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Business news, market updates, and economic developments

US gas prices surge to highest level in four years, averaging $4.15 a gallon

US gas prices surge to highest level in four years, averaging $4.15 a gallon

April 28, 2026 • Guardian World

Summary

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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Guardian World Guardian US Guardian Business
3 unexpected downsides of debt relief to know before enrolling

3 unexpected downsides of debt relief to know before enrolling

April 28, 2026 • CBS News

Summary

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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CBS News
US gasoline prices hit highest level in 4 years

US gasoline prices hit highest level in 4 years

April 28, 2026 • ABC News

Summary

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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ABC News
Faisal Islam: Why the UAE's exit from Opec is a big deal

Faisal Islam: Why the UAE's exit from Opec is a big deal

April 28, 2026 • BBC Business

Summary

The United Arab Emirates (UAE) has decided to leave OPEC, the group of oil-exporting countries that controls oil supply and prices. The UAE wants to produce more oil than OPEC’s limits allow and is planning new pipelines to increase its oil exports.

Key Facts

  • The UAE was a founding member of OPEC, joining even before becoming a country in 1971.
  • OPEC helps control oil prices by setting production quotas for its members.
  • The UAE had the second largest spare oil production capacity in OPEC, meaning it could increase oil supply to affect prices.
  • OPEC limited the UAE’s oil production to about 3-3.5 million barrels per day.
  • The UAE plans to increase production to around 5 million barrels per day after leaving OPEC.
  • New pipelines from Abu Dhabi will bypass the Strait of Hormuz, a key shipping route that faces tensions.
  • Saudi Arabia may respond to the UAE’s increased oil production by lowering prices, causing economic pressure on less wealthy OPEC members.
  • The world is reducing its reliance on oil as other energy sources grow, which may explain the UAE’s decision to sell more oil quickly.
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BBC Business BBC Top Stories BBC World
Singing activists disrupt NatWest meeting over ‘climate backtracking’

Singing activists disrupt NatWest meeting over ‘climate backtracking’

April 28, 2026 • Guardian World

Summary

At NatWest’s annual meeting in Edinburgh, protesters disrupted the event to challenge the bank on its climate policies. The bank’s chair defended recent changes that eased some restrictions on lending to oil and gas companies, saying the bank still aims to reduce its climate impact and reach net zero emissions by 2050.

Key Facts

  • The NatWest annual meeting was temporarily stopped due to protesters singing about climate and fossil fuel issues.
  • Protesters wore shirts with slogans like “No more big oil” and represented the group Extinction Rebellion’s XR Money Rebellion.
  • NatWest recently dropped a commitment not to lend to oil and gas companies without credible climate plans or clear carbon emission reporting.
  • The bank’s chair, Rick Haythornthwaite, said NatWest aims to cut its climate impact by half from 2019 levels and reach net zero financing emissions by 2050.
  • NatWest provided £19 billion for energy transition projects in the second half of 2025 and targets £200 billion in sustainable loans by 2030.
  • Oil and gas loans make up just 0.6% of NatWest’s total lending, and the bank avoids funding controversial fossil fuel projects like shale oil or coal gas.
  • Some investors opposed the chair’s re-election due to concerns about weakened climate commitments, with 92% approval, the lowest among resolutions.
  • Shareholders and union representatives also questioned executive pay and staff wages compared to rising dividends and inflation.
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Guardian World
‘It feels like a betrayal’: anger as Apple to close US’s first unionized store

‘It feels like a betrayal’: anger as Apple to close US’s first unionized store

April 28, 2026 • Guardian World

Summary

Apple plans to close its first unionized store in Towson, Maryland by June, which has led to protests from the union and workers. The union claims the closure is a way to weaken the union and alleges unfair treatment and retaliation, while Apple denies these claims and says it will follow the agreed contract.

Key Facts

  • The Towson Apple store was the first Apple store in the US to unionize, with nearly 90 workers joining the union in June 2022.
  • The union filed a complaint accusing Apple of unfair labor practices, including denying transfer rights and retaliating against union workers.
  • Apple says the closure is not related to the union and that it will honor the contract negotiated with the union.
  • Workers at the store will have to reapply for jobs at other Apple stores rather than receive automatic transfers.
  • The union and workers view the store closure as an attempt to weaken or break the union.
  • The union contract was finally agreed upon in August 2024 after delays and disputes.
  • The store’s closure will impact workers’ sense of community and their financial stability.
  • The store is the only Apple store in the area accessible by public transport, raising concerns about access for customers.
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Guardian World Guardian US Guardian Business
Why Hollywood Is Wrong to Focus On Millennial Nostalgia

Why Hollywood Is Wrong to Focus On Millennial Nostalgia

April 28, 2026 • Newsweek

Summary

Gen Z moviegoers are increasing their visits to cinemas, with attendance rising by 25% recently, making them the most frequent film audience. Despite this, Hollywood is focusing on nostalgic movies for millennials instead of creating new experiences that appeal to Gen Z’s interest in shared cinema events.

Key Facts

  • Global box office revenue is expected to reach $35 billion this year, continuing growth.
  • Cinema loyalty programs saw a 15% increase in subscriptions between 2024 and 2025.
  • Gen Z’s average cinema visits rose from 4.9 to 6.1 times per year.
  • 41% of Gen Z attended at least six movies in a year, up from 31% in 2022.
  • 87% of surveyed U.S. Gen Z moviegoers went to a cinema at least once in the past year.
  • Hollywood is producing remakes and nostalgic content aimed at millennials rather than Gen Z.
  • Gen Z values cinema as a social and special outing, different from streaming alone at home.
  • Some Gen Z movie fans create and share detailed film discussions on platforms like TikTok and YouTube.
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Newsweek
'Childhood memories' - why nostalgia wasn't enough to save Claire's

'Childhood memories' - why nostalgia wasn't enough to save Claire's

April 28, 2026 • BBC Business

Summary

Claire’s, a store selling jewelry and accessories mainly for young girls, has closed all 154 of its UK and Ireland stores, causing 1,300 job losses. The company struggled due to lower post-Covid shopping, competition from online stores, and not updating its products to fit changing teenage tastes.

Key Facts

  • Claire’s closed all its standalone stores in the UK and Ireland, shutting 154 locations.
  • The closures resulted in about 1,300 job losses.
  • Claire’s first opened in the UK in the late 1990s and was popular for ear piercing and colorful accessories.
  • The brand faced strong competition from online shops like Shein, Temu, TikTok Shop, and second-hand platforms such as Vinted and Depop.
  • Shoppers’ preferences shifted from traditional high street stores to more social media-driven and online shopping experiences.
  • Claire’s filed for bankruptcy twice in the US, with its UK arm also entering administration and undergoing store closures.
  • Industry experts said Claire’s relied too much on physical stores and impulse buying, which have declined with the rise of online shopping.
  • High street challenges like rising rents, business rates, and fewer shoppers added to the company’s struggles.
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BBC Business BBC Top Stories
Can wage garnishment increase over time?

Can wage garnishment increase over time?

April 28, 2026 • CBS News

Summary

Wage garnishment means money is taken from your paycheck to pay debts after a court order. Although the law limits how much can be taken, the actual amount deducted can go up over time due to factors like income changes, multiple debts, or added fees.

Key Facts

  • Wage garnishment happens after a court judgment when debts are unpaid.
  • Federal law usually limits garnishment to 25% of your disposable income (the money left after taxes).
  • If your income rises, the garnishment amount can increase because it’s often a percentage of your earnings.
  • Having more than one garnishment or certain debts like child support can raise the total paycheck deduction.
  • Interest, penalties, and legal fees can add to the debt and extend the garnishment period.
  • Different types of debts have different garnishment limits (for example, child support can take up to 65%).
  • Courts can change garnishment orders based on your situation, and mistakes can cause incorrect amounts to be taken.
  • Once garnishment starts, money is deducted before you receive your paycheck, which can quickly affect your budget.
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CBS News
The great American data center divide

The great American data center divide

April 28, 2026 • Ars Technica

Summary

Data centers for artificial intelligence and cloud computing are increasingly being built in rural areas of the United States. This shift has caused tensions as local communities, especially farmers, worry about environmental impacts and threats to their land and water, while some see it as a chance to make money from land sales or leases.

Key Facts

  • Data centers, which support AI and cloud computing, are moving into rural farm regions due to cheaper land and tax breaks.
  • About 67% of planned data centers are in rural areas, compared to 87% of existing ones being in cities.
  • More than 160 new AI-focused data centers have been built in the US in the last three years, a 70% increase.
  • Residents in some rural areas have strongly opposed data centers over concerns of water use, energy costs, and damage to farmland.
  • Some rural lawmakers and officials have campaigned against data center projects on prime agricultural land.
  • Despite opposition, some farmers welcome the projects for the chance to profit from rising land values or new income sources.
  • The White House and tech companies argue data centers are needed to keep the US competitive in AI technology.
  • This issue may affect voter attitudes in rural areas where many residents depend on agriculture and have supported President Donald Trump.
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Ars Technica
Exclusive discounts from CBS Mornings Deals

Exclusive discounts from CBS Mornings Deals

April 28, 2026 • CBS News

Summary

CBS Mornings Deals offers special discounts on various products that could be useful in daily life. Customers can visit the website cbsdeals.com to find and buy these discounted items.

Key Facts

  • CBS Mornings Deals features products with exclusive discounts.
  • The deals aim to highlight items that may become everyday essentials.
  • Customers can access these deals by visiting cbsdeals.com.
  • CBS earns commissions when people buy items through the website.
  • The deals are promoted during CBS Mornings broadcasts.
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CBS News
Where Your Credit Score Can and Can’t Raise Your Insurance Costs

Where Your Credit Score Can and Can’t Raise Your Insurance Costs

April 28, 2026 • Newsweek

Summary

Some U.S. states are working to change laws that allow insurance companies to use people’s credit histories to set prices for home and car insurance. Currently, this practice is banned in a few states, but many still allow it, which can cause people with low credit scores to pay higher insurance costs.

Key Facts

  • Insurance companies often use a credit-based insurance score, created by firms like FICO and TransUnion, to decide insurance premiums.
  • This score is different from a regular credit score and is based on factors like payment history and debt.
  • People with low credit scores tend to pay more for insurance because they are seen as more likely to file claims.
  • Studies show that homeowners with low credit scores pay about 24% more for insurance than those with high scores. Drivers with poor credit pay about 69% more on average.
  • States like California and Massachusetts do not allow insurance companies to use credit history for home or auto insurance pricing.
  • Some states, like Michigan and Hawaii, have partial bans or restrictions on how credit history can be used.
  • Other states, including Oregon and Utah, have strict rules limiting how credit information can affect insurance decisions but do not ban the practice outright.
  • Currently, there are bills in states like Iowa, New York, Oklahoma, and Pennsylvania that aim to ban or limit the use of credit history in insurance pricing.
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Newsweek
What Actually Fixes Health Care: From Activity to Outcomes

What Actually Fixes Health Care: From Activity to Outcomes

April 28, 2026 • Newsweek

Summary

The article explains that many health care systems focus on paying for the number of services provided, like tests and visits, rather than for improving patients’ health over time. This payment model, called fee-for-service, can lead to inefficiencies and poor health results. To fix this, health care should shift to value-based care, which rewards better health outcomes instead of just more activity.

Key Facts

  • Health care systems often pay for each service done, such as tests and doctor visits, rather than patient health improvements.
  • This payment style is called fee-for-service and encourages more procedures, not necessarily better care.
  • Paying for activity can cause fragmented care with no one responsible for overall patient health.
  • The article uses diabetes care as an example where many separate visits and tests don’t guarantee better health outcomes.
  • This approach can increase unnecessary procedures and reduce system efficiency.
  • Value-based care focuses on whether patients get better and remain healthy over time.
  • Instead of paying for each act, value-based care rewards accountability for health results across the full care process.
  • Changing how health care is rewarded can improve system behavior and health outcomes.
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Newsweek
Business leaders and employees are not on the same page about AI

Business leaders and employees are not on the same page about AI

April 28, 2026 • The Hill

Summary

A survey found that business leaders and employees have different views on how artificial intelligence (AI) will affect jobs. Executives expect job losses, while employees often think the number of jobs will stay the same or even grow.

Key Facts

  • Business leaders predict that AI will reduce the number of jobs.
  • Employees believe that AI will have less impact on employment or may create more jobs.
  • The survey was conducted separately for executives and employees.
  • There is a clear difference in expectations about AI’s effect on the workforce.
  • Executives foresee a contraction, meaning fewer jobs in the future.
  • Employees tend to be more optimistic or uncertain about employment changes due to AI.
  • This gap shows that business decision-makers and workers do not agree on AI’s impact.
  • Understanding these views can help companies manage changes caused by AI technology.
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The Hill
Southwest CEO addresses rising fuel costs amid war with Iran and its impact on travelers

Southwest CEO addresses rising fuel costs amid war with Iran and its impact on travelers

April 28, 2026 • CBS News

Summary

Southwest Airlines' CEO spoke about how rising fuel prices are making airfares more expensive for travelers. The increase in fuel costs is linked to the ongoing war with Iran. Some budget airlines have asked the government for assistance to handle these higher fuel expenses.

Key Facts

  • Domestic airfares have increased by about 18% compared to last year.
  • Rising fuel costs are a main reason for higher ticket prices.
  • The war with Iran has contributed to the rise in fuel prices.
  • Several low-cost airlines have requested government help to manage fuel costs.
  • Southwest Airlines' CEO discussed these challenges in an interview.
  • Higher fuel prices affect both airlines' profits and travelers' expenses.
  • The situation is ongoing and affecting the airline industry broadly.
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CBS News
What are today's mortgage interest rates: April 28, 2026?

What are today's mortgage interest rates: April 28, 2026?

April 28, 2026 • CBS News

Summary

Mortgage interest rates have fallen in April 2026 after rising in March. The average rate for a 30-year mortgage is now about 6.12%, and for a 15-year mortgage, it is about 5.62%. Borrowers are encouraged to compare rates from different lenders to find the best deals.

Key Facts

  • In early March 2026, the average 30-year mortgage rate was around 5.75%.
  • By the end of March, the 30-year rate rose to 6.37%, influenced by global tensions.
  • In April, rates decreased, with the 30-year average dropping to approximately 6.12%.
  • The average refinance rate for a 30-year mortgage is about 6.45% as of April 28, 2026.
  • The median refinance rate for a 15-year mortgage is around 5.60%.
  • Shorter mortgage terms, like 15 or 20 years, may have lower rates but higher monthly payments.
  • Online tools and marketplaces can help borrowers compare rates, terms, and costs from multiple lenders.
  • Shopping around with at least three lenders is recommended to find the best mortgage rate.
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CBS News
BP reports ‘horrifying’ jump in profits as Iran war boosts oil trading; Brent crude hits three-week high – business live

BP reports ‘horrifying’ jump in profits as Iran war boosts oil trading; Brent crude hits three-week high – business live

April 28, 2026 • Guardian Business

Summary

BP reported that its profits nearly doubled to $3.2 billion in the first quarter of 2026, helped by higher oil prices after the war in Iran began. The conflict caused energy supply problems, boosting BP’s oil trading earnings and production in some US areas despite disruptions.

Key Facts

  • BP made $3.2 billion in profits in Q1 2026, up from $1.38 billion a year earlier.
  • The Iran war that started in late February disrupted oil and gas supplies, pushing prices higher.
  • BP’s oil trading business showed "exceptional" results due to the conflict.
  • BP’s CEO Meg O’Neill said the company is working to deliver fuel amid a complex and difficult environment.
  • Production increased in the Gulf of America and at BP’s US onshore unit.
  • Oil prices rose to their highest in three weeks, exceeding $110 per barrel.
  • The rising energy prices are worrying central banks and affecting government borrowing costs.
  • UK government borrowing costs are nearing their highest since 2008 due to economic pressures from the war and higher oil prices.
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Guardian Business
Michael smashes UK records for biggest biopic opening

Michael smashes UK records for biggest biopic opening

April 28, 2026 • Guardian World

Summary

The biopic "Michael," about Michael Jackson's life until 1988, has broken box office records for music biopics, earning $217 million worldwide in its opening weekend. It performed very well in the UK and US, surpassing previous hits like "Bohemian Rhapsody," and is on track to become the first music biopic to earn over $1 billion.

Key Facts

  • "Michael" is directed by Antoine Fuqua and covers Michael Jackson's life before 1988.
  • The film earned $97 million in the US during its opening weekend, 90% more than "Bohemian Rhapsody."
  • In the UK, "Michael" earned £11.6 million, compared to £6.4 million for "Bohemian Rhapsody."
  • The movie accounted for 68% of total box office takings in the UK and Ireland during its opening weekend.
  • Other UK music biopics like "Rocketman" and "Elvis" earned less than "Michael."
  • The global opening total for "Michael" is $217 million, with Japan yet to release the film.
  • "Michael" is expected to become the first music biopic to earn more than $1 billion worldwide.
  • Universal Studios is the studio behind the film, and Graham King is one of the producers, also known for producing "Bohemian Rhapsody."
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Guardian World
General Motors says it expects $500 million tariff refund after SCOTUS ruling

General Motors says it expects $500 million tariff refund after SCOTUS ruling

April 28, 2026 • ABC News

Summary

General Motors expects to get back $500 million in tariff money after the Supreme Court ruled certain tariffs illegal. This ruling has helped GM increase its profit forecast for the year.

Key Facts

  • General Motors (GM) says it will receive $500 million in tariff refunds.
  • The Supreme Court decided that President Donald Trump did not have the power to impose these tariffs alone under the International Emergency Economic Powers Act (IEEPA).
  • The U.S. government opened a refund portal for companies to apply for tariff money back.
  • GM is raising its full-year profit forecast by $500 million partly because of the refund.
  • More than 330,000 importers paid these now-invalid tariffs, totaling $166 billion.
  • The typical American household paid about $700 last year due to these tariffs, according to a nonpartisan research group.
  • GM’s CEO Mary Barra noted strong sales of full-size pickup trucks even as gas prices rose.
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ABC News
USPS Unveils New First-Class 'Day at the Beach' Stamps

USPS Unveils New First-Class 'Day at the Beach' Stamps

April 28, 2026 • Newsweek

Summary

The U.S. Postal Service (USPS) introduced a new set of Forever stamps called "A Day at the Beach" on April 24, 2026. The stamps feature seaside scenes and are available for purchase at post offices, online, and through other retailers at the current First-Class Mail price of 78 cents each.

Key Facts

  • The "A Day at the Beach" stamp set includes four illustrated designs showing beach scenes like a sandcastle and a bicycle on the sand.
  • Artist Gregory Manchess created original oil paintings for the stamp designs, guided by USPS art director Derry Noyes.
  • The stamps debuted at the WESTPEX Stamp Show in Burlingame, California.
  • Each Forever stamp costs 78 cents, matching the current First-Class Mail one-ounce letter rate.
  • USPS plans to raise stamp prices to 82 cents on July 12, 2026, if postal regulators approve the increase.
  • Forever stamps remain valid for mailing one-ounce letters regardless of future rate changes.
  • The stamps can be purchased in booklets of 20 at post offices, online through the USPS website, by phone, or from selected retailers like Amazon.
  • The "Day at the Beach" stamps are part of USPS’s 2026 stamp program, which also includes commemorative stamps honoring people like Muhammad Ali and themes like Black Heritage and American Revolution figures.
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Newsweek
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