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Business news, market updates, and economic developments
Thermos is recalling about 8.2 million bottles and jars. The company warns that the stopper can pop out forcefully when opened if food or drinks stay inside for a long time.
Key Facts
Thermos recalled 8.2 million bottles and jars.
The stopper can come out suddenly with force.
This happens if food or drinks are left inside the containers for too long.
There have been three reports of people losing vision linked to this problem.
The recall aims to prevent further injuries.
Consumers are advised to stop using the affected products.
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An annuity lets you turn a lump sum of money into steady monthly income during retirement. A $100,000 annuity bought at age 60 could pay between about $446 and $530 per month, depending on factors like gender, payout type, and current interest rates.
Key Facts
An annuity converts a one-time payment into regular income, helping provide stable money in retirement.
For a 60-year-old man, a $100,000 annuity might pay about $530 per month for life or less with other payout options.
For a 60-year-old woman, payments are slightly lower, around $503 per month for life, because women live longer on average.
Adding guarantees like payments for a certain number of years or joint life with a spouse lowers the monthly payout.
Annuity payouts depend on the interest rates when you buy: higher rates mean higher payments.
Buying an annuity at age 60 usually pays less per month than buying one at an older age since the insurer expects to pay for a longer time.
These figures are estimates and can vary based on the specific contract and market conditions.
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Americans lost almost $21 billion to fraud last year, with scams involving cryptocurrencies causing the biggest share of losses. Experts say Congress should create rules for digital currencies that match the rules banks follow to stop criminals.
Key Facts
Americans lost about $21 billion due to fraud in one year.
Cryptocurrency scams caused the largest part of these losses.
There are currently fewer rules for digital asset platforms than for banks.
Banks follow anti-money laundering rules and the Bank Secrecy Act.
Experts want Congress to apply these same rules to cryptocurrency platforms.
The goal is to prevent criminals from exploiting gaps in regulations.
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The new Blair Witch Project reboot will include original team members as producers after they expressed frustration about being left out. The original film was a huge financial success, and the new version aims to bring the classic story to a new generation with involvement from the original creators.
Key Facts
The original Blair Witch Project was made for $35,000 and earned $248 million.
Lionsgate and Blumhouse announced the 2024 reboot of the Blair Witch Project.
Original team members, including actors Joshua Leonard and Michael C. Williams, and directors Eduardo Sánchez and Daniel Myrick, are now executive producers.
The original creators had been excluded from the 2000 and 2016 sequels, which were not successful.
Joshua Leonard and Ben Rock publicly expressed frustration about being left out of the new film initially.
Heather Donahue, original cast member, shared mixed feelings about the sequels and her role being used without her full consent.
The new film will be directed by Dylan Clark, who has experience with horror shorts.
Jordan Peele and Sam Raimi are attached as producers for a related project.
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Scientists have found large amounts of lithium in the Appalachian Mountains that could supply the U.S. for hundreds of years. Lithium is important for batteries in electric vehicles and clean energy, but mining it will face challenges like strict rules, environmental concerns, and costs.
Key Facts
The U.S. Geological Survey (USGS) estimates lithium in the Appalachians could replace U.S. imports for 328 years at current use levels.
The Northern Appalachians, mainly western Maine, hold about 900,000 metric tons of lithium in hard rock called pegmatite.
The Southern Appalachians, from Maryland to Alabama, may contain up to 1.4 million metric tons, mostly in the Carolinas.
Lithium in rock must be mined using traditional mining methods, unlike extraction from salty water used elsewhere.
No new lithium mines have been officially planned or announced yet in the Appalachian region.
Mining would need to overcome strict environmental rules, public opposition, and long approval processes in states like Maine.
Potential benefits include job creation, tax revenue, infrastructure investment, and support for clean energy industries.
Interior Secretary Doug Burgum highlighted the findings as a key step toward U.S. mineral independence under President Donald Trump’s administration.
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A key measure of inflation increased significantly in March due to rising gas prices linked to the Iran war. This rise in prices is making it harder for the Federal Reserve to lower interest rates soon.
Key Facts
The inflation gauge monitored by the Federal Reserve rose 0.7% in March compared to February.
Prices increased 3.5% from a year ago, the largest rise in nearly three years.
Core inflation, which excludes food and energy prices, rose 0.3% in March from the previous month.
Core inflation was 3.2% higher than a year ago, up from 3% in February.
Higher gas prices are linked to the ongoing conflict involving Iran.
The Federal Reserve is likely to delay cutting interest rates because of the higher inflation.
Inflation affects the overall cost of living for consumers.
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Amazon is thinking about bringing back the TV show "The Apprentice." They might have Donald Trump Jr. as the host, but no official talks have occurred with the Trump family yet.
Key Facts
Amazon is considering restarting the show "The Apprentice."
Donald Trump Jr. is a possible choice to host the new version.
The discussions are in the early stages.
Amazon executives have not yet contacted the Trump family.
"The Apprentice" is a TV show originally hosted by President Donald Trump.
This news has not been confirmed officially by Amazon or the Trump family.
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Rising oil and gas prices caused by the U.S. conflict with Iran are hurting President Donald Trump’s claims of a strong U.S. economy. Higher energy costs have increased inflation, making it harder for the Federal Reserve to consider cutting interest rates soon.
Key Facts
The conflict with Iran began on February 28, affecting global oil shipments through the Strait of Hormuz.
The Strait of Hormuz is crucial, handling about a quarter of the world’s oil before the war.
Global oil prices have reached a four-year high, causing U.S. gas prices to rise sharply.
Higher energy prices are pushing inflation up at a time when it was already high.
The Federal Reserve recently kept interest rates steady due to uncertainty from the conflict.
Before the conflict, experts expected the Fed to cut interest rates starting in 2026 to help the economy.
Ongoing disruptions around the Strait of Hormuz could keep inflation high through 2026 and beyond.
President Trump had earlier praised the economy as “roaring,” but the conflict challenges that view.
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Kevin Warsh will become the new Federal Reserve chair but faces strong internal opposition to quickly cutting interest rates. His predecessor, Jerome Powell, will remain on the Board of Governors and may influence decisions, limiting Warsh’s ability to act alone.
Key Facts
Kevin Warsh is set to take over as Federal Reserve chair.
Some Federal Reserve officials openly opposed signaling an upcoming interest rate cut.
Four dissents in the policy statement were the highest since 1992.
Jerome Powell, the current Fed chair, will stay on the Board of Governors for an unspecified time.
Powell’s continued presence stops President Trump from filling Powell’s governor seat immediately.
The Fed faces concerns about inflation running above its 2% target for six years.
Strong economic growth and a stable job market influence some officials’ reluctance to cut rates.
Warsh will need to persuade other Fed members rather than relying solely on his authority.
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The article explains that attempts to tax wealth through state-level wealth taxes have failed in the past, especially in Europe. It suggests that history shows wealth taxes often do not work as intended.
Key Facts
Wealth taxes target the assets or net worth of rich individuals.
European countries have tried wealth taxes before.
Many European wealth tax programs have been discontinued.
The article claims state-level wealth taxes in the U.S. are unlikely to succeed.
The reasons for failure include administrative challenges and reduced investment.
Wealth taxes can lead to capital moving out of taxed areas.
The article uses Europe’s experience to predict outcomes in the United States.
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Debt relief companies help people settle their debts by negotiating with creditors to pay less than the full amount owed. The process involves borrowers stopping payments and saving money in a special account until the debt is old and unpaid enough to encourage creditors to negotiate a lower payment.
Key Facts
Debt relief companies manage negotiations to reduce the amount owed to creditors.
Borrowers stop paying their debts and save money in a dedicated savings account instead.
Creditors usually start negotiating after 90 to 180 days of missed payments, when the debt is seriously overdue.
Negotiations aim to settle debts for 50% to 70% of the original amount, but it varies.
Not all creditors agree to negotiate, and debts may be sold to different collectors before settling.
Once a deal is made, the debt relief company pays the creditor directly from the savings account.
The company takes a fee from the saved money as part of the payment process.
Older and more overdue debts are more likely to be settled for less than total owed.
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The Bank of England says it may need to raise interest rates above 5% this year if oil prices stay high, due to ongoing conflicts in the Gulf affecting energy supply. These higher rates will increase mortgage costs for many UK households and raise government borrowing costs, while the economy shows some signs of resilience.
Key Facts
The Bank of England is unlikely to cut interest rates soon and may raise them if oil prices stay near $125 per barrel.
Oil supply disruptions in the Gulf caused by conflict are driving up energy prices.
Higher energy prices lead to inflation, which hurts lower-income households more because they spend more on essentials like food and energy.
Mortgage rates are rising, causing an average increase of about £80 per month in payments for many households.
More than half of UK homeowners with mortgages will face higher payments in the next three years as fixed terms end.
Government borrowing costs are increasing globally due to the crisis, and UK rates have been particularly volatile.
The strength of the British pound suggests the UK’s financial situation is influenced mainly by global conflict, not domestic issues.
The UK economy shows some signs of holding up in early 2024 despite challenges.
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The US software company Palantir faces calls in Australia to ban new government contracts after it published a manifesto suggesting some cultures are inferior. Palantir says it only provides software tools and does not collect or sell data, but concerns remain over its role in sensitive government work and ties to controversial agencies.
Key Facts
Palantir is a US software company involved in data analysis for governments and businesses.
The company published a manifesto implying some cultures are inferior, sparking criticism in the UK and Australia.
Palantir has nearly $80 million in state and federal contracts in Australia and over $160 million in federal investment.
Australian Greens senator David Shoebridge called for a ban on new contracts with Palantir pending a full audit of existing agreements.
Palantir’s software is used by Australian defense, financial intelligence agencies, and Victoria’s prison system.
The company states it does not collect or monetize data; customers decide how to use the software within legal and contractual limits.
Palantir has a history of work with US agencies including ICE immigration enforcement, under multiple presidential administrations.
Australia’s sovereign wealth fund, the Future Fund, holds $100 million in Palantir shares.
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Former oil and gas industry leaders have warned the Albanese government that fast-tracking fossil fuel projects will not solve Australia’s fuel problems and could lead to higher costs for the public. They suggest focusing on renewable energy and modernizing the power grid instead of expanding gas and coal extraction.
Key Facts
Sixteen former executives from major oil and gas companies like BP, Shell, and Exxon Mobil signed a statement against fast-tracking fossil fuel projects.
They said Australia’s potential new oil reserves would supply less than a year’s fuel even if fully developed.
Developing these fossil fuel resources would take at least a decade and provide only a temporary, small part of energy needs.
The group supports accelerating renewable energy, improving the electricity grid, and supporting electric vehicles to reduce reliance on oil.
Prime Minister Albanese rejected a proposed 25% gas export tax, prioritizing trade relationships with Asian countries buying Australian gas.
The ex-industry leaders warned that expanding fossil fuel drilling risks locking in outdated infrastructure and ongoing price shocks for consumers.
They acknowledged some gas is still needed to support renewable energy but said current supplies meet future demand.
Their stance reflects concerns that fossil fuel lobbying has delayed Australia’s move to cleaner energy for many years.
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Shares of major fast food companies on the Australian stock exchange have dropped sharply as living costs rise and consumers cut back on spending. High fuel prices, inflation, and interest rate hikes are squeezing household budgets, which is reducing demand for fast food, a usually affordable option.
Key Facts
Shares of Domino’s Pizza, Collins Foods (KFC operator), Retail Food Group, and Guzman y Gomez have fallen significantly in recent months.
Rising oil prices linked to the US-Israel-Iran conflict have increased costs for businesses and consumers.
Fast food is considered a discretionary purchase, meaning people can easily stop buying it if money is tight.
Consumer confidence in Australia has dropped to levels not seen since the early pandemic.
Inflation rose to 4.6% in the year to March, causing prices of many goods and services to increase.
High fuel prices and interest rate rises have made living more expensive for many Australians.
Fast food stocks are usually strong during downturns because people trade down from restaurants, but this time that defense might be weaker.
Drive-through sales are impacted as fewer people are willing to spend on takeaway with added fuel costs.
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CBS Mornings Deals offers special discounts on products that could be useful in daily life. Customers can visit the website cbsdeals.com to access these deals. CBS earns money when people buy items through their site.
Key Facts
CBS Mornings Deals promotes products with exclusive discounts.
The deals are shown during CBS Mornings programming.
The featured items are intended to be helpful for everyday use.
Customers can find these offers at the website cbsdeals.com.
CBS receives commissions on purchases made through their site.
The promotion is part of CBS News content.
There is an app available to view CBS News and deals.
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The Bank of England has indicated that interest rate increases may happen later this year due to uncertainty from the Middle East conflict. This could raise mortgage payments for many homeowners and increase energy bills, though not as sharply as in 2022. The rising costs will particularly impact low-income households.
Key Facts
The Bank of England kept interest rates the same this month but signaled possible rises later in 2023.
If oil prices stay very high, up to six rate rises could happen, pushing rates up to 5.5%.
Over seven million UK homeowners have fixed-rate mortgages, protecting them temporarily from rate rises.
New mortgage deals are expected to cost about £80 more per month on average in the next three years.
Energy bills for a typical household are likely to rise to around £1,900 per year by July, higher than now but less than the 2022 peak.
About 40% of households have fixed energy tariffs, which shield them from immediate bill increases.
Food prices may increase by about 4.6% in September, making living costs harder for everyone, especially poorer families.
The Bank’s forecasts show inflation rising this year, driven mainly by energy and food cost increases.
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The article explains how people can pay off $15,000 in debt by the end of 2026. It describes strategies like calculating realistic monthly payments, using credit cards with 0% interest balance transfers, and considering personal loans to lower interest rates.
Key Facts
Credit card debt in the U.S. has reached over $1.23 trillion, a record high.
Credit card interest rates remain high despite some Federal Reserve rate cuts.
Minimum payments mostly cover interest and barely reduce the debt.
To pay off $15,000 by the end of 2026, one would need to pay about $1,875 per month starting from zero.
Balance transfer cards with 0% introductory interest can help reduce interest costs but usually charge a 3%-5% transfer fee.
Personal loans with lower fixed rates can be a good option if balance transfer cards are not available.
Using a debt payoff calculator helps create a realistic payment plan based on the person’s budget.
Paying more than the minimum and having a clear plan are key to eliminating debt within a specific timeframe.
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British billionaire Christopher Harborne has said new government rules limiting political donations from British citizens living abroad will not stop him from funding the Reform UK party. Harborne, who has given large sums to Reform UK and other parties, believes he can challenge the donation cap in court or find other ways to continue donating.
Key Facts
Christopher Harborne is a British billionaire living in Thailand who invests in cryptocurrency and aviation.
He has donated a total of £12 million to Reform UK, including a record single donation of £9 million in 2025.
Harborne also gave a £5 million personal gift to Nigel Farage before Farage became an MP.
The UK government introduced a £100,000 cap on donations from British citizens living overseas to prevent foreign influence on elections.
Housing Secretary Steve Reed said the cap aims to protect democracy by limiting money from untraceable sources abroad.
Reform UK and Harborne argue the cap unfairly targets their funding and plan to challenge it.
Labour and Conservative parties have criticized Farage for not declaring the £5 million gift, but his team says no declaration was legally required.
Harborne previously donated to the Conservative Party and the Brexit Party before supporting Reform UK.
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The United Arab Emirates (UAE) left Opec after 60 years, which may weaken the group's control over oil prices. This change could lead to a price war between the UAE and Saudi Arabia, causing more ups and downs in global oil markets and economic uncertainty.
Key Facts
The UAE exited Opec on Tuesday after being a member for 60 years.
Opec has helped keep oil prices steady under Saudi Arabia’s leadership.
Oil prices reached over $126 per barrel, the highest in four years.
The UAE plans to ignore Opec’s production limits and produce more oil.
Iran’s blockade of the Strait of Hormuz currently limits oil flow from the region.
Saudi Arabia may respond with discounts to compete for Asian oil buyers.
Both Saudi Arabia and the UAE have low oil production costs and need revenue to prepare for a less oil-dependent future.
Experts warn that a price war could cause oil prices to drop sharply and bring economic problems, similar to past crashes in the 1980s and 2014.
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