Three researchers won the Nobel Prize in Economics for their work on technology, economic growth, and a concept called "creative destruction." These researchers are Joel Mokyr, Peter Howitt, and Philippe Aghion. They studied how technological changes drive economic developments and how societies can handle these changes.
Key Facts
The Nobel Prize in Economics was awarded to Joel Mokyr, Peter Howitt, and Philippe Aghion.
They are recognized for their work on technology and economic growth.
The concept of "creative destruction" involves old technologies being replaced by new ones.
The winners will share a prize of 11 million Swedish kronor, around $1.2 million.
Joel Mokyr is known for his theory on technological change and economic growth over two centuries.
Howitt and Aghion expanded on Mokyr's work, focusing on "creative destruction."
The winners received their doctorate degrees from U.S. universities.
During the awards, there was a caution about protectionist trade policies impacting growth.
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The Nobel Prize in Economics was awarded to three researchers for their work on how technological innovation drives economic growth. Joel Mokyr, Peter Howitt, and Philippe Aghion will share about $1.2 million. Their theories focus on how new technology boosts growth and the concept of creative destruction, where new advancements replace old ones.
Key Facts
Joel Mokyr, Peter Howitt, and Philippe Aghion won the Nobel Prize in Economics.
They were recognized for their research on technology's role in economic growth.
The prize money to be shared is 11 million Swedish kroner, approximately $1.2 million.
All three researchers earned their doctorates from universities in the United States.
Their work includes the idea of creative destruction, where new innovations make previous ones obsolete.
They highlighted the need to manage technological change, such as providing support for workers whose jobs become outdated.
Aghion warned that protectionist trade policies could hinder economic progress.
The economics prize was added to the Nobel Prizes to celebrate Sweden's central bank anniversary.
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The U.S. housing market is experiencing slower growth and price declines in many states. Home prices are still rising but at a slower rate, while rents are seeing the slowest growth in 14 years. This situation is partly due to higher costs for homes and borrowing, leading to more available properties and giving buyers more options.
Key Facts
Home price growth in the U.S. has slowed significantly, with declines in nearly half of the states.
Rent growth is at its slowest rate in 14 years.
Over 2.1 million homes were for sale in August, a 10.5% increase from the previous year.
Home sales in August were down by 2.2%, and homes spent more days on the market.
The median home sale price was $439,198 in August, up 1.5% from the previous year.
Former boomtowns in states like Florida and Texas are seeing price declines.
Rental markets also show weakness, with lower rent growth and declining rents in many areas.
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The Dutch government has stepped in at Nexperia, a Chinese-owned chip company based in the Netherlands, due to concerns about economic security in the Netherlands and Europe. This could lead to more tension between the European Union and China. The government wants to ensure Nexperia’s chips remain available during emergencies.
Key Facts
The Netherlands intervened at Nexperia due to potential risks to economic security.
Nexperia is a chipmaker owned by the Chinese company Wingtech.
Nexperia has been told to sell its silicon chip plant in Newport, Wales because of national security concerns.
The Dutch government used the Goods Availability Act to intervene, a law for exceptional circumstances to protect economic security.
The government believes Nexperia's operations threaten crucial technological knowledge and capabilities.
Nexperia's production can continue as usual, despite the intervention.
Wingtech's shares in Shanghai dropped by 10% after the news.
Wingtech is already on a U.S. list that restricts exports of American-made goods to them.
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Paraguay is working to become a major technology hub in South America. Gabriela Cibils, who worked in Silicon Valley, is leading efforts to attract tech companies to the country. Paraguay's cheap and green electricity from hydroelectric power is a major draw for tech firms.
Key Facts
Gabriela Cibils aims to develop a tech industry in Paraguay, inspired by her experiences in Silicon Valley.
Paraguay is located between Brazil and Argentina and is not traditionally focused on technology.
The Itaipu Dam, located on the Paraná River, provides 90% of Paraguay's electricity using hydroelectric power.
Paraguay offers the cheapest electricity in South America and is the largest exporter of clean energy globally.
The government, led by President Santiago Peña, is trying to attract tech firms by highlighting the country's renewable energy, young population, low taxes, and economic stability.
A planned digital park near Asunción is under development, with the government investing $20 million in the first phase, expecting private investments to follow.
Minister of Technology and Communication, Gustavo Villate, is actively involved in these efforts to enhance Paraguay’s tech sector.
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Five major carmakers, including Mercedes and Ford, are going to trial in the UK over claims that they cheated on emissions tests. The case involves 220,000 car owners who accuse the companies of using software to make cars appear less polluting during tests. A decision from the court is not expected until 2026.
Key Facts
The trial involves five carmakers: Mercedes, Ford, Peugeot/Citroën, Renault, and Nissan.
They are accused of using software to cheat on emissions tests.
The case is part of a larger scandal known as "dieselgate," which started in 2015.
Lawyers say this is the largest class action lawsuit in English and Welsh history.
The case affects 220,000 car owners out of a potential 1.6 million.
Nine other carmakers could face similar claims based on this trial's outcome.
A High Court ruling is expected by summer 2026, with a possible further trial on compensation in autumn 2026.
The carmakers deny the allegations, stating their vehicles complied with regulations at the time.
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A leading think tank, the Institute for Fiscal Studies (IFS), has advised UK Chancellor Rachel Reeves to avoid quick and ineffective tax solutions in the upcoming Budget. The IFS suggests that while the government needs to increase tax revenues, some tax hikes could harm the economy, and it recommends reforms to make the tax system fairer and more supportive of growth.
Key Facts
Chancellor Rachel Reeves is expected to raise taxes in the next Budget to meet financial rules.
The Institute for Fiscal Studies (IFS) warns against quick and ineffective tax changes, calling them potentially harmful.
The IFS suggests that reforming property and capital gains taxes would be a good start.
The UK government aims not to borrow for day-to-day spending and to reduce debt as a share of national income before the next election.
Labour had previously promised not to increase income tax, National Insurance, or VAT for working people.
The IFS advises against a wealth tax, citing practical challenges and potential negative effects on savings.
Reforming council tax to reflect current property values is recommended by the IFS.
The Treasury indicates the Budget will focus on balancing public service funding with encouraging growth.
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Recently, China decided to stop buying soybeans from the U.S. This has added financial pressure to American soybean farmers, including those in Minnesota, who were already struggling financially.
Key Facts
Farm bankruptcies are increasing in the U.S.
President Trump's trade policies have contributed to financial issues for soybean farmers.
China is the largest buyer of soybeans globally.
China stopped buying soybeans from the U.S. as a response to U.S. trade policies.
Minnesota farmers are feeling the financial strain more during the harvest season.
Megan Thompson reported on the situation by visiting farmers in Minnesota.
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Younger people in Generation Z are changing how they think about saving for the future. Rather than focusing on pensions for retirement, they are choosing flexible work, freelancing, and investments they can control now. Many do not trust that traditional pension systems will be there for them in the future.
Key Facts
Gen Z includes people born between 1997 and 2012.
Nearly half of Gen Z in the UK and US doubt the state pension or social security will be available when they retire.
Only about 15% of private employers still offer traditional pensions.
Gen Z workers are more likely to have used their retirement savings early compared to older generations.
A study suggests UK 25-year-olds may need £3.1 million ($4.1 million) to retire at 65.
Many companies now offer 401(k) plans instead of pensions.
Gen Z values retirement savings that are flexible and can move with them from job to job.
Gen Z is focusing on new savings models to match the changing economic environment.
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Economists are discussing how the economies of California and New York could impact whether the U.S. enters a recession. These two states are significant due to their economic size and influence, with concerns about a slowing job market and trade policies adding to the uncertainty.
Key Facts
Economists are watching California and New York closely as indicators for a possible U.S. recession.
Scott Anderson from BMO Capital Markets views these states as "canaries in the coal mine" for the national economy.
Some states are already experiencing or are at high risk of recession, according to Moody's Analytics.
California and New York have shown some economic strength recently but remain at a critical point.
Job growth in the U.S. has slowed significantly, adding to recession concerns.
Higher tariffs and strict immigration policies are affecting business sentiment and hiring.
Official job growth data is delayed, but private estimates suggest a possible job loss in September.
The Bureau of Economic Analysis reported a GDP growth of 3.8% in Q2 of 2025, with slower growth projected for Q3.
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China has accused the United States of using "double standards" after President Donald Trump threatened to impose an additional 100% tariff on Chinese goods. China stated it could respond with its own measures if the U.S. follows through with the threat. The exchange has increased fears of a trade war between the two countries.
Key Facts
President Trump threatened to impose an additional 100% tariff on Chinese goods.
China labeled the threat as an example of "double standards."
China said it might introduce its own unspecified countermeasures if the tariff is imposed.
Financial markets were affected, with the S&P 500 index dropping 2.7%.
Both countries had previously agreed to lower tariffs, which increased earlier this year.
China's Commerce Ministry criticized U.S. export restrictions on chips and defended its own export controls on rare earths.
China processes around 90% of the world's rare earths, which are vital for tech manufacturing.
Uncertainty surrounds a planned meeting between President Trump and China's President Xi Jinping later this month.
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Giles Naish works at a chocolate factory in York, UK, that his great-great-grandfather, Joseph Rowntree, helped establish over 130 years ago. The factory, now owned by Nestlé, produces popular sweets like KitKats and Fruit Pastilles. Despite his family connection, Giles emphasizes his independent achievements at the company.
Key Facts
Giles Naish works at a confectionery factory in York that his ancestor, Joseph Rowntree, helped start.
The factory was taken over by Nestlé in 1988 and produces popular sweets such as KitKats.
Joseph Rowntree, the founder, took over the company in 1883.
The York factory produces over four million KitKats daily.
Joseph Rowntree had about 7,000 employees at the time of his death.
Giles kept his family connection a secret from many colleagues to avoid perceptions of nepotism (hiring family-based favoritism).
Giles is involved in working on some of the same sweets that were developed over a century ago by his ancestor.
A series of events marked the 100-year anniversary of Joseph Rowntree's death and his impact in York.
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Mitch Albom, originally a sports writer, is now a well-known author and philanthropist. He focuses on themes of love and hope in his work and shares these ideas through his books and charitable activities.
Key Facts
Mitch Albom started as a sports writer before becoming an author and philanthropist.
He is known for writing books that focus on themes of love and hope.
Albom combines his writing career with efforts in helping others.
He was interviewed by John Yang for the Weekend Spotlight series.
In the interview, Albom discussed his latest book and his approach to writing.
Albom also talked about how he gives back to the community through his charitable work.
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The U.S. government shutdown has halted economic data releases, prompting companies and investors to find alternative ways to measure the economy. Businesses and policymakers rely on these figures for making important decisions. In response, private firms and organizations have begun using various creative methods to track economic activity.
Key Facts
The U.S. government shutdown has paused most data releases from the Bureau of Labor Statistics (BLS).
Businesses use government economic data to make decisions regarding hiring, pricing, and sales.
Policymakers need economic data to decide on things like unemployment benefits and Social Security raises.
Private firms, like Apollo Global Management, have released reports using data from restaurant bookings and hotel stays to gauge consumer spending.
Alternative job market data are available from job listing sites like Indeed and payroll company ADP.
There has been increased interest in private data firms, like Morning Consult, for economic information during the shutdown.
The BLS considers some data, like the Consumer Price Index, too vital to delay and plans to release it despite the shutdown.
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Restaurants are creating special menus with smaller portion sizes to cater to people using weight loss drugs like Ozempic. These changes respond to a growing trend where more people are using these drugs, influencing their dining habits and the restaurant industry.
Key Facts
Restaurants globally are introducing smaller portion menus for diners using weight loss drugs like Ozempic.
Ozempic and similar drugs are injectables that help people lose weight by mimicking certain hormones.
Approximately 12% of Americans have used these GLP-1 drugs based on a report from August 2025.
Users of these drugs have significantly reduced their spending on groceries, decreasing it by about $6.5 billion in the U.S.
There is a cultural shift towards smaller portion sizes and self-regulation as weight loss drugs influence eating habits.
A New York restaurant, Tucci, responded to customer requests for smaller portions to reduce food waste.
Otto's French Restaurant in London created a special menu for a regular customer using Ozempic, which proved successful.
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President Donald Trump has threatened to impose a new 100% tariff on Chinese imports starting November 1, 2025. This comes in response to China's decision to restrict exports of rare earth elements, which are critical for many technologies. The U.S. stock market has reacted negatively to these escalating tensions.
Key Facts
President Trump plans to impose a 100% tariff on Chinese imports from November 1.
China has limited exports of rare earth elements, which are used in technologies like computer chips and jet engines.
China’s new rules require special approval for foreign companies to ship these minerals abroad.
The S&P 500 stock index fell by 2.7% due to concerns over U.S.-China trade tensions.
President Trump hinted that there might still be a chance to lower the new tariff threat.
Trump criticized China’s new export rules as "shocking" and "out of the blue".
The U.S. may also put export controls on critical software from American companies.
The Chinese Embassy in Washington has not commented on the situation.
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Asahi, a leading beer producer in Japan, had to stop production at most of its factories after a cyber-attack disrupted its computer systems. The company is currently using manual methods to handle orders, which has led to short supplies in stores and restaurants. Asahi accounts for a large portion of Japan’s beer market, so this disruption is affecting many businesses.
Key Facts
Asahi is Japan's largest beer producer, making 40% of the country's beer.
A cyber-attack forced Asahi to stop most production, impacting 30 factories.
The facilities have partially reopened, but the company is using manual methods for orders.
Bars, restaurants, and stores are experiencing shortages of Asahi products, including beer and soft drinks.
Major convenience stores like 7-Eleven and FamilyMart warned of shortages.
Asahi's European operations, including Peroni and Grolsch, were not affected.
Ransomware group Qilin claimed responsibility for the attack.
Japan faces challenges with cybersecurity, despite its high-tech image.
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A recent series of art auctions in India, including a record-breaking sale by Saffronart, has highlighted a significant growth in the Indian art market. The demand for Indian art is being driven by rising wealth, changes in tax policy, and increased interest from both local and international buyers. As the global art market experiences a decline, India's art sector is expanding rapidly.
Key Facts
A painting by Vasudeo Santu Gaitonde sold for $7.57 million at a Saffronart auction, nearly three times its expected price.
The Saffronart auction set a new record for South Asian art sales, totaling $40.2 million.
India's art market value has grown from $2 million around the year 2000 to $338 million now and is expected to reach $1.1 billion by 2030.
Recent tax cuts have reduced the goods and services tax on art from 12% to 5%.
The number of millionaire households in India has nearly doubled in the past four years.
A Sotheby's auction, featuring work by Francis Newton Souza, earned $25.5 million, marking the department's best performance in 30 years.
New buyers are entering the market, with 25-30% of Saffronart's buyers and a third of Sotheby’s bidders being first-time participants.
The growing market includes interest from diaspora collectors wanting to reconnect with their heritage through art.
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The NHL has expanded its partnership with lululemon to include all 32 teams in a new apparel collection. This line features more than 20 new apparel styles and various accessories, allowing fans to wear team-branded clothing.
Key Facts
The NHL and lululemon partnership started one year ago.
Initially, the collaboration featured clothing for 10 NHL teams.
The collection now includes all 32 NHL teams.
Over 20 new styles of clothing and accessories are available.
Items include apparel designs like the Scuba Hoodie and Align Pant.
Fans can purchase these products through the Fanatics website.
The collection aims to provide fans with high-quality team attire.
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Raw Bistro Pet Fare is recalling two sizes of their frozen beef dog food because it might be contaminated with salmonella. The recall affects products distributed from September 1 to September 17, 2025, in several U.S. states. The FDA is involved in monitoring the recall process and updates the public about such recalls.
Key Facts
Raw Bistro Pet Fare issued a voluntary recall for certain beef dog food products.
The recall is due to potential salmonella contamination.
Affected products were distributed in California, Colorado, Illinois, and Minnesota.
The recall involves 3-pound bags and 18-pound bulk cases of frozen beef dog food.
No reported illnesses in pets or humans linked to this recall have been reported.
The FDA's role includes evaluating the health risks and sharing information with the public.
People can return the affected food to where they bought it for a refund.
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