Costco has filed a lawsuit against the U.S. government, challenging tariffs imposed by President Donald Trump under the International Emergency Economic Powers Act (IEEPA). The case questions the extent of the president's authority under emergency laws and if tariffs were applied legally. The outcome could impact U.S. trade policy and whether businesses like Costco can reclaim tariff payments.
Key Facts
Costco is challenging tariffs imposed by the Trump administration under the IEEPA.
The lawsuit was filed with the U.S. Court of International Trade on November 28.
Costco argues that the administration overstepped its legal authority with these tariffs.
The U.S. Supreme Court is reviewing whether President Trump exceeded his powers in imposing the tariffs.
The lawsuit may affect how tariffs are applied across the United States and whether businesses can get refunds.
Legal experts believe there is a chance the Supreme Court might rule some of the IEEPA tariffs illegal.
Other companies might also seek refunds if Costco's lawsuit is successful.
The outcome may influence future U.S. trade policies and executive powers related to tariffs.
Thames Water, a large UK water company, faces financial trouble with nearly £20 billion in debt. The company has increased its profits by raising customer bills and is in talks with the government to secure a rescue plan. If no plan is agreed upon soon, Thames Water may need government management to continue operating.
Key Facts
Thames Water has accumulated nearly £20 billion in debt.
The company raised customer bills, leading to increased profits.
It is in talks with the government and regulators for a rescue plan.
Administrators are ready to step in if the company collapses.
A group of major creditors has proposed a plan to invest in the company and reduce debt by forgiving part of it.
The proposal suggests creditors would give up a quarter of what they are owed.
Customer complaints about raised bills have nearly doubled from last year.
Thames Water promises that water services will not be interrupted despite financial issues.
Ellen Jackowski is Mastercard's Chief Sustainability Officer. Her focus is on improving Mastercard's environmental practices while helping the company's finances grow. Under her leadership, Mastercard has progressed in sustainability and improved its ranking as a responsible company.
Key Facts
Ellen Jackowski is Mastercard's Chief Sustainability Officer and a Senior Vice President.
She worked at HP for 15 years focusing on sustainability before joining Mastercard in 2022.
Mastercard grew its revenue by 12% and reduced emissions by 7% last year.
The company's sustainability strategy involves empowering people, enhancing prosperity, and protecting the planet.
Mastercard ranked No. 2 on Newsweek's list of America’s Most Responsible Companies in 2024.
The company has been on this list every year since it started in 2021.
Mastercard uses data to promote sustainable consumer trends like circular fashion.
Nearly 29% of online luxury apparel transactions in the U.S. are now on resale or rental platforms.
Prada, an Italian luxury fashion company, has bought Versace for $1.38 billion. This deal will help Versace's former parent company, Capri Holdings, reduce its debt and allows Prada to expand its collection of luxury brands.
Key Facts
Prada acquired Versace for $1.38 billion.
With this purchase, Prada aims to better compete with other big luxury groups like LVMH.
The sale helps Capri Holdings cut down its debt.
Donatella Versace stepped down from her role as creative chief in March.
Donatella was in charge of Versace since 1997 after her brother Gianni's death.
Dario Vitale, a former design director at Miu Miu, took over the creative leadership at Versace.
Prada's acquisition price is lower than the $2.15 billion Capri Holdings paid in 2018 for Versace.
Prada has completed the buyout after receiving all necessary regulatory approvals.
A new survey from Visa shows that 45% of Gen Z would like to receive cryptocurrency as a holiday gift. Despite recent drops in cryptocurrency values, interest in digital currencies remains strong, particularly among younger Americans. The survey also highlights a growing use of AI in shopping.
Key Facts
Visa's survey found that 45% of Gen Z wants cryptocurrency as a gift this holiday season.
Only 28% of all surveyed adults share this interest in receiving cryptocurrency.
The crypto market recently experienced a significant drop, affecting currencies like Bitcoin, Ethereum, and XRP.
Gen Z is also leading in using cryptocurrencies for shopping, with 44% planning to do so during the holidays.
Nearly half (47%) of surveyed adults have used AI for shopping, mainly to get gift ideas.
AI-driven traffic to retail sites increased sharply during Black Friday and Cyber Monday, contributing to record online spending.
Bitcoin has shown a small recovery, rising over 10% from its lowest point in November.
The IRS announced updates on Trump Accounts, a new type of retirement savings account for children under 18, part of the Working Families Tax Cuts plan. These accounts allow contributions from parents, employers, and charities, with a government contribution option for eligible children. The goal is to help American families build long-term financial security.
Key Facts
Trump Accounts are part of the Working Families Tax Cuts initiative and were introduced to help families save for their children’s future.
Parents or guardians can open Trump Accounts starting in 2026, with contributions beginning in July of that year.
Eligible children born between 2025 and 2028 may receive a one-time $1,000 contribution from the government if selected.
Total contributions to a Trump Account are capped at $5,000 annually, with up to $2,500 possible from employers.
Charitable and government contributions that meet specific criteria do not count toward the $5,000 limit.
Funds in Trump Accounts can be invested in mutual funds or ETFs linked to the U.S. stock market.
Withdrawals from the accounts are limited until the child turns 18, except in specific cases such as a rollover or disability.
Michael and Susan Dell contributed $6.25 billion, leading to a $250 addition to the Trump Accounts of 25 million eligible children.
Texas voters approved 17 constitutional amendments, several of which affect the housing market and are expected to attract more foreign real estate investors. Key changes include tax breaks related to property and capital gains, which may make Texas a more attractive place for investors and businesses.
Key Facts
Texas voters approved 17 constitutional amendments, impacting areas like taxes.
Proposition 10 lowers property taxes temporarily if a home is damaged by fire.
Proposition 11 raises the homestead exemption for elderly or disabled Texans.
Proposition 7 offers tax breaks to spouses of deceased U.S. veterans.
Proposition 13 increases the homestead exemption for all homeowners in Texas.
Proposition 17 prevents property value increases near the border due to infrastructure.
Proposition 8 bans inheritance and estate taxes in Texas.
Proposition 2 bans taxes on profits from investments and capital assets.
San Francisco has filed a lawsuit against ten major food companies, including Kraft Heinz and Coca-Cola, accusing them of marketing ultra-processed foods that are linked to health problems. The city claims these companies' actions resemble those of the tobacco industry and seeks financial penalties and changes in marketing practices.
Key Facts
San Francisco is suing ten food companies over ultra-processed products.
The lawsuit claims these foods are linked to diseases like obesity and diabetes.
The city compares the food companies' marketing tactics to those used by the tobacco industry.
The companies named include Kraft Heinz, Mondelez, and Coca-Cola.
San Francisco requests financial penalties and marketing changes from these companies.
The lawsuit is filed in San Francisco Superior Court.
Industry representatives argue there is no agreed scientific definition of ultra-processed foods.
A rare Fabergé egg, called the Winter Egg, sold for a record £22.9 million ($30.2 million) at an auction in London. This egg, once owned by Russia's imperial family, was bought by an anonymous bidder.
Key Facts
The Fabergé egg sold for £22.9 million in London, setting a new record for such an item.
It was originally commissioned by Tsar Nicholas II in 1913 as a gift for his mother.
The previous record for a Fabergé egg was £8.9 million in 2007.
The egg is decorated with 4,500 diamonds and platinum snowflake motifs.
It measures 8.2 cm (3.2 inches) high and opens to reveal a basket of white quartz flowers.
Carl Fabergé created the egg, with design input from Alma Theresia Pihl.
Out of 50 Fabergé eggs made for the Romanov family, only seven, including this one, are privately owned.
The OECD reports that global economic growth is doing better than expected, partly due to investment in AI. However, the organization warns that new trade tensions could harm this growth, and high expectations for AI might cause stock market changes if they aren't met. The OECD also highlights concerns about the impact of U.S. tariffs and fiscal policy.
Key Facts
The OECD expects global growth to slow from 3.2% in 2025 to 2.9% in 2026, with a rebound to 3.1% in 2027.
President Trump’s tariff increases have had mild effects so far, but their costs are expected to rise.
The U.S. economy is projected to grow 2% in 2025 and slow to 1.7% in 2026.
AI investment and expected cuts in U.S. interest rates help counter the negative effects of tariffs and other factors.
U.S. fiscal policy faces challenges with large budget deficits and rising debt.
China’s growth is forecast to remain stable in 2025 but slow in 2026 due to new U.S. tariffs.
Growth forecasts for the eurozone and Japan have been revised upward for 2025 but are expected to slow in 2026.
Global trade growth is projected to decrease from 4.2% in 2025 to 2.3% in 2026, affected by tariffs.
Costco has filed a lawsuit against President Donald Trump's administration to get a refund on tariffs they paid and to block further tariff collections. The case is part of a broader legal challenge to the legality of these tariffs, which the Supreme Court is currently reviewing. Costco has joined other companies in seeking relief from these tariffs.
Key Facts
Costco sued the U.S. government to get a refund on tariffs paid and block future collections.
The lawsuit was filed in the U.S. Court of International Trade.
Costco argues that U.S. Customs and Border Protection denied a deadline extension for tariff refunds.
The Supreme Court is deciding if the tariffs are legal under the International Emergency Economic Powers Act (IEEPA).
IEEPA allows the U.S. president to impose tariffs during a national emergency.
Other companies, such as Ray-Ban and Revlon, have also filed similar lawsuits.
The White House has defended the tariffs, citing significant economic implications.
Starbucks is set to pay $35 million to over 15,000 workers in New York City to resolve issues regarding unstable work schedules and unfair hour cuts. The announcement comes as Starbucks employees continue a strike at multiple locations across the U.S. that began the previous month. Union representatives and workers are seeking better working conditions and have yet to agree on a contract with Starbucks after employees at around 550 stores opted to unionize.
Key Facts
Starbucks agreed to pay $35 million to settle claims related to unstable work schedules for over 15,000 NYC workers.
The settlement includes $3.4 million in civil penalties.
Workers are striking for better job conditions, including more stable hours and increased staffing.
About 550 of Starbucks' 10,000 company-owned stores in the U.S. are unionized.
Mayor-elect Zohran Mamdani and U.S. Sen. Bernie Sanders joined workers on the picket line in Brooklyn to support their cause.
The settlement requires Starbucks to comply with NYC's Fair Workweek law.
Affected employees will receive $50 for each week worked between July 2021 and July 2024.
Starbucks expressed readiness to negotiate with the union and noted challenges in managing compliance with local laws.
Prada Group has bought Versace from Capri Holdings for $1.375 billion. This deal aims to boost Versace's performance and integrate it into Prada's operations. Donatella Versace welcomed the acquisition, which coincides with the birthday of her brother, Gianni Versace, the brand's founder.
Key Facts
Prada purchased Versace for $1.375 billion in cash.
The deal received all necessary regulatory approvals.
Versace was previously part of Capri Holdings, which also owns Michael Kors and Jimmy Choo.
Donatella Versace expressed support for this acquisition.
Prada’s Lorenzo Bertelli will lead Versace as executive chairman.
Versace has been underperforming but has significant growth potential according to Prada.
Versace accounted for 20% of Capri Holdings' revenue in 2024.
Prada plans to integrate Versace into its Italian manufacturing system.
Tech billionaire Michael Dell and his wife, Susan, plan to donate $250 to 250 million children in the U.S. to encourage savings for retirement through Trump-branded investment accounts. These accounts were authorized by Congress as part of a tax and spending bill, and this gift is aimed at children aged 10 and under, provided they live in areas with a median income below $150,000. The initiative is one of the largest private donations to directly benefit Americans.
Key Facts
Michael and Susan Dell will donate $250 each to 250 million children across the U.S.
The donation aims to support Trump-branded investment accounts for retirement savings.
Babies born between 2026 and 2028 can receive $1,000 from the government.
The donation targets children aged 10 and under, born before January 1, 2025, living in areas with a median income below $150,000.
President Trump praised the Dells' donation on social media.
The donation is one of the largest private contributions directly benefiting Americans.
Parents can put up to $5,000 into these accounts, with future adjustments for inflation.
The accounts grow tax-free, with access available at age 18, and converting into retirement accounts.
A 1960s Aston Martin DB5, once left rusting in a driveway, has been restored and is now valued at £1 million. John Williams bought the car in 1973 for nearly £1,000 and invested £400,000 in its restoration, which took three years and was completed by Aston Martin experts.
Key Facts
The car is a 1960s Aston Martin DB5, similar to the one in famous James Bond movies.
John Williams purchased it in 1973 for £985, which is about £15,000 today.
The car sat unused and became rusty over time.
Williams spent £400,000 on its restoration.
Aston Martin experts worked 2,500 hours to restore the car over three years.
After restoration, the car's value is estimated at £1 million.
Tech businessman Michael Dell announced a pledge of $6.25 billion to create 25 million "Trump accounts" for children. These accounts aim to expand child investment opportunities beyond those identified by a recent legislative bill.
Key Facts
Michael Dell is donating $6.25 billion.
The donation will create 25 million "Trump accounts" for children.
These accounts are meant to help with child investments.
The funding exceeds the scope of a recent legislative bill.
Dell announced this through a video on a social media platform.
The initiative is one of the largest gifts ever aimed at benefiting children.
The U.S. Food and Drug Administration (FDA) issued a warning on November 24, 2025, about imported cookware that may release lead into food. The warning lists specific products, primarily made from aluminum and brass, and advises consumers to discard them and retailers to stop selling them. The FDA stresses that lead exposure is dangerous, especially for children and pregnant women.
Key Facts
The FDA updated its list of imported cookware that may leach lead on November 24, 2025.
The warning adds nine new products to an initial list from August 2025.
Most of the products tested by the FDA failed safety tests designed to mimic regular cooking.
The affected items include pots and pans made from materials like aluminum and brass.
Brands mentioned include Sonex, IKM, Silver Horse, and others.
Consumers are advised to discard listed products if found in their homes.
Retailers are urged to stop selling these products and ensure compliance with FDA rules.
The FDA continues to monitor and test cookware for safety, and the list may be updated with more products.
A senior official from the UK's economic forecaster, the Office for Budget Responsibility (OBR), stated that Chancellor Rachel Reeves did not mislead the public about the UK's financial challenges before the Budget. Although forecasts were better than expected, difficult financial choices still needed to be made. There was also concern over media leaks regarding financial information leading up to the Budget.
Key Facts
Professor David Miles from the OBR said Rachel Reeves' comments about financial challenges were accurate.
The OBR's forecasts suggested a better financial situation than initially thought.
Despite better forecasts, the Budget involved challenging choices and included £26 billion in tax increases.
Rachel Reeves warned of weaker UK productivity impacting public finances ahead of the Budget.
The OBR informed the Treasury that higher wages would offset lower productivity, meeting a key borrowing rule by £4.2 billion.
There were concerns about media leaks of financial information before the Budget.
A political dispute arose over whether Reeves misled the public to justify tax rises.
The financial "headroom" or buffer for the Budget was much smaller than in previous years.
A group of U.S. retailers and companies are suing the federal government to potentially get refunds on tariffs imposed by President Donald Trump. The Supreme Court is reviewing whether these tariffs were legal, which could impact businesses financially and change how presidential powers are applied in trade issues.
Key Facts
U.S. retailers and manufacturers are suing the government over tariffs President Trump imposed.
The Supreme Court is examining if Trump's use of tariff powers under the International Emergency Economic Powers Act (IEEPA) was legal.
If the Court rules against the tariffs, companies could reclaim money paid on these tariffs.
Costco is one of the main companies involved in the lawsuit.
Other companies involved include Bumble Bee Foods, EssilorLuxottica, Kawasaki Motors, Revlon, and Yokohama Tire.
The decision could affect supply chains, consumer prices, and the balance of power between the White House and Congress.
The case, Trump v. V.O.S. Selections, could set a precedent for the limits of executive power in trade matters.
Michael and Susan Dell have promised to donate $6.25 billion to help fund investment accounts for American children. This donation will help expand accounts started by the government, which give financial support to children under the Trump administration.
Key Facts
Michael Dell founded Dell Technologies in 1984 with $1,000.
The Dell family has a net worth of $129 billion according to Forbes.
The couple's donation will add money to investment accounts for children 10 and younger.
Eligible children born between 2025 and 2028 already receive $1,000 from the government.
The donated funds can be used for education or starting a business once the child turns 18.
Accounts for these investments open on July 4, 2026.
To qualify, children must live in lower-income areas where the median income is below $150,000.
