Business News

Beyoncé is now a billionaire, Forbes declares

December 30, 2025

Summary

Beyoncé has become a billionaire, according to Forbes. She achieved this status after her successful Cowboy Carter tour.

Key Facts

Forbes reported that Beyoncé is now a billionaire.
Her Cowboy Carter tour contributed significantly to her billionaire status.
Beyoncé is the fifth musician to reach billionaire status.
Other musicians on the billionaire list include Taylor Swift, Rihanna, Bruce Springsteen, and Jay-Z.
Jay-Z, who is also on the list, is Beyoncé's husband.

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Axios

Oldest Post Office scandal victim made OBE

December 29, 2025

Summary

Betty Brown, aged 92, has been awarded an OBE for her efforts to achieve justice for victims of the Post Office Horizon IT scandal. This IT system led to over 900 sub-postmasters being wrongly prosecuted, and thousands like Betty were forced to cover false financial shortfalls. After a long legal fight, Betty received compensation from the government.

Key Facts

Betty Brown, 92, received an OBE for campaigning against wrongful prosecutions related to the Post Office Horizon IT scandal.
The Horizon IT system wrongly caused over 900 sub-postmasters to be prosecuted due to incorrect data.
Betty and her husband spent more than £50,000 of their savings to cover non-existent losses caused by the system.
She was part of a group of 555 original victims who took legal action against the Post Office.
Betty received compensation from a government scheme, choosing a fixed sum of £75,000 or an individual settlement.
The government has paid over £1.3 billion to more than 10,000 victims of the scandal.
The scandal has been recognized as a major miscarriage of justice in the UK.
The Post Office has apologized for the impact of the Horizon system on postmasters and their families.

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BBC Business

Beyoncé declared a billionaire by Forbes

December 29, 2025

Summary

Beyoncé has been named a billionaire by Forbes, joining a small group of musicians with ten-figure wealth. Her recent achievements, including a successful world tour and Grammy-winning album, contributed to her financial milestone. She is now part of a wealthy group that includes Taylor Swift, Rihanna, Bruce Springsteen, and Jay-Z.

Key Facts

Beyoncé is now considered a billionaire by Forbes, becoming the fifth musician to reach this status.
The 2023 Renaissance World Tour grossed nearly $600 million.
Beyoncé produced and distributed a concert film through AMC, earning nearly half of the film's $44 million global box office gross.
Her 2024 album "Cowboy Carter" won the Grammy Award for Album of the Year.
The Cowboy Carter tour collected over $400 million from ticket sales and another $50 million from merchandise.
The Cowboy Carter tour set records for ticket prices in the UK, with prices ranging up to £950.
She appeared in a high-profile halftime show for Netflix's first Christmas Day NFL game, earning an estimated $50 million.
Beyoncé's husband, Jay-Z, is listed by Forbes with a net worth of $2.5 billion.

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BBC US

Medicare Spent $3 Billion Giving People Extra Drugs: Report

December 29, 2025

Summary

A report found that Medicare spent $3 billion on unnecessary drug refills from 2021 to 2023. These extra medications often came through mail-order pharmacies and were not always needed by patients. The loosened refill rules during the pandemic contributed to this issue.

Key Facts

Medicare spent $3 billion on unnecessary drug refills from 2021 to 2023.
The Wall Street Journal reported that this wastage happened largely due to mail-order pharmacies.
Mail-order pharmacies processed only 9% of prescriptions but were responsible for 37% of the excess refills.
Relaxed refill rules during the COVID-19 pandemic made it easier for patients to receive automatic refills more frequently.
Major mail-order pharmacies are owned by large companies like UnitedHealth, Humana, and Aetna.
Medicare's annual drug benefits cost exceeds $100 billion.
These excess refills included over 30 extra days of the diabetes drug Jardiance, costing $111 million.
Insurers report stricter refill blocking measures in place since 2024.

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Newsweek

Dealmaking tops $4 trillion for only third time ever

December 29, 2025

Summary

In 2025, global dealmaking reached over $4 trillion for only the third time in history, primarily driven by lower interest rates and a surge in artificial intelligence technology. Although the total value of mergers and acquisitions increased significantly, the number of deals actually decreased.

Key Facts

In 2025, global mergers and acquisitions (M&A) reached approximately $4.39 trillion.
This is only the third time dealmaking has topped $4 trillion; the last time was in 2021.
The total value of deals in 2025 increased by 45% compared to 2024.
The number of deals fell by 7%, hitting a nine-year low.
In the U.S., dealmaking in 2025 was valued at $2.23 trillion with about 11,300 deals.
U.S. deal value rose by 54% from 2024, but the number of deals dropped by 14%.
The increase in deal value was supported by falling interest rates and advancements in artificial intelligence.
Some notable recent deals include SoftBank purchasing DigitalBridge for $4 billion and Stonepeak taking a majority stake in Castrol for $6 billion.

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Axios

Boss of Everyman cinema chain departs weeks after profit warning

December 29, 2025

Summary

The CEO of Everyman, a UK cinema chain, has resigned shortly after the company reported lower than expected financial results. Non-executive director Farah Golant will temporarily fill the position. The company had forecasted decreased revenue and earnings, leading to a significant drop in its share price.

Key Facts

Alex Scrimgeour, the CEO of Everyman cinema chain, has stepped down unexpectedly.
His departure comes after the company issued a warning of weak financial performance.
Everyman operates 49 cinema locations across the UK.
Farah Golant, a non-executive director, will take over as the interim CEO.
The company adjusted its revenue forecast for 2025 from £121.5m to £114.5m.
Everyman's share price dropped by 20% following the profit warning.
During Scrimgeour's leadership, the company's share price went down by 76%.
There is speculation Blue Coast Private Equity might acquire Everyman.

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BBC Business

Who Is Nick Shirley? YouTuber's Minnesota Fraud Video Racks Up 110M Views

December 29, 2025

Summary

Nick Shirley, a YouTuber with over 1.1 million followers, created a video about a fraud scandal in Minnesota that has gained over 110 million views on social media. The scandal involves alleged fraud that could cost Minnesota billions of dollars, with accusations that have led to charges against more than a dozen people. The case has stirred controversy, especially as most of the accused are Somali Americans, and it has drawn attention from political figures including President Trump.

Key Facts

Nick Shirley is a 23-year-old YouTuber who posted a video about a Minnesota fraud scandal.
The video has received over 110 million views on social media.
Prosecutors allege that the fraud could cost Minnesota billions of dollars.
Over a dozen people face charges for allegedly defrauding the government.
The fraud case has attracted scrutiny from President Trump and other political figures.
82 out of 92 defendants in the case are Somali Americans, leading to cultural tensions.
The FBI is actively investigating and addressing fraud schemes related to this case.
Governor Tim Walz stated that he has taken steps to strengthen oversight and address the fraud issue.

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Newsweek

Pothole claims up 90% in three years, says RAC

December 29, 2025

Summary

The RAC reported that pothole-related compensation claims in Britain rose by 90% from 2021 to 2024. However, the number of claims dropped in 2024 compared to 2023, with only 26% resulting in payouts. The U.K. government plans to spend £7.3 billion over the next four years to improve road surfaces.

Key Facts

Pothole compensation claims in Britain increased by 90% from 2021 to 2024.
In 2024, 53,015 claims were made, but this was a decrease from 2023.
Only 26% of claims in 2024 resulted in a payout, with an average of £390 paid.
A typical repair for pothole damage costs around £590.
The U.K. government plans to invest £7.3 billion over the next four years to improve roads.
Derbyshire County Council experienced the largest rise in claims from 224 to 3,307 over the three years.
The Local Government Association noted budget pressures affecting road repairs.
Oxfordshire County Council invested £14.5 million in a program to prevent potholes.

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BBC Business

BMW Sees California as a New Car Success Bellwether

December 29, 2025

Summary

BMW uses California as an early test market for its new cars because the state accounts for a large portion of U.S. car sales. The company looks at how quickly its cars appear on California streets to gauge success. California is known for its diverse appetite for cars, from electric models to luxury and performance vehicles.

Key Facts

California is the largest new car market in the U.S., making up about 11% of annual new car sales.
BMW sees California as a competitive market where new car success can be quickly assessed.
The state is diverse in car preferences, with electric vehicles selling well in cities and performance cars and trucks preferred in different regions.
Luxury vehicle sales are higher in California than in most other U.S. areas, except New York City.
BMW notes a demand in the U.S. for cars with features like manual transmissions and good driving experience.
Manual transmissions are much less common now, with only a few BMW models like the M2, M3, M4, and Z4 still offering them.
Customers in China and Europe prioritize different features in cars compared to the U.S.
BMW highlights the importance of practical design features for American drivers, like cup holders and climate control access.

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Newsweek

Anxiety fuels Gen Z's retirement planning

December 28, 2025

Summary

Many young people from Generation Z are already thinking about retirement, but their main reason is worry about the future. They face challenges like job market troubles, student debt, and high living costs, which affect their views on saving for retirement. While some lack financial knowledge, nearly half of Gen Z are on track for future savings.

Key Facts

Generation Z is worried about the future, influencing them to save for retirement.
The job market and student loans are major concerns for young workers.
Rising housing costs and changes in Social Security add to their worries.
47% of Gen Z is on track for retirement savings, slightly ahead of older generations.
Financial literacy is a challenge, as traditional pensions have shifted to self-managed savings.
Some Gen Z individuals, like Rachel Lemons, start saving early due to family influence.
Discussions about cost of living influence Gen Z's approach to retirement planning.

Source Verification

Axios

Late shopper rush drives Boxing Day sales traffic

December 28, 2025

Summary

On Boxing Day in the UK, there was a late surge of shoppers, leading to increased foot traffic at retail locations compared to previous years. However, this did not necessarily result in higher spending, as forecasts suggested a decrease in overall sales. Despite challenges throughout the year, retailers saw some positive trends as people headed out for post-Christmas bargains.

Key Facts

Boxing Day shopper traffic in the UK reached its highest point in a decade, with footfall up 4.4% compared to the previous year.
Data from MRI Software showed that shopping visits peaked in the evening from 5pm to 11pm.
Despite increased foot traffic, spending was predicted to be lower, with Barclays estimating a £1bn drop in sales compared to last year.
By 3pm on Boxing Day, high street visits were down 1.5% and shopping centre visits were down 0.6% compared to the year before.
MRI counts footfall data from over 660 retail locations across the UK.
Retail analyst Jenni Matthews noted that hospitality and leisure venues likely benefited from increased foot traffic.
Footfall also increased on the Saturday following Boxing Day, rising 1.6% compared to the same date last year.
Analysts noted 2025 as a difficult year for consumers due to rising prices impacting household budgets.

Source Verification

BBC Business

Minimum wage will rise in 19 states starting Jan. 1

December 28, 2025

Summary

Starting January 1, 19 states in the U.S. will increase their minimum wage. This change impacts over 8.3 million workers either directly or indirectly as companies adjust their pay structures. By the end of the year, more workers will earn at least $15 an hour than those earning the federal minimum wage of $7.25.

Key Facts

On January 1, minimum wage will rise in 19 U.S. states.
More than 8.3 million workers will see a pay increase.
Florida, Alaska, and Oregon will increase their wages later in the year.
Missouri and Nebraska will reach a minimum wage of $15.
Four states will have a minimum wage of $17 or more for some workers by year's end.
The federal minimum wage remains at $7.25 per hour.
Ohio's minimum wage will rise to $11, Arizona's to $15.15, and Virginia's to $12.77 on January 1.
20 states continue to use the federal minimum wage of $7.25.

Source Verification

Axios

Starbucks Announces New Menu Update

December 28, 2025

Summary

Starbucks announced its winter menu for 2026, featuring new drinks and treats alongside returning favorites. The menu includes new protein drinks, sugar-free syrup options, and Dubai-inspired chocolate beverages. Some classic winter drinks and new food items will also be available.

Key Facts

Starbucks will launch its 2026 winter menu on January 6 in U.S. stores.
Two new protein drinks are added: Caramel Protein Matcha and Caramel Protein Latte.
A sugar-free caramel syrup will be available for all drinks year-round.
Pistachio-flavored drinks, including a new Pistachio Cortado, will return for winter.
Dubai-inspired chocolate drinks will debut, like Iced Dubai Chocolate Matcha and Iced Dubai Chocolate Mocha.
New food items include Truffle, Mushroom & Brie Egg Bites and an updated Turkey Bacon, Cheddar & Egg White Sandwich.
Seasonal treats such as the Valentine Cake Pop and Eggnog Latte will also be part of the menu.

Source Verification

Newsweek

Will 'guest beer' rules support small Scottish breweries ?

December 28, 2025

Summary

In Scotland, new "guest beer" rules allow independent breweries to have their products sold in tenant pubs, which are run by external people but owned by bigger breweries. This change aims to help smaller breweries gain more market exposure and meet rising customer demand for diverse beer options. The impact has been mixed, with some benefits but also challenges like bureaucratic hurdles.

Key Facts

There are about 150 small, independent breweries in Scotland.
The new rules were introduced in July 2025 as part of the Scottish government's Scottish Pubs Code.
Tenant pubs can now sell at least one independent beer if the owner agrees.
The changes aim to help smaller breweries compete with larger brands that own pubs or distribution networks.
Interest in unique and high-quality beers is currently high among consumers.
Small, independent breweries make up about 90% of Scottish breweries but produce roughly 10% of beer sold.
Some breweries have started benefiting from the rules, but it's too early to measure long-term effects.
Storytelling and local identity are seen as important strategies for small breweries to succeed.

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BBC Business

Artist & Craftsman Files for Bankruptcy

December 28, 2025

Summary

Artist & Craftsman Supply, a 40-year-old art supply retailer, filed for Chapter 11 bankruptcy on December 21, 2025. The company plans to keep operating its 18 stores across 11 states while reorganizing its finances. The bankruptcy process is intended to help the company address its financial challenges without closing stores.

Key Facts

Artist & Craftsman Supply filed for Chapter 11 bankruptcy on December 21, 2025, overseen by Judge Peter G. Cary.
The company operates 18 stores in 11 U.S. states and employs over 138 workers.
It reported assets and liabilities between $10 million and $50 million.
Between 100 and 199 creditors are involved.
Funds are expected to be available for unsecured creditors.
The CEO, Robert "Bob" Landry, and legal team led by Sam Anderson are managing the process.
The company aims to reorganize finances and continue operations, stating it will not close stores.
A creditors' meeting is scheduled for January 26, 2026, with deadlines for claims and objections in April and March 2026, respectively.

Source Verification

Newsweek

Will Mortgage Rates Go Down in 2026?

December 28, 2025

Summary

Mortgage rates in the U.S. did not drop as much as hoped in 2025, staying around 6.22%. Experts predict that mortgage rates will remain slightly above 6% in 2026, with small reductions expected, but without significantly boosting housing affordability.

Key Facts

As of December 11, 2025, the average 30-year fixed mortgage rate was 6.22%.
Mortgage rates peaked at 7.79% in October 2023.
Rates increased in 2022 due to the Federal Reserve raising interest rates to control inflation.
The Federal Reserve cut rates three times in late 2025, but they still impact mortgage rates.
The unemployment rate rose to 4.6% in November 2025.
Experts believe mortgage rates will stay around 6%, with little change in 2026.
Some forecasts suggest a slight decrease in rates to about 6.15% by the end of 2026.
Housing affordability may not improve significantly due to limited inventory and ongoing economic uncertainties.

Source Verification

Newsweek

California drops lawsuit seeking to reinstate federal funding for high-speed rail project

December 27, 2025

Summary

California has decided to drop its lawsuit against the Trump administration over the withdrawal of $4 billion in federal funding for a high-speed rail project. Instead, the state will look for other funding sources to move forward with the expensive bullet train plan. The project, aiming to connect San Francisco with Los Angeles, is projected to cost over $100 billion.

Key Facts

California dropped a lawsuit concerning the loss of $4 billion in federal funding for a high-speed rail project.
The U.S. Transportation Department cut funds for the train that plans to link San Francisco and Los Angeles.
The Trump administration criticized the project for lacking a plan to complete a crucial segment in the Central Valley.
The California High-Speed Rail Authority will now seek private investors and other funding sources.
The rail project has secured $1 billion in annual funding from a state program that aims to reduce emissions.
This decision allows California to use global best practices from successful high-speed rail systems.
The Trump administration labeled the train project as costly and ineffective.

Source Verification

PBS NewsHour

Rail users hit by change to peak time ticketing

December 27, 2025

Summary

The expansion of contactless payment options to 30 more train stations in South East England has led to higher costs for some rail users due to peak time ticket requirements. The changes align with the Transport for London system, resulting in some passengers needing more expensive tickets during certain times. The government supports the changes, citing benefits like simpler and more flexible travel.

Key Facts

Contactless payment options were introduced at 30 more train stations in South East England in December.
This change is part of the Department for Transport's Project Oval.
The new system requires some travelers to buy more expensive peak time tickets instead of off-peak tickets.
Changes align the ticketing system with Transport for London’s contactless structure.
Some off-peak travel times that allowed cheaper tickets are now restricted.
Users with railcards or children's discounts cannot apply these with contactless payments.
The Department for Transport states that most single ticket prices remain the same or are lower.
Some rail users find the new system confusing and more expensive.

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BBC Top Stories

How a company in landlocked Nebraska is helping fight plastic pollution in oceans

December 27, 2025

Summary

A Nebraska-based company is working on solutions to address plastic pollution. This company aims to transform plastic waste into useful products, despite being located far from the ocean.

Key Facts

A report from the Pew Charitable Trusts predicts plastic pollution could more than double in 15 years.
The increase in pollution equates to nearly one garbage truck full of plastic waste dumped every second.
The company is located in Nebraska, a U.S. state without direct access to oceans.
This company focuses on turning plastic pollution into constructive materials.
The report and efforts aim to address environmental issues related to plastic waste.

Source Verification

PBS NewsHour

KFC franchisee given £70k fine over 'slave' comment

December 27, 2025

Summary

A KFC franchisee in south-east London was fined nearly £70,000 after a manager called an Indian worker a "slave" and required him to work extra hours. A tribunal found that the worker faced race discrimination and harassment, leading to his resignation. The company was also told to provide training on discrimination to staff.

Key Facts

A KFC franchisee in south-east London was fined about £70,000.
The fine was due to a manager's racist comment towards an Indian employee.
The manager called the worker a "slave" and made him work extra hours.
The employee's request for time off was denied, partly due to his race.
A tribunal found the worker faced racial discrimination and harassment.
The worker resigned after these incidents, and there was no proper investigation.
The tribunal awarded the worker £66,800 in compensation.
Nexus Foods Limited was ordered to start a training program on workplace discrimination.

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BBC Top Stories

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