castle in July.
Key Facts
Alan Carr purchased Ayton Castle in the Scottish Borders for over £3.25 million.
More than 400 items from the castle will be auctioned off, including a collection called the "cement menagerie" of concrete sculptures.
The "cement menagerie" was created in the 1960s by a retiree for his disabled son and was a popular visitor attraction before moving to Ayton Castle in 2021.
The auction will be held on July 5, with viewing days on July 3 and 4; tickets are required.
Items range from low-cost pieces like railway time boards (£10-15) to a 2011 Bentley Mulsanne valued between £20,000 and £30,000.
The auction is organized by Railtons Auctioneers, who report interest from both local and international buyers.
The sale includes various types of items such as paintings, furniture, textiles, and the sculptures.
The previous owners left some contents that they did not want to keep when moving to a new house.
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President Donald Trump threatened to impose 100% tariffs on imports from any country that applies a tax on digital services provided by US companies. He specifically targeted European countries planning such taxes and warned this could override existing trade agreements.
Key Facts
President Trump announced a 100% tariff on all goods from countries taxing US digital services.
He issued the threat via social media on June 26, 2026.
Trump said this tariff would cancel any current trade deals with those countries.
European countries, especially the European Union, are considering taxes on US tech companies to raise revenue.
The European Commission said these digital taxes are fair and apply equally to large companies from any country.
The EU plans to respond firmly if the US imposes tariffs.
The US and EU recently agreed on a trade deal capping most EU export tariffs to 15%, but digital taxes were not included.
The situation could lead to a trade conflict that might raise prices and slow economic growth.
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Many Americans can use the value in their homes to create or boost an emergency fund. Two common ways to do this are through home equity loans or home equity lines of credit (HELOCs), which allow homeowners to borrow money using their home’s value as security.
Key Facts
An emergency fund should cover three to six months of expenses.
High inflation and possible interest rate increases make having an emergency fund more important now.
Saving enough money for an emergency fund can take time and be difficult due to other debts and expenses.
Home equity loans provide a lump sum of cash at an average interest rate of about 6.98%, with repayments starting right away.
HELOCs offer a revolving line of credit, meaning you only pay interest on the money you actually use.
HELOCs often require interest-only payments at first, making them possibly cheaper for emergencies.
Both loans use the home’s value as collateral, so it’s important to borrow only what is needed.
Many homeowners currently have high amounts of equity, making these options accessible for some.
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Paris Fashion Week struggled with a record heat wave reaching nearly 41°C (106°F), causing discomfort for guests and models dressed in warm materials like fur and wool. The event highlighted challenges for the fashion industry and historic venues in adapting to hotter weather and questioned the timing of summer shows amid climate change.
Key Facts
Paris Fashion Week took place during an unusually intense heat wave in the French capital.
Temperatures neared 41°C (106°F), pushing French authorities to emergency measures.
Guests and models faced heat in venues without adequate air conditioning.
Organizers used ice packs, mist machines, chilled towels, parasols, and cold water to cool attendees.
Models wore heavy clothing such as leather, wool, and fur, which were uncomfortable in the heat.
The heat raised questions about whether summer fashion weeks should continue as climate change brings more frequent heat waves.
Some shows shifted to earlier times to avoid the hottest hours, but cooling remained insufficient.
France’s fashion federation acknowledged the problem and said they follow government heat-wave plans but recognize climate challenges for the industry.
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An $800 certificate of deposit (CD) account can earn a small amount of interest by the end of this year. CD accounts usually offer higher fixed interest rates than regular savings accounts, making them a better option for short-term savings.
Key Facts
A 3-month CD at about 3.9% interest can earn around $7.70 on an $800 deposit.
A 6-month CD at about 4.1% interest can earn around $16.20 on an $800 deposit.
CD interest rates are fixed, so you know exactly how much you will earn at maturity.
These earnings are higher than typical savings accounts, which currently pay only about 0.38%.
Longer CD terms or larger deposits generally offer better returns.
Savers can use online marketplaces to compare CD rates, terms, and lenders easily.
CDs that mature within six months allow you to reclaim your money quickly if needed.
Overall, CDs provide a safe way to grow savings a bit more than traditional accounts.
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President Donald Trump warned that any country imposing a tax on digital services from U.S. companies will face a 100% tariff on all goods sent to the United States. He specifically mentioned European countries planning such digital taxes and said the tariff would override any existing trade agreements.
Key Facts
President Trump threatened a 100% tax (tariff) on imports from countries taxing U.S. tech companies' digital services.
He announced this threat on social media, targeting mainly European nations.
The tariff would apply immediately if a country enacts a digital services tax on American companies.
This new tariff would replace previous trade deals between the U.S. and that country.
The threat comes before a July 4 deadline for the U.S. and European Union to approve a tariff agreement capping most EU exports at 15%.
The recent U.S.-EU trade deal does not include digital service taxes, which remain disputed.
President Trump has pushed back against foreign digital taxes before, calling them harmful to U.S. technology firms.
The European Commission finalized the trade deal after negotiations following the EU chief’s visit to Trump’s golf course.
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OpenAI is thinking about postponing its plan to sell shares to the public, called an IPO, until next year. This decision follows watching SpaceX’s recent entry into the stock market.
Key Facts
OpenAI plans to have an IPO, which means selling company shares to public investors.
The company is considering delaying this IPO until next year.
OpenAI’s decision comes after observing SpaceX’s recent stock market debut.
The information was reported by the New York Times.
Megan Leonhardt from Barron’s discussed this news on CBS.
The IPO delay means OpenAI might wait longer before allowing public investment.
SpaceX’s market performance may influence OpenAI’s timing for the IPO.
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The article explains recent changes to ISAs (Individual Savings Accounts) and Lifetime ISAs in the UK. It provides information on how these changes may affect personal savings and investments.
Key Facts
ISAs are tax-free savings accounts available in the UK.
Lifetime ISAs help people save for their first home or retirement.
Recent changes were made to the rules governing these accounts.
The article explains new limits or benefits in simple terms.
These changes may influence how much people can save or invest each year.
The updates aim to make savings more effective for individuals.
The article includes practical advice from money expert Martin Lewis.
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President Donald Trump warned that the United States will impose a 100% tax (tariff) on all goods from any country that introduces a tax on digital services provided by American companies. He specifically addressed European countries considering such digital taxes and said this new tariff would replace any existing trade agreements.
Key Facts
President Trump announced the threat of a 100% tariff on imports from countries taxing U.S. digital services.
The warning was posted on social media targeting European countries planning digital taxes.
The tariff would apply immediately and override any current trade deals.
Trump has pushed back before against foreign digital taxes on American tech companies.
The threat comes ahead of a July 4 deadline for the U.S. and European Union to approve a trade deal capping EU exports’ tariffs at 15%.
The EU-U.S. trade deal finalized in May did not include rules about digital taxes.
Digital taxes remain a key point of disagreement between the U.S. and the European Union.
European Commission chief Ursula von der Leyen helped finalize the trade deal during a visit to President Trump’s golf course in Scotland.
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When a person dies, their unpaid debts are paid from their estate through a legal process called probate. Creditors and debt collectors have a limited time, set by state law, to file claims against the estate, and this time varies depending on where the deceased lived.
Key Facts
Probate is the legal process used to settle a deceased person's financial affairs.
During probate, creditors can file claims to get paid from the estate’s assets.
Each state sets a deadline, called a creditor claim period, for how long creditors have to submit claims.
These deadlines can be just a few months in some states or longer in others, often six months or more.
If creditors miss the deadline, they may lose the right to collect from the estate’s assets.
Some debts like mortgages or car loans are secured by property and may still require payment even after probate ends.
Probate deadlines differ from the statute of limitations, which sets how long a creditor can sue for unpaid debts.
Estates have a priority system for paying debts; some costs like funeral expenses and taxes get paid before other debts.
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The article explains that MBA (Master of Business Administration) program prices are being reduced to help more people get advanced business education. The goal is to increase the number of skilled professionals in the U.S. workforce during a time when their skills are urgently needed.
Key Facts
MBA program costs are being lowered.
The change aims to make advanced business education more affordable.
America currently faces a shortage of educated workers.
Skilled business professionals are important for the country's economy.
Increasing the number of trained professionals will help meet workforce demands.
The price reduction may attract more students to pursue MBA degrees.
The move reflects concerns about economic growth and competitiveness.
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The new Federal Reserve Chairman, Kevin Warsh, has not clearly explained how he will respond to changes in the economy. This makes it hard to predict what the Fed will do with interest rates this year, with possibilities ranging from increasing rates to keeping them the same.
Key Facts
Kevin Warsh is the new chairman of the Federal Reserve.
Warsh has not given clear guidance on future interest rate policy.
Inflation has been above the Fed’s 2% target for five years.
Recent inflation may be influenced by one-time factors like tariffs and supply disruptions.
There is uncertainty about how much inflation is due to ongoing issues versus temporary causes.
Some experts think the Fed may raise rates sharply; others think it may maintain current levels.
Warsh plans to speak more publicly at an ECB conference and before Congress before the July policy meeting.
Predicting the Fed’s actions is more difficult now compared to the past dozen years.
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Debt forgiveness, also called debt settlement, can help reduce credit card debt by negotiating with creditors to pay less than what is owed. For a $45,000 credit card debt, borrowers could have between $13,500 and $22,500 forgiven, depending on their financial situation and how late their payments are.
Key Facts
Credit card interest rates average nearly 22%, causing high monthly interest charges.
Credit card debt over $40,000 can make minimum payments take up a large part of a monthly budget.
Debt forgiveness means settling debt for less than the full amount owed, often between 30% and 50% less.
For $45,000 debt, settlement amounts usually range from $22,500 to $31,500.
Creditors negotiate settlements mainly if accounts are delinquent (payments missed or late).
Demonstrating financial hardship increases chances of creditors accepting less debt repayment.
Debt forgiveness can impact credit scores, cause late fees, and may have tax consequences.
Debt relief programs usually help borrowers who are struggling financially, not those comfortably paying their bills.
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The cost of owning a home is rising, with higher prices for buying and additional expenses for repairs. Kelly O'Grady shares tips on how to save money when working on home projects.
Key Facts
Home prices are currently higher than they have been before.
Owning a home involves more costs than just buying it, including repair expenses.
Most homes need repairs at some point.
Kelly O'Grady offers advice on reducing costs during home improvement projects.
The article is part of CBS News coverage and can be viewed in the CBS News App or browsers.
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A long-term certificate of deposit (CD) account lets you save a fixed amount of money, like $40,000, for a set time while earning interest at a steady rate. Current rates are above 4%, which means the money you put in can grow significantly, but you must keep it locked in for the full term to avoid penalties.
Key Facts
Long-term CDs have fixed interest rates, often over 4% right now.
A $40,000 CD can earn from about $2,500 in 18 months to over $20,000 in 10 years.
CDs protect your initial money (called the principal) and are insured up to $250,000.
Interest rates on CDs won’t change during the term, even if market rates go up or down.
Early withdrawal from a CD usually means paying a penalty, so the money should stay in the account until it matures.
Terms for long-term CDs start around 18 months and can go up to 10 years or more.
Shopping online can help you find the best CD rates and terms from different banks and lenders.
With current interest rates steady, savers can take time to compare options without rushing.
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Volkswagen Group plans to close up to four factories in Germany and cut about 15 percent of its workforce to lower costs and improve efficiency. The company faced a 44 percent profit drop in 2025 and expects challenges to continue in 2026, prompting a major business transformation.
Key Facts
Volkswagen’s profits fell 44 percent in 2025 to 6.9 billion euros ($7.9 billion).
The company plans to reduce its workforce by around 15 percent, which means cutting about 95,000 jobs in Germany.
Factory closures are being considered in Hannover, Zwickau, Emden, and Audi’s Neckarsulm plant.
VW Group employs over 650,000 people across its brands and divisions.
The company aims to simplify its products, technology, and management to cut costs and improve efficiency.
Sales of electric vehicles in Europe were good, but sales fell in North America and China, affected by tariffs.
The state of Lower Saxony partly owns VW Group and has traditionally opposed factory closures.
Volkswagen’s CEO Oliver Blume will propose the closure and job cut plan to the company’s board soon.
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