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Business News

Business news, market updates, and economic developments

General Motors to pay $12.75m settlement for selling drivers’ location and data

General Motors to pay $12.75m settlement for selling drivers’ location and data

May 08, 2026 • Guardian US

Summary

General Motors agreed to pay $12.75 million to settle claims that it sold location and driving data of hundreds of thousands of California drivers without their consent. California officials also restricted GM’s use of this data and banned it from selling such data to brokers for five years.

Key Facts

  • GM sold location and driving data of many California drivers to two data broker companies.
  • This data included exact locations, names, contacts, and driving habits collected through GM’s OnStar system.
  • The state’s investigation began in 2023 and included multiple California district attorneys and privacy officials.
  • California is imposing civil penalties and a five-year ban on GM selling driving data to brokers.
  • GM earned about $20 million from selling this data between 2020 and 2024.
  • GM’s privacy policy had stated it would not sell such data, but the company did so without driver consent.
  • California insurers cannot use this driving data to raise insurance rates.
  • GM has not publicly responded to the settlement news.
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Guardian US Guardian World Guardian Business
The UK is set for a staycation summer - and there are plenty of hidden gems

The UK is set for a staycation summer - and there are plenty of hidden gems

May 08, 2026 • BBC Top Stories

Summary

Travel to the Middle East is disrupted by the war in Iran, leading to higher flight prices and some UK travelers choosing holidays within the country. Booking sites Booking.com and Airbnb report more people searching for UK holiday options, with popular lesser-known destinations gaining attention.

Key Facts

  • The war in Iran has made travel to the Middle East difficult and expensive.
  • UK Prime Minister Sir Keir Starmer said some people may change their holiday plans this year.
  • Booking.com saw a 20% rise in searches for UK holidays during May half-term compared to last year.
  • Airbnb also reported a 15% increase in UK stay searches for the May bank holidays.
  • Influencers and travelers highlight places like the Isle of Wight, Alton, Hastings, Folkestone, and Northumberland as attractive holiday spots.
  • The Isle of Wight is accessible mainly by ferry and hovercraft services.
  • The UK Foreign Office advises against non-essential travel to the UAE, affecting some holiday plans abroad.
  • Some travelers who canceled trips abroad are opting for UK destinations offering a mix of beaches, nature, and cultural sites.
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BBC Top Stories BBC Business
What April's jobs report says about state of economy

What April's jobs report says about state of economy

May 08, 2026 • CBS News

Summary

The U.S. Bureau of Labor Statistics released the jobs report for April, showing better results than expected. The report indicates improvement in the economy based on job growth and other employment measures.

Key Facts

  • The jobs report was released by the Bureau of Labor Statistics on Friday.
  • April's job numbers were stronger than experts had predicted.
  • The report provides information about employment growth.
  • Job growth is an important indicator of the health of the economy.
  • CBS News correspondent Kelly O'Grady explained the report details.
  • The information was shared through CBS News platforms, including their app.
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CBS News
Is hojicha the next matcha? The Japanese tea creeping onto menus

Is hojicha the next matcha? The Japanese tea creeping onto menus

May 08, 2026 • BBC Top Stories

Summary

Hojicha is a Japanese green tea that is gaining popularity in the UK, appearing on more café menus mainly as lattes and desserts. Its sales are growing quickly, similar to how matcha tea became popular a few years ago, while matcha itself continues to have a strong and growing market.

Key Facts

  • Hojicha is made by roasting green tea leaves at high temperatures, giving it a nutty flavor and low bitterness.
  • It has less caffeine than regular green tea and is traditionally served plain without milk or sugar.
  • UK cafés are adding hojicha lattes, desserts, and ice cream to their menus, increasing its presence.
  • Sales of iced hojicha lattes at Jenki cafés in London rose by 55% from January to April compared to the previous year.
  • The company How Matcha reports hojicha latte sales have grown significantly and now represent about 20% of its matcha latte sales.
  • Matcha tea remains very popular in the UK, with supermarket sales growing over four times in one year, reaching nearly £9 million.
  • Some consumers feel matcha drinks in cafés often have too many added flavors, reducing the taste of the tea itself.
  • Hojicha is seen as moving from a niche drink to a more mainstream choice, similar to earlier matcha trends.
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BBC Top Stories BBC World
Fed unlikely to cut interest rates until 2027, Bank of America says

Fed unlikely to cut interest rates until 2027, Bank of America says

May 08, 2026 • CBS News

Summary

Bank of America now expects the Federal Reserve to wait until the second half of 2027 before cutting interest rates because inflation remains high and the job market is strong. Other economic factors, such as energy prices and the impact of artificial intelligence (AI), are making the Fed cautious about lowering borrowing costs soon.

Key Facts

  • Bank of America changed its forecast and no longer expects interest rate cuts in 2024.
  • The Fed faces high inflation at 3.3%, above its 2% target.
  • Strong job growth was reported with 115,000 new jobs added in April, more than expected.
  • Some Federal Reserve officials want to avoid cutting rates to prevent the economy from overheating.
  • Inflation has risen partly because of higher energy costs linked to the Iran war.
  • AI-driven productivity gains and tariffs are adding inflationary pressure.
  • Market tools show less than a 50% chance of rate cuts before the second half of 2027.
  • The last Fed rate cut was in December 2025, lowering rates slightly.
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CBS News
What the Trump administration's latest tariff blow means for businesses

What the Trump administration's latest tariff blow means for businesses

May 08, 2026 • CBS News

Summary

A U.S. trade court ruled that a 10% global tariff imposed by President Trump under a specific law was unlawful and harmful to businesses. This court decision limits the White House’s ability to impose these tariffs, but most businesses still have to pay the tariff while the administration considers its next steps.

Key Facts

  • The Court of International Trade ruled against tariffs imposed under Section 122 of the Trade Act of 1974.
  • The tariffs were a 10% duty on imports, introduced by President Trump in February.
  • The court found the tariffs unlawful and damaging to businesses, based on a lawsuit from 24 states and companies.
  • This ruling is narrow and only directly affects some plaintiffs, not all businesses.
  • Businesses must continue paying the 10% tariff for now, as the ruling does not change the tariff rate immediately.
  • The Trump administration plans to appeal the court decision.
  • Importers may track tariffs paid to claim refunds if the ruling expands or changes.
  • The 10% tariff under Section 122 was meant to be temporary, lasting 150 days, and the administration is using other trade laws to investigate unfair trade practices.
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CBS News
Best mortgage lenders to know now, plus advice on buying and refinancing

Best mortgage lenders to know now, plus advice on buying and refinancing

May 08, 2026 • CBS News

Summary

Mortgage interest rates have changed a lot in early 2026, making it important to pick the right mortgage lender. Different lenders, like banks, credit unions, and online companies, offer various benefits depending on personal finances. The article lists top mortgage lenders, highlighting their strengths and who they best serve.

Key Facts

  • Mortgage rates dropped below 6% in March, then rose above 6% after the Federal Reserve meeting in April 2026.
  • Choosing the right lender can save or cost tens of thousands of dollars over a mortgage’s lifetime.
  • Banks might give discounts to loyal customers; credit unions pass savings to members; digital lenders offer fast service with less overhead.
  • Rocket Mortgage is noted for easy online processing but may charge higher interest rates.
  • Guild Mortgage helps self-employed or non-traditional income borrowers with flexible loan options.
  • Other lenders listed include PenFed Credit Union for competitive rates, loanDepot for lower credit scores, and Better Mortgage for budget-conscious borrowers.
  • Mortgage lenders offer various loan types such as conventional, jumbo, FHA, VA, and USDA loans.
  • Understanding your financial situation helps decide which lender and loan terms fit best.
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CBS News
What's the required minimum distribution from a $300,000 retirement account?

What's the required minimum distribution from a $300,000 retirement account?

May 08, 2026 • CBS News

Summary

The IRS requires people with tax-deferred retirement accounts like 401(k)s or traditional IRAs to start withdrawing a certain minimum amount each year after age 73. The required amount depends on their account balance and life expectancy, and it generally increases with age.

Key Facts

  • Required minimum distributions (RMDs) must begin at age 73 for most tax-deferred retirement accounts.
  • The RMD is calculated by dividing the account balance by a life expectancy factor from the IRS Uniform Lifetime Table.
  • For a $300,000 account, the RMDs start at about $11,320 at age 73 and increase to about $14,218 by age 79.
  • The life expectancy factor decreases as you get older, so the amount you must withdraw goes up.
  • You must pay taxes on the money you withdraw through RMDs.
  • Diversifying your retirement portfolio can help manage risks, with gold suggested as one option because it historically holds value during inflation.
  • Gold should be a small part of your portfolio, typically no more than 10%.
  • Various types of gold investments are available, including bullion, stocks, and gold IRAs.
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CBS News
Mark Hamill Trump Grave Post Hits Disney Before Star Wars Movie

Mark Hamill Trump Grave Post Hits Disney Before Star Wars Movie

May 08, 2026 • Newsweek

Summary

Star Wars actor Mark Hamill shared and then deleted an AI-generated image showing President Donald Trump in a shallow grave. The White House condemned Hamill’s post, and the incident has caused controversy around Disney, which owns the Star Wars franchise, just weeks before the release of a new Star Wars movie.

Key Facts

  • Mark Hamill posted an AI image showing President Trump in a shallow grave with the message “if only.”
  • Hamill later deleted the image and apologized, saying he wished Trump the opposite of dead.
  • The White House called Hamill “one sick individual” and criticized the post publicly.
  • Conservative activists have used the incident to criticize Hollywood and called for a boycott of Disney’s upcoming Star Wars release.
  • Hamill is not in the new Star Wars film but is closely linked to the franchise because of his long history with the character Luke Skywalker.
  • The new Star Wars movie, The Mandalorian and Grogu, will open on May 22, its first theatrical release since 2019.
  • Industry experts predict the film may have the lowest domestic opening weekend for a new live-action Star Wars movie.
  • Disney is facing repeated controversies that affect how audiences view its movies and brand.
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Newsweek
It’s safer to lose money than cross the president

It’s safer to lose money than cross the president

May 08, 2026 • The Hill

Summary

Large U.S. companies, including Amazon, are choosing not to ask for refunds on tariffs they paid by mistake. They appear worried that claiming the refunds might upset President Donald Trump and lead to bigger financial losses.

Key Facts

  • Some big U.S. companies were charged tariffs by mistake.
  • These companies can ask for refunds of the wrongfully collected money.
  • Amazon is one of the companies not claiming its refund.
  • Companies fear that seeking refunds might anger President Donald Trump.
  • They think staying quiet could save them more money than the refunds.
  • This shows how companies are cautious about government relations in business.
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The Hill
Major train operator to be renationalised in months

Major train operator to be renationalised in months

May 08, 2026 • BBC Top Stories

Summary

The UK government will take back control of the train operator Great Western Railway (GWR) on December 13. This change means the railway will be publicly owned and managed by the new Great British Railways organization, focusing on passengers rather than shareholders.

Key Facts

  • Great Western Railway runs trains between London, the south-west of England, and South Wales.
  • GWR will return to public ownership on December 13.
  • The government says this will put passengers first instead of shareholders.
  • The new operator will be part of Great British Railways.
  • Other train services in Wales and Scotland are already publicly owned.
  • GWR has operated in the south-west since 1833.
  • The announcement was welcomed by local leaders who want more frequent trains.
  • The Transport Secretary said fares might not drop, but services and infrastructure should improve.
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BBC Top Stories BBC Business
$100,000 CD vs. $100,000 high-yield savings account vs. $100,000 money market account: Here's which will earn more interest now

$100,000 CD vs. $100,000 high-yield savings account vs. $100,000 money market account: Here's which will earn more interest now

May 08, 2026 • CBS News

Summary

This article compares how much interest a $100,000 deposit can earn in three types of accounts: certificates of deposit (CDs), high-yield savings accounts, and money market accounts. It explains that CDs offer a fixed interest rate and generally give the highest guaranteed return right now, while the other accounts have variable rates that can change over time.

Key Facts

  • A $100,000 investment can be placed in different accounts to earn interest safely.
  • CDs have fixed interest rates that do not change until the account matures.
  • High-yield savings and money market accounts have variable rates that can go up or down.
  • Current top rates are about 4.10% for CDs, 4.03% for high-yield savings, and 3.90% for money market accounts.
  • For six months, a CD at 4.10% earns about $2,029 in interest compared to $1,995 in savings and $1,931 in money market accounts.
  • For one year, a CD at 4.10% earns about $4,100, more than the savings or money market accounts.
  • CDs charge penalties if money is withdrawn before maturity, so savers should be confident they won’t need the funds early.
  • Variable rate accounts might be better if interest rates increase in the future, since their rates can rise.
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CBS News
UK borrowing costs fall and pound rises as Starmer says he will remain as PM

UK borrowing costs fall and pound rises as Starmer says he will remain as PM

May 08, 2026 • Guardian World

Summary

UK government borrowing costs went down and the British pound rose after Keir Starmer said he will stay on as prime minister. Investors felt less worried about political instability because Labour’s losses in recent local elections were smaller than expected.

Key Facts

  • UK borrowing costs (interest rates on government bonds) fell after Starmer’s statement.
  • The yield on 10-year UK government bonds dropped to 4.89%, down 0.05 percentage points.
  • Thirty-year bond yields also decreased to 5.56%, their lowest in over two weeks.
  • The British pound increased in value against the US dollar and the euro.
  • Markets had feared a leadership challenge to Starmer could increase government spending and borrowing.
  • Investors worried that a new leader might raise taxes and borrow more to pay for spending.
  • Analysts say any new leader would face the same economic challenges due to current fiscal limits.
  • Experts believe removing Starmer and Chancellor Rachel Reeves could lead to higher interest rates and borrowing costs.
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Guardian World
OnlyFans Is Becoming Hollywood’s Retirement Plan

OnlyFans Is Becoming Hollywood’s Retirement Plan

May 08, 2026 • Newsweek

Summary

Several well-known actors from past decades are joining OnlyFans, a subscription website often used for adult content. This shift shows how some actors face fewer job chances in traditional media and are turning to platforms where they control their work and earnings.

Key Facts

  • Jaime Pressly and Shannon Elizabeth, actresses popular in the 1990s and 2000s, have started OnlyFans accounts.
  • OnlyFans allows creators to share content directly with fans, without relying on traditional industry gatekeepers like studios and casting agents.
  • The entertainment industry has changed from TV and magazine deals to streaming and online subscriptions, reducing steady roles for some actors.
  • OnlyFans appeals to these actors by giving them control over when and how much they work and what content they share.
  • Other celebrities who joined OnlyFans include Denise Richards, Drea de Matteo, Carmen Electra, and Bella Thorne.
  • The platform provides a new way for female performers, often valued for youth and beauty in Hollywood and then overlooked, to keep earning and connect with audiences.
  • Experts say OnlyFans shifts control from the industry to the creators, allowing them to manage their public image and income directly.
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Newsweek
Map Shows Where America’s Home Insurance Crisis Is Hitting Hardest

Map Shows Where America’s Home Insurance Crisis Is Hitting Hardest

May 08, 2026 • Newsweek

Summary

Homeowners insurance costs in the U.S. rose 64% from 2021 to 2025, driven by more natural disasters and higher repair costs. States like Arizona, Idaho, and Louisiana saw the biggest increases, making it harder for many Americans to afford homeownership.

Key Facts

  • The average annual homeowners insurance premium grew from $1,597 in 2021 to $2,625 in 2025.
  • Arizona experienced the highest increase, with premiums growing 94% over five years.
  • Other states with large rises include Idaho (88%), Iowa (83%), South Dakota (83%), Utah (82%), Minnesota (82%), Washington (81%), Louisiana (80%), and Colorado (80%).
  • Even the smallest increase was significant; Alaska saw a 27% rise in premiums.
  • Louisiana had the highest average premium at $4,238 per year, followed by Florida ($4,060) and Texas ($3,952).
  • Experts predict premiums will rise another 4% to about $3,057 nationwide in 2024.
  • Rising premiums increase monthly mortgage costs and can force insurers to reduce coverage or cancel policies.
  • The Justice Department filed a brief supporting a case accusing insurers in California of canceling fire coverage to push customers onto a state-run insurance plan.
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Newsweek
Exclusive discounts from CBS Mornings Deals

Exclusive discounts from CBS Mornings Deals

May 08, 2026 • CBS News

Summary

CBS Mornings Deals offers special discounts on various products that could be useful in daily life. People can visit cbsdeals.com to find and buy these items while CBS earns a commission from the sales.

Key Facts

  • CBS Mornings Deals promotes exclusive discounts on different products.
  • The items are chosen to be helpful for everyday use.
  • Customers can access these deals at the website cbsdeals.com.
  • CBS earns money when people buy products through its deals website.
  • The promotion is part of CBS News and is visible in their app and website.
  • The article encourages viewers to take advantage of the current deals.
  • The promotion works through web browsers like Chrome and Safari.
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CBS News
Map Shows Cities Where Homeowners Are Paying Huge Premiums for New Builds

Map Shows Cities Where Homeowners Are Paying Huge Premiums for New Builds

May 08, 2026 • Newsweek

Summary

A study by Realtor.com shows that newly built homes in U.S. city centers are rare and cost much more than existing homes there. In some cities like Miami, the price difference can be more than four times higher for new urban homes compared to older ones.

Key Facts

  • New homes in urban areas are priced about 78% higher than existing urban homes nationwide.
  • Only about 10% of new homes for sale are in city ZIP codes; most new homes (around 80%) are in suburbs.
  • Miami metro area has the biggest price gap, with new urban homes costing 462% more than existing ones.
  • Other cities with high new-home price premiums include Tampa, Orlando, St. Louis, Detroit, Chicago, Cincinnati, New York, and Raleigh.
  • The shortage of new homes in cities is due to high demand and limited supply.
  • Stuart Miller, CEO of a major home builder, says years of underbuilding have created a housing shortage.
  • Some areas, like Cape Coral-Fort Myers, even have new homes priced lower than existing ones.
  • Overall, the data highlights a need for more new homes in urban locations to meet demand.
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Newsweek
The Fed may not look past the latest global supply shock

The Fed may not look past the latest global supply shock

May 08, 2026 • The Hill

Summary

Federal Reserve Chair Jerome Powell said that recent global supply problems have made it harder to reduce inflation. These shocks have slowed down progress in making prices more stable.

Key Facts

  • Jerome Powell is the leader of the Federal Reserve, the U.S. central bank.
  • He noted recent global supply disruptions have impacted inflation control.
  • Supply shocks mean sudden problems in getting goods or materials.
  • These problems have slowed efforts to lower rising prices.
  • Inflation is the general increase in prices of goods and services.
  • The Fed aims to keep inflation low and stable.
  • Global supply issues can come from events like the pandemic, conflicts, or natural disasters.
  • The statement highlights challenges in the U.S. economy related to worldwide events.
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The Hill
Mother's Day will cost you more this year

Mother's Day will cost you more this year

May 08, 2026 • CBS News

Summary

Prices for Mother's Day gifts and celebrations are higher this year. The increase may affect how people plan to celebrate and spend on gifts.

Key Facts

  • Mother's Day costs are rising in 2024.
  • Higher prices could impact gift purchases and celebrations.
  • Rising costs may lead to changes in how people celebrate the day.
  • Advice is available for mothers with different ideas about the holiday.
  • The information is shared by CBS News and contributor Caroline Chambers.
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CBS News
Housing market 'fragile due to global unrest'

Housing market 'fragile due to global unrest'

May 08, 2026 • BBC Business

Summary

The housing market in Jersey is showing signs of slowing down because of global uncertainty from the conflict in the Middle East. House prices have dropped, and people are rushing to get mortgage deals before expected interest rate increases by the Bank of England.

Key Facts

  • Average house prices in Jersey fell by 5% in the first quarter of 2026 compared to the same period in 2025.
  • The Middle East conflict has caused global uncertainty impacting Jersey’s housing market.
  • Mortgage applications increased from about 20 per month in 2025 to 50 per month at the start of 2026.
  • People are nervous about possible Bank of England base rate increases, which could rise by 1.5% later this year.
  • Mortgage approvals are taking longer, causing delays in home sales that typically take 6-8 weeks.
  • The average three-bedroom house in Jersey costs around £695,000, far above what most locals can afford.
  • Middle-income earners in Jersey have lost tax breaks and mortgage relief, making it harder to buy homes.
  • Experts suggest politicians should try to support the housing market to help the economy by encouraging more spending and property buying.
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BBC Business
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