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Business News
Business news, market updates, and economic developments
The United Arab Emirates (UAE) announced it will leave the oil group OPEC and its extended alliance OPEC+ starting May 1. The UAE said it is leaving to focus on its own national interests, after disagreements over production limits and tensions with Saudi Arabia, the group's leading member.
Key Facts
UAE will exit OPEC and OPEC+ on May 1, 2026.
The decision is to prioritize the UAE’s national interests.
UAE has been unhappy with production quotas set by OPEC.
Relations between UAE and Saudi Arabia, OPEC’s main leader, have become tense.
OPEC is an oil cartel that sets production levels to influence oil prices.
OPEC+ includes OPEC members plus other oil-producing countries cooperating on production.
This departure weakens the unity and influence of the OPEC cartel.
The announcement was made publicly by the UAE government.
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BP reported a profit of $3.2 billion in the first quarter, marking its highest earnings in three years. The increased profit was partly driven by higher oil prices linked to the conflict involving Iran.
Key Facts
BP earned $3.2 billion in profits in the first quarter.
This profit level is the highest BP has seen in three years.
The rise in oil prices was influenced by a war involving Iran.
BP’s profit exceeded expectations set by the market.
Meg O’Neill is the current CEO of BP.
This is the first sign of profit growth under CEO Meg O’Neill.
The global situation in Iran has impacted energy prices.
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First Brands Group, an auto-parts maker, stopped planned layoffs for hundreds of workers just days before they were to lose their jobs. The company is trying to sell parts of its business to save more jobs amid bankruptcy and federal fraud charges faced by former executives.
Key Facts
First Brands Group filed for Chapter 11 bankruptcy in September.
The company faced federal fraud charges against former top executives.
It planned to lay off 819 workers in Ohio but decided to keep 669 employees through the end of May.
First Brands is trying to sell some facilities to find a buyer and save about 1,600 jobs.
The company already sold several assets, including its Walbro business for $50 million, preserving around 600 jobs.
Bankruptcy has caused thousands of layoffs across multiple U.S. states since late 2025.
First Brands Group had about 6,000 employees in the U.S. when it filed for bankruptcy.
The bankruptcy revealed severe money problems, including billions in debts and only $12 million in cash available.
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A group of low-cost airlines has asked President Donald Trump's administration for $2.5 billion in financial help to deal with rising jet fuel costs. They also want a temporary suspension of certain airline taxes to keep ticket prices affordable for travelers.
Key Facts
The Association of Value Airlines (AVA) represents Allegiant, Avelo, Frontier, Spirit, and Sun Country Airlines.
Jet fuel prices have nearly doubled recently due to the conflict in Iran.
AVA wants the government to create a fund airlines can use to manage fuel costs.
The group also asked Congress to temporarily suspend the 7.5% federal excise tax on airline tickets and a $5.30 domestic per passenger fee.
The airlines say these measures are temporary and will help keep air travel affordable and competitive.
AVA referenced past COVID-19 relief efforts as a precedent for government support.
The White House said it is aware of the request but has made no decisions yet.
The Department of Transportation has not publicly commented on the relief request.
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Putting $3,000 into a certificate of deposit (CD), a high-yield savings account, or a money market account can earn different amounts of interest. CDs generally offer the highest fixed rates, while high-yield savings and money market accounts have rates that can change over time.
Key Facts
Traditional savings accounts currently offer very low interest rates around 0.38%, which do not keep up with inflation over 3%.
CDs have fixed interest rates, making interest earnings predictable.
High-yield savings and money market accounts have variable rates that may rise or fall.
For a $3,000 deposit over three months, CDs and money market accounts earn about $28.83, while high-yield savings earn slightly more at $29.78.
Over six and nine months, CDs earn slightly more interest than the other two options.
Online banks often offer higher rates than traditional branch banks because they have lower costs.
Switching from a traditional savings account to one of these higher-rate accounts can increase interest earnings significantly.
Savers should consider the interest rate, account terms, and whether they want their rate fixed or variable before choosing an account.
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Tele-veterinary care lets pet owners connect with vets using video, chat, or phone and can be helpful for minor issues or follow-ups. However, it is not a full replacement for in-person visits, especially in emergencies or when a physical exam is necessary.
Key Facts
Pet care costs, including routine vet expenses, average over $4,000 a year per cat or dog and are rising.
Tele-vet care offers convenience for busy pet owners facing challenges like work schedules and travel to clinics.
Good uses for tele-vet visits include minor behavioral problems, mild skin and coat issues, prescription refills, post-surgery checks, and general questions.
Tele-vet care can help quickly decide if a pet needs urgent in-person care.
Serious conditions like breathing problems, poisoning, uncontrolled bleeding, seizures, collapse, or sudden changes require urgent physical vet visits.
Tele-vet care can be more affordable and less stressful for pets in certain cases but cannot replace all veterinary services.
Understanding when tele-veterinary care is appropriate helps pet owners make better health and cost decisions.
The article references a survey by Healthy Paws Pet Insurance highlighting the rising pet care costs.
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Elon Musk is testifying in a federal court lawsuit against OpenAI, accusing the company’s leaders of betraying its original nonprofit mission. The case focuses on whether OpenAI transformed improperly into a profitable company, with Musk seeking major changes in its structure and financial compensation.
Key Facts
Elon Musk filed a $1 billion lawsuit against OpenAI and its leaders, including CEO Sam Altman.
Musk helped start OpenAI in 2015 and donated $38 million before leaving its board in 2018.
Musk claims OpenAI’s leaders betrayed the nonprofit mission by turning it into a profitable company.
He wants changes like removing OpenAI’s CEO and others, changing the company’s structure, and returning money to the nonprofit side.
OpenAI denies wrongdoing, saying Musk’s donations were used properly and claims he is motivated by jealousy.
Microsoft is also involved, with lawyers saying Musk only changed his position after ChatGPT became successful.
The judge warned both sides to avoid using social media to escalate the conflict.
Separately, OpenAI is under a criminal investigation by Florida authorities related to chats from a suspect in a 2025 shooting.
The trial is expected to last about four weeks; OpenAI plans an initial public offering (IPO) aiming for a valuation of $852 billion.
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Homeowners looking to borrow $25,000 against their home's equity have two main loan options: home equity loans and home equity lines of credit (HELOCs). As of May, both have similar monthly payments, but HELOC interest rates can change over time, while home equity loans have fixed rates.
Key Facts
The average home equity loan interest rate is about 6.95% in May.
The average HELOC interest rate is about 7.11% in May.
A $25,000 home equity loan payment is roughly $289.63 per month for 10 years.
A $25,000 HELOC payment is about $291.69 per month for 10 years, assuming full repayment starts immediately.
Interest rates for both home equity loans and HELOCs have decreased compared to late 2025.
HELOCs have variable rates, meaning monthly payments can rise or fall in the future.
Home equity loans have fixed rates, so payments remain steady over time.
Shopping around can help borrowers find better rates and terms.
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American Airlines will limit passengers to carrying two portable chargers each with a maximum power capacity of 100 watt-hours. These chargers must be kept visible or within reach during the flight and cannot be stored in overhead bins or charged on the plane.
Key Facts
Starting Friday, passengers can bring only two portable chargers on American Airlines flights.
Each charger cannot exceed 100 watt-hours in capacity.
Chargers must be visible to airline staff when in use and kept within reach when not in use.
Chargers are not allowed to be stored in overhead bins during the flight.
Charging portable devices onboard the aircraft is prohibited.
The new rules apply to external power banks and suitcases with built-in lithium-ion batteries.
The policy follows nearly two dozen battery-related incidents on commercial flights this year.
Southwest Airlines has also limited battery packs to one per passenger recently.
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A recent WalletHub survey found that 28 percent of college students believe their tuition is not a good financial investment. This shows increasing concern about high college costs and student debt as tuition prices remain high despite slower inflation-adjusted increases.
Key Facts
The survey polled over 200 college students across the U.S. about tuition, borrowing, and money readiness.
28 percent of students said their tuition is not worth the cost, up from 23 percent in a similar 2024 survey.
College costs rose about 3 percent from 2024 to 2025, with private schools charging more.
Many students worry about paying back student loans, with 30 percent saying it is their biggest fear after graduation.
Over half of students feel their schools do not teach enough about managing money.
One third of students believe the federal government should stop giving loans to expensive colleges.
Experts say while college is costly, graduates typically earn much more money over their lifetimes compared to people with only a high school diploma.
Concerns rise as some students see fewer entry-level jobs available even as loan payments start.
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Disney worked with the Make-A-Wish Foundation to grant a 5-year-old girl named Lilo her wish. She received special treatment during a visit to Disneyland.
Key Facts
Lilo is a 5-year-old girl whose wish was granted by Disney and Make-A-Wish.
The visit took place at Disneyland.
Lilo received royal treatment as part of her experience.
Make-A-Wish is an organization that helps children with critical illnesses by fulfilling their wishes.
Disney often partners with Make-A-Wish to create memorable experiences for kids.
The article was published on April 28, 2026.
The story focuses on a positive event involving a well-known company and a charity.
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Pet insurance can help dog owners manage the high costs of veterinary care, especially as warmer weather brings more outdoor activities and related health risks. Applying for insurance now is advised because many plans have a waiting period before coverage begins.
Key Facts
The average pet owner spends over $4,200 a year on routine pet care.
About 40% of pet owners say they would use a credit card to pay for expensive vet visits.
Pet insurance can reduce costs for routine care, medical procedures, and alternative treatments.
Accident-only pet insurance plans often have lower monthly payments and cover emergencies.
Many pet insurance companies require a waiting period before coverage starts.
Seasonal risks for dogs in May include allergies, injuries, sunburn, and overheating.
Pet insurance premiums usually rise as a dog gets older or develops health problems.
Owning pet insurance may help avoid high-interest credit card debt caused by unexpected vet bills.
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Gold prices have changed a lot recently, reaching record highs above $5,000 per ounce before dropping to about $4,585 now. If you want to sell a 1-ounce gold coin today, dealers usually pay between 95% and 98% of the current market price, depending on the coin’s type and condition.
Key Facts
Gold hit a peak price of $5,000 per ounce earlier this year, the first time ever.
Current gold spot price is roughly $4,585 per ounce.
Dealers typically pay 95% to 98% of the spot price for 1-ounce gold coins.
This means selling prices for a 1-ounce coin now range from about $4,356 to $4,493.
Popular coins like American Gold Eagles and Canadian Gold Maple Leafs often fetch better prices.
Coins in perfect condition or with special features can sell for more, due to collector interest.
Getting multiple price quotes from different dealers can help maximize your sale price.
Gold prices can go up or down quickly, so timing sales can be tricky.
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The Commodity Futures Trading Commission (CFTC) filed a lawsuit against Wisconsin and some state officials. The CFTC says it alone has the authority to regulate prediction markets, which are platforms where people can bet on future events. Wisconsin had sued five such platforms, claiming they broke state laws.
Key Facts
The CFTC sued Wisconsin and some state officials on Tuesday.
The lawsuit challenges Wisconsin’s recent actions against prediction markets.
Prediction markets let people place bets on future outcomes, like elections or prices.
The CFTC says it has exclusive control over these markets across the U.S.
Wisconsin sued five companies: Coinbase, Kalshi, Robinhood, Polymarket, and Crypto.com.
Wisconsin claims these companies operated illegally under state law.
The CFTC disagrees and wants federal rules to apply instead of state laws.
The case highlights a conflict between state and federal authority over prediction markets.
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Target is holding a Car Seat Trade-in event that offers parents up to $130 off on new Evenflo car seats when they trade in an old seat. The event runs from April 19 to May 2 and combines several discounts, making it easier for parents to buy quality car seats at lower prices.
Key Facts
Target’s Car Seat Trade-in event offers up to $130 off new Evenflo car seats.
The discount combines a 20% off sale and a 20% Target Circle trade-in bonus.
The Evenflo Revolve360 car seat costs $364.99 regularly, but drops to about $233.59 with discounts.
The Revolve360 car seat rotates 360 degrees to make placing and securing a child easier.
It supports children weighing from 4 to 120 pounds with rear-facing, forward-facing, and booster modes.
The event runs from April 19 through May 2, with the trade-in bonus valid until May 16.
Parents can trade in any type of car seat, even expired or damaged ones, to qualify.
Discounts apply both in-store and online and can be used alongside other offers on baby gear.
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Gasoline prices in the U.S. have risen to an average of $4.18 per gallon, the highest since the war in the Middle East began on February 28. This increase is due to ongoing conflict affecting oil supplies and problems at some local refineries, which are raising costs for consumers.
Key Facts
Gas prices rose by $1.20 per gallon since the Middle East war began.
Prices increased nearly 7 cents overnight to $4.18 per gallon.
The war affects oil supplies, which make up about half the cost of gasoline.
Brent oil price is around $111 a barrel, and U.S. oil price is just under $100 a barrel.
Local refinery problems in Michigan, Wisconsin, Illinois, and Indiana also pushed prices up.
Americans have spent about $150 more on gas over the last two months due to higher prices.
Economists predict U.S. gas prices will stay above $4 this summer and fall slightly in the autumn.
Higher gas prices may slow down consumer spending and affect overall economic growth.
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General Motors expects to receive a $500 million tariff refund after the U.S. Supreme Court ruled some tariffs imposed by President Trump were illegal. This refund improves GM’s profit outlook for 2026, as it lowers their estimated tariff costs.
Key Facts
GM expects a $500 million refund from tariffs struck down by the Supreme Court.
The company raised its 2026 earnings forecast to $13.5 billion-$15.5 billion before interest and taxes.
GM now expects to pay $2.5 billion-$3.5 billion in tariffs in 2026, down from prior estimates of $3 billion-$4 billion.
The Supreme Court ruled in February that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were illegal.
Over 330,000 importers paid around $166 billion in these tariffs on more than 53 million shipments.
The Customs and Border Protection agency has started processing refund claims, taking 60 to 90 days for approval after claims are submitted.
Other tariffs imposed under different laws, like Section 232 on steel and aluminum, remain in effect and continue to impact companies like GM.
President Trump said he would remember which companies seek refunds and those that do not.
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US gas prices reached their highest level in four years, averaging $4.18 a gallon, due to ongoing tensions involving Iran and issues with global oil supply routes. Oil prices remain high as peace talks continue to stall and important shipping lanes stay closed, benefiting some Western oil companies.
Key Facts
US gas prices rose to an average of $4.18 per gallon, the highest in four years.
Prices are about $1 higher than a year ago when the average was $3.15 per gallon.
Gas prices differ by state; Texas has averages around $3.72, while California is as high as $5.96 per gallon.
Global oil prices remain high, with Brent crude around $111 per barrel and US WTI crude near $100 per barrel.
Oil supply is affected by the blockade of the Strait of Hormuz, a key route for about 20% of the world’s oil and gas.
President Donald Trump expressed dissatisfaction with Iran’s peace proposals that involve reopening the strait.
The United Arab Emirates announced it will leave the OPEC oil group amid these tensions.
BP reported that its first-quarter profits more than doubled to $3.2 billion, helped by higher oil prices.
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Debt relief programs can help reduce what you owe and simplify payments, but they also have some important downsides. These include hurting your credit score before it improves, possible tax bills on forgiven debt, and a longer, less predictable process than many expect.
Key Facts
Household debt is very high, with credit card debt over $1.23 trillion and average interest rates above 21%.
Inflation is rising, making it harder for many people to pay their debts.
Debt relief, especially debt settlement, may require stopping payments to save money for negotiations.
Missing payments can lower credit scores and leave negative marks on credit reports for years.
Forgiven debt might be counted as taxable income by the IRS, creating unexpected tax bills.
Some exceptions to taxes on forgiven debt exist, like insolvency, but not everyone qualifies.
Debt relief can take many months or longer, as you must accumulate funds and negotiate with each creditor.
The debt relief process is often more complex and slower than advertised.
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Gasoline prices in the United States have reached their highest level in four years, averaging $4.17 per gallon. This increase is mainly due to a war involving the U.S. and Iran, which has disrupted global oil supply and caused oil prices to rise.
Key Facts
The average price of a gallon of gas in the U.S. is $4.17, up 28% since February 28, 2026.
The U.S. and Israel are involved in a war with Iran, started at the end of February 2026.
The conflict led to the closure of the Strait of Hormuz, a key route for about 20% of the world’s oil.
The U.S. produces more oil than it uses but still faces higher prices due to global market changes.
Oil prices have risen over 50% compared to levels before the war began.
Crude oil, which comes from oil extracted from the ground, makes up more than half the cost of gasoline.
Recent talks to end the war have stalled, keeping oil prices and gas prices high.
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