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Business news, market updates, and economic developments

Whirlpool warns of ‘recession-level’ slump as Iran war and tariff ruling hit sales

Whirlpool warns of ‘recession-level’ slump as Iran war and tariff ruling hit sales

May 07, 2026 • Guardian World

Summary

Whirlpool warned that the war in Iran and economic worries are causing Americans to delay buying big appliances. The company reported a nearly 10% drop in revenue and is raising prices to manage rising costs. Whirlpool also lowered its yearly profit expectations and paused its dividend payments.

Key Facts

  • Whirlpool makes brands like KitchenAid and Maytag and produces most appliances in the U.S.
  • Sales of major appliances in North America dropped over 7%, causing revenue to fall nearly 10% in the latest quarter.
  • The war in Iran led to a sharp drop in consumer confidence and spending on large items.
  • Whirlpool raised prices by 10% in April and will increase prices by another 4% in July to cover higher costs.
  • The company lost $82 million in the first quarter this year after previously making gains.
  • The U.S. Supreme Court struck down emergency tariffs that affected Whirlpool and its competitors, causing market disruption.
  • Consumers are avoiding expensive appliance purchases due to concerns about grocery and gas prices.
  • Whirlpool lowered its full-year earnings forecast and suspended its dividend to focus on reducing debt.
  • Whirlpool's stock price fell over 12% after the earnings report.
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Guardian World Guardian US Guardian Business
Historic Oxford cinema under threat as Oriel College refuses to extend lease

Historic Oxford cinema under threat as Oriel College refuses to extend lease

May 07, 2026 • Guardian World

Summary

The Ultimate Picture Palace (UPP), one of the UK’s oldest independent cinemas in Oxford, faces closure because its landlord, Oxford University’s Oriel College, refuses to extend its lease. Without a lease extension, the cinema cannot make needed renovations or access grants to improve its facilities and energy efficiency.

Key Facts

  • The UPP opened in 1911 and has 106 seats, using traditional ticket sales and manual screen curtains.
  • It recently became community-owned after over 1,200 supporters raised funds to keep it running.
  • Oriel College owns the building and lease, and declined to extend the lease beyond 2037.
  • The cinema’s costs have risen 25% in four years, putting it under financial pressure.
  • Grants for energy and accessibility improvements are available but require a lease extension.
  • Over 22,000 people signed a petition to save the cinema.
  • Oxford East MP Anneliese Dodds has raised the issue in parliament and is in discussions with Oriel College leadership.
  • Oriel’s provost Neil Mendoza also chairs Historic England, which supports preserving historic buildings in use.
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Guardian World
Mike Rowe reveals huge salaries of data center electricians

Mike Rowe reveals huge salaries of data center electricians

May 07, 2026 • The Hill

Summary

TV host Mike Rowe shared that electricians working in data centers earn very high salaries. These jobs pay well and do not require expensive college degrees.

Key Facts

  • Mike Rowe spoke about the salaries of data center electricians.
  • These electricians earn large amounts of money.
  • The jobs pay well during difficult economic times.
  • You don’t need a costly college degree to get these positions.
  • Data center electricians maintain important technology facilities.
  • Such jobs offer a good career path without heavy debt.
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The Hill
What happens if you're self-employed and a creditor tries to garnish your wages?

What happens if you're self-employed and a creditor tries to garnish your wages?

May 07, 2026 • CBS News

Summary

If you are self-employed, creditors cannot take money directly from your wages like they do with regular employees. However, creditors who get a court judgment can use other methods, such as freezing your bank accounts or placing liens on your property, to collect debts. The rules for these actions vary depending on the state you live in.

Key Facts

  • Wage garnishment means a creditor takes money from your paycheck before you get it.
  • Self-employed people don’t have wages taken because they don’t have an employer to garnish.
  • Creditors can still collect debts after winning a court judgment.
  • They can freeze and take money from your bank accounts, especially if you mix business and personal accounts.
  • Creditors can place liens on your property, which can stop you from selling or refinancing until the debt is paid.
  • They may be able to take money owed to you from clients or customers.
  • State laws differ on what protections you have against these collection methods.
  • Negotiating a settlement with creditors can stop collection efforts even if it may hurt your credit score.
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CBS News
Should you settle your debt before or after a lawsuit is filed?

Should you settle your debt before or after a lawsuit is filed?

May 07, 2026 • CBS News

Summary

This article explains when it might be better to settle a debt before or after a lawsuit is filed. It outlines the advantages and challenges of negotiating a repayment deal at different stages of debt collection.

Key Facts

  • Rising credit card debt and high interest rates are causing more people to fall behind on payments.
  • Creditors often start with calls and letters but may file a lawsuit to collect unpaid debt.
  • Settling before a lawsuit can save money on legal fees and keep court judgments off public records.
  • Early settlement may offer more flexible negotiations and less pressure.
  • Creditors might refuse to settle early if they believe they can get full payment in court.
  • Settling after a lawsuit is still possible, as legal actions are costly and time-consuming for creditors.
  • When deciding when to settle, factors include how much you owe, how late payments are, and your financial situation.
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CBS News
We Asked a Stylist to Analyze Trader Joe's New Totes—It's a Summer Forecast

We Asked a Stylist to Analyze Trader Joe's New Totes—It's a Summer Forecast

May 07, 2026 • Newsweek

Summary

Trader Joe's is releasing new small tote bags nationwide on May 20, 2026. These colorful, insulated totes are designed to keep food and drinks cool and follow current summer color trends. They come after earlier popular releases in 2024 and 2025, which sold out quickly and gained a strong following.

Key Facts

  • Trader Joe’s will launch six new mini insulated totes in bright colors for $3.99 each.
  • The totes measure about 10 x 6 x 6 inches and hold about 1.5 gallons.
  • Previous mini tote bags released in 2024 and 2025 were very popular and sold out fast.
  • The insulated totes have zipper tops and reinforced handles for easier carrying.
  • The new colors follow predicted summer 2026 trends like lime green, orange, blue, and purple.
  • The bags appeal especially to younger people and families for outdoor activities like beach or camping trips.
  • Trader Joe’s totes have a strong fan base and have been resold online at very high prices.
  • The bags’ popularity is partly driven by social media platforms like TikTok.
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Newsweek
Can nuclear power resolve the energy crisis?

Can nuclear power resolve the energy crisis?

May 07, 2026 • France24

Summary

Several European countries are reconsidering the use of nuclear power to address energy challenges caused by the war with Iran. Experts say nuclear energy is safe, produces low carbon emissions, and can help Europe become more energy independent.

Key Facts

  • The war with Iran has led many countries to rethink their energy strategies.
  • Sweden, Belgium, and Italy are easing previous limits on nuclear power use.
  • France and the UK are starting new nuclear power projects.
  • Nuclear energy does not produce carbon dioxide during electricity generation.
  • France has the technology, factories, and skilled workers to build and maintain nuclear plants independently.
  • The French Nuclear Energy Society highlights nuclear power's safety through strict industry controls and transparency.
  • China is investing in affordable nuclear reactors, becoming a major player in nuclear energy.
  • Nuclear power can help Europe reduce reliance on external energy sources and support sustainability goals.
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France24
Average house price falls by 5%, report shows

Average house price falls by 5%, report shows

May 07, 2026 • BBC Business

Summary

The average house price in Jersey has dropped by 5% over the past year, falling to about £569,000. The number of properties sold also decreased slightly by 1%, and the housing market remains below its peak from 2022.

Key Facts

  • Average house price in Jersey is now approximately £569,000, down from nearly £600,000 a year ago.
  • Property sales decreased by 1% since the start of 2025.
  • The number of properties sold in early 2025 was 10% lower than in the last quarter of 2025.
  • The House Price Index is 18% below its highest point recorded in the third quarter of 2022.
  • In the private rental sector, there was a net decrease of 19 rental units during the quarter.
  • Of the properties sold, 49 were previously part of the rental market, and 30 were bought to be rented out.
  • The report was published by Statistics Jersey.
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BBC Business
Expansion of E15: A gift to the ethanol lobby and a consumer betrayal

Expansion of E15: A gift to the ethanol lobby and a consumer betrayal

May 07, 2026 • The Hill

Summary

The Renewable Fuel Standard (RFS) is a federal rule related to fuel that increases costs and causes problems. The article argues that the RFS should be changed to lower fuel prices, encourage fair competition, and support U.S. energy leadership.

Key Facts

  • The Renewable Fuel Standard (RFS) is a government mandate related to fuel production.
  • The article describes the RFS as costly and harmful.
  • It suggests reforming the RFS to reduce fuel prices for consumers.
  • The goal of reform would also be to promote more competition in fuel markets.
  • Changes aim to help the United States maintain energy leadership.
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The Hill
Former CNN correspondent: Ted Turner was ‘fearless’

Former CNN correspondent: Ted Turner was ‘fearless’

May 07, 2026 • The Hill

Summary

Ted Turner, the founder of CNN, passed away at the age of 87. Former CNN correspondent Mike Boettcher spoke about Turner’s life and called him fearless.

Key Facts

  • Ted Turner founded CNN, the first 24-hour news channel.
  • He died on Wednesday at age 87.
  • Mike Boettcher worked for CNN and knew Turner personally.
  • Boettcher appeared on the show "Jesse Weber Live" to talk about Turner.
  • Turner was known for his bold and fearless approach in media.
  • He was an important figure in the television and news industry.
  • Turner’s contributions changed how news is broadcast around the world.
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The Hill
What's the minimum you're required to withdraw on a $1 million retirement account?

What's the minimum you're required to withdraw on a $1 million retirement account?

May 07, 2026 • CBS News

Summary

When you turn 73, federal rules require you to withdraw a minimum amount each year from retirement accounts like traditional IRAs and 401(k)s. The required withdrawal increases as you get older, based on your account balance divided by a life expectancy number set by the IRS.

Key Facts

  • Required Minimum Distributions (RMDs) start at age 73 under current IRS rules.
  • The RMD amount is your account balance divided by a life expectancy factor from the IRS Uniform Lifetime Table.
  • At age 73, with $1 million saved, the minimum withdrawal is about $37,736.
  • At age 75, the minimum withdrawal rises to about $40,650.
  • At age 80, the withdrawal increases to about $49,505.
  • Required withdrawals are taxed as ordinary income by the IRS.
  • Missing an RMD can result in a penalty up to 25% of the missed amount.
  • IRA RMDs can be combined and withdrawn from one account, but 401(k) RMDs must be taken from each account separately.
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CBS News
Snack mixes recalled due to possible Salmonella contamination

Snack mixes recalled due to possible Salmonella contamination

May 07, 2026 • CBS News

Summary

A food company in Illinois, John B. Sanfilippo and Son, is recalling several snack mixes because they might have salmonella bacteria. The recall affects products sold under various brand names, including one sold at Target, and customers are advised not to eat these snacks and to return them for a refund.

Key Facts

  • John B. Sanfilippo and Son is recalling nut mixes and a corn mix.
  • The recall includes products sold as Southern Style Nuts, Fisher, Squirrel Brand, and Good & Gather.
  • The Good & Gather Mexican street corn trail mix was sold at Target stores.
  • Other products were sold in retail stores, online, and through QVC.
  • The recalled seasoning contained dry milk powder that was previously recalled by California Dairies.
  • Tests on the seasoning before use showed no salmonella, but the company recalled the products as a safety precaution.
  • Salmonella is a bacteria that can cause serious illness, especially in children, pregnant women, older adults, and people with weak immune systems.
  • Consumers who bought these products should not eat them and can return them for a full refund or replacement.
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CBS News
Multiple Snacks Recalled Over Salmonella Risk

Multiple Snacks Recalled Over Salmonella Risk

May 07, 2026 • Newsweek

Summary

Several snack mixes sold across the United States have been recalled due to a possible risk of salmonella contamination linked to a seasoning ingredient. The recalled products come from brands like Fisher, Southern Style Nuts, Squirrel Brand, and Target’s Good & Gather label, and no illnesses have been reported so far.

Key Facts

  • The recall was announced by John B. Sanfilippo & Son, Inc. on May 5.
  • Affected products include various snack mixes with specific best-by dates ranging from early 2027 to mid-2027.
  • The recall is a precaution due to a seasoning ingredient containing dry milk powder that was previously recalled for possible salmonella.
  • Salmonella is a bacteria that can cause food poisoning with symptoms like diarrhea, fever, nausea, and cramps.
  • Groups at higher risk from salmonella include young children, older adults, and people with weak immune systems.
  • Consumers are advised not to eat the recalled products and should return or discard them for a refund or replacement.
  • Salmonella causes about 1.35 million infections and over 26,000 hospitalizations yearly in the U.S.
  • The recall is part of a larger pattern of salmonella-related food safety alerts in recent years.
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Newsweek
More people are starting and expanding small businesses, data shows

More people are starting and expanding small businesses, data shows

May 07, 2026 • CBS News

Summary

More Americans are starting new small businesses and growing their existing ones, according to recent data. This trend shows an increase in entrepreneurship across the country.

Key Facts

  • New data reveals more people in the U.S. are launching small businesses.
  • Existing small businesses are also expanding.
  • The information comes from reports shared on CBS News.
  • Increased small business activity may impact the economy and job market.
  • The data was highlighted in a segment sponsored by a business service provider.
  • CBS News reported these findings to inform the public about economic trends.
  • The growth in small businesses shows ongoing interest in entrepreneurship.
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CBS News
AI skills are becoming vital for Americans seeking new jobs

AI skills are becoming vital for Americans seeking new jobs

May 07, 2026 • CBS News

Summary

More employers in the United States want job candidates who have skills related to artificial intelligence (AI). Learning AI skills is becoming important for Americans looking for new jobs.

Key Facts

  • Artificial intelligence (AI) skills are in higher demand by employers.
  • Job seekers with AI knowledge have better chances of getting hired.
  • AI skills include understanding how to use or work with smart computer systems that can learn and solve problems.
  • Many industries are starting to use AI in their work.
  • Americans are encouraged to develop AI skills to improve their job opportunities.
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CBS News
Superdry co-founder James Holder jailed for eight years for raping woman

Superdry co-founder James Holder jailed for eight years for raping woman

May 07, 2026 • Guardian World

Summary

James Holder, co-founder of the clothing brand Superdry, was sentenced to eight years in prison for raping a woman in Cheltenham in May 2022. The court found that Holder forced himself on the victim despite her clear protests and vulnerability due to intoxication.

Key Facts

  • James Holder, 54, co-founded Superdry and previously founded the brand Bench.
  • The rape occurred in Cheltenham after a night out when Holder and a friend took a taxi driven by the victim.
  • Instead of going to Holder’s home, they went to the victim’s flat where the assault happened.
  • The victim asked Holder to stop multiple times and was crying during the incident.
  • Holder admitted sexual activity but claimed it was consensual; the jury found him guilty of rape.
  • Holder had no role at Superdry at the time of the offence.
  • He was denied bail before sentencing due to being a flight risk because of his financial resources.
  • Support organizations for victims of rape and sexual abuse were listed for those needing help.
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Guardian World
Airports grapple with gaps left behind by Spirit Airlines shutdown

Airports grapple with gaps left behind by Spirit Airlines shutdown

May 07, 2026 • CBS News

Summary

Spirit Airlines has shut down, causing airports to face challenges in handling the sudden loss of flights. Airport officials are working to manage these gaps and maintain service for travelers.

Key Facts

  • Spirit Airlines has stopped operating its flights.
  • Airports that Spirit served are losing a portion of their flight options.
  • Airport leaders are planning how to fill the empty flight schedules.
  • The shutdown affects travelers who relied on Spirit Airlines for transportation.
  • Airports aim to keep their operations smooth despite the airline’s closure.
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CBS News
What are today's mortgage interest rates: May 7, 2026?

What are today's mortgage interest rates: May 7, 2026?

May 07, 2026 • CBS News

Summary

As of May 7, 2026, the average interest rate for a 30-year mortgage is about 6.37%, while the average refinancing rate for the same term is 6.43%. These rates have stayed fairly steady recently after the Federal Reserve paused raising interest rates, but borrowers may still find better deals by shopping around.

Key Facts

  • The Federal Reserve paused interest rate changes for the third time in 2026 recently.
  • Average 30-year mortgage interest rate is 6.37% as of May 7, 2026.
  • Median refinance rate for a 15-year mortgage is 5.75%.
  • Average refinance rate for a 30-year mortgage is 6.43%.
  • Median refinance rate for a 15-year mortgage is 5.53%.
  • Mortgage rates have slightly improved compared to a year ago but remain higher than rates earlier this decade.
  • Inflation changes might cause mortgage rates to fall again in the near future.
  • Borrowers are advised to shop around online to find the best mortgage rates available now.
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CBS News
Skyscraper Hits Construction Milestone To Become Tallest Building in Miami

Skyscraper Hits Construction Milestone To Become Tallest Building in Miami

May 07, 2026 • Newsweek

Summary

Miami’s Waldorf Astoria Hotel & Residences tower has reached its 75th floor and will become the tallest building in Miami and the Southern U.S. when completed in 2028. The 100-story skyscraper is part of a larger luxury construction boom driven by population growth and international investment.

Key Facts

  • The Waldorf Astoria Miami tower is 1,049 feet tall with 100 floors planned.
  • It has reached the 75th floor as of May 2026.
  • The building will be the tallest residential building south of Manhattan and the tallest in the Southern United States.
  • The tower features 360 condominium residences with prices starting at $3.3 million for two-bedroom units.
  • The design is inspired by artist Alberto Giacometti and includes a stacked cube structure wrapped in glass.
  • Miami is experiencing rapid population growth and foreign investment, with over half of new home buyers from abroad, mostly Latin Americans.
  • PMG, the developer, is also working on other tall buildings in Miami, including the Delano Residences, the Frida Kahlo Wynwood Residences, and Twenty Sixth & 2nd Wynwood Residences.
  • Several other large towers are planned or under construction, including one designed by Foster + Partners at 130 Biscayne Boulevard.
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Newsweek
Exclusive discounts from CBS Mornings Deals

Exclusive discounts from CBS Mornings Deals

May 07, 2026 • CBS News

Summary

CBS Mornings Deals offers special discounts on various products that could be useful daily. These deals are available on the website cbsdeals.com, where customers can shop and save money.

Key Facts

  • CBS Mornings Deals features exclusive discounts on selected items.
  • The products shown may become everyday essentials.
  • Customers can visit cbsdeals.com to access these deals.
  • CBS earns commission from purchases made through the website.
  • The promotion is part of the CBS Mornings program.
  • The deals are available online through the CBS News app or web browsers.
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CBS News
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