Traditional financial companies are now offering cryptocurrency to their customers, ending a past rivalry with the crypto industry. This change is driven by growing demand for digital assets and new trends like AI and tokenization, which make investing easier and more accessible.
Key Facts
Financial firms that once feared cryptocurrencies are now embracing them.
Customers will be able to buy cryptocurrencies like bitcoin and ethereum through banks and brokerages.
The rise of stablecoins shows that investors accept blockchain-based versions of traditional assets.
Publicly traded stocks may be tokenized in the future, making it easier to trade shares digitally.
Nasdaq expects to handle large new public offerings (IPOs) without changing market rules.
SpaceX plans a $75 billion IPO, potentially the largest ever at a $1.7 trillion valuation.
Extended-hours trading is growing, with crypto markets already open 24/7.
Tokenization and digital markets aim to give more people access to investing in large companies early.
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Some white-collar jobs in finance, information, and professional services have been declining since April 2023, while the overall U.S. job market remains strong. The drop in these office-based jobs likely comes from pandemic overhiring, efficiency improvements, and early cost-cutting related to AI technology.
Key Facts
White-collar jobs in finance, information, and professional services peaked in April 2023 and have dropped 2% since then.
Other sectors of the U.S. economy have increased jobs by 3.7% in the same period.
Core white-collar jobs make up about 22% of total U.S. employment, with 34 million people working in these sectors.
These sectors usually added about 49,000 jobs per month before April 2023 but have lost an average of 19,000 jobs per month since.
Causes of job losses include pandemic overhiring, workflow streamlining, and preparation for AI-related productivity gains.
Despite these declines, the U.S. unemployment rate is low at 4.3%, and the economy is adding over 100,000 jobs per month.
Historical comparison: manufacturing jobs declined during and after the 2001 recession but the overall job market recovered.
The article warns that AI’s impact on jobs could grow and cause more significant declines, especially in white-collar sectors.
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Top UK retailers plan to ask Prime Minister Keir Starmer to take stronger action on youth unemployment. They want a government and retail group to work together to create more jobs and training for young people.
Key Facts
Leading retailers like Marks & Spencer, Sainsbury’s, Tesco, Asda, and Primark will support a letter to the prime minister about youth unemployment.
The British Retail Consortium (BRC), a trade group for retailers, drafted the letter.
The letter says young people’s chances of finding jobs are weak and calls for a joint taskforce between the government and retail.
Youth unemployment in the UK recently passed 1 million, the highest in over ten years.
Youth unemployment costs the UK economy over £125 billion each year.
The government has plans for 300,000 new work experience and training places in the next three years, supported by a £2.5 billion fund.
Marks & Spencer started a new training program to create 1,000 job training spots for young people aged 16-24.
Retail leaders say retail jobs are important entry points for young people with little experience or qualifications.
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New cases of the New World screwworm parasite have been found in Texas. Officials at the state and federal levels are increasing efforts to stop the parasite from spreading because it can harm cattle and affect beef prices.
Key Facts
The New World screwworm is a parasite that affects animals like cattle.
Several new cases of this parasite were confirmed recently in Texas.
State and federal officials are working together to contain the parasite.
The parasite’s spread could harm cattle health.
Damage to cattle could lead to higher beef prices for consumers.
Controlling the parasite is important for the cattle and beef industry.
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SpaceX is planning a very large stock market debut, expected to raise about $85 billion. The company has big plans to grow its satellite internet service, AI computing business, and space launches, but some experts worry about how expensive the stock is and the risks involved with its new projects.
Key Facts
SpaceX’s initial public offering (IPO) is expected to raise at least $85 billion.
In 2023, SpaceX made less than $19 billion in revenue.
The Starlink satellite internet service is a major growth area, aiming to reach global customers.
SpaceX is expanding its AI computing business, working with companies like Anthropic and Google, potentially generating about $2 billion monthly.
The company continues to work on its Starship rocket, which is still being developed and could affect future costs.
Competition is growing in satellite internet and computing, with companies like Amazon also entering the market.
Elon Musk’s leadership is a key factor that influences investor confidence in SpaceX’s future.
The company's value could reach $1.75 trillion if it achieves its ambitious revenue goals by 2030.
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Palantir plans to sue London Mayor Sadiq Khan after he stopped a £50 million contract between the company and the Metropolitan Police. Khan blocked the deal over concerns about the contract process, saying Palantir was the only company considered and the deal did not offer good value.
Key Facts
The Metropolitan Police wanted to use Palantir’s software to help analyze intelligence in criminal cases.
Mayor Sadiq Khan stopped the contract, citing problems with how the contract was awarded.
Khan’s office said the police only fully considered Palantir, which broke procurement rules.
Palantir’s lawyers have formally told the mayor’s office they will challenge the decision in court.
Palantir has other contracts with UK government bodies, including a £330 million NHS deal under government review.
Some UK politicians and a parliamentary committee have criticized Palantir for its public statements and role in government projects.
The UK government is reviewing whether to continue or stop its contract with Palantir early.
Other European countries like France and Germany choose not to work with Palantir due to concerns about the company.
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CBS Mornings Deals offers special discounts on various products that can help improve daily life. These deals are available at cbsdeals.com, and CBS earns a commission when customers buy items through this site.
Key Facts
CBS Mornings Deals features exclusive discounts on different products.
The deals are designed to improve everyday lifestyle.
Customers can find these offers by visiting cbsdeals.com.
CBS earns money when people purchase items using links from cbsdeals.com.
The promotion was shown on CBS News and is part of their online content.
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Kelly Loeffler, head of the Small Business Administration (SBA), said artificial intelligence (AI) will create jobs and help small businesses grow across the U.S. She warned that if China leads in AI, it could hurt American businesses, especially those on Main Street. The SBA is working to support small businesses by focusing on technology, easier rules, and better access to funding.
Key Facts
AI will change how people work and is expected to create new jobs, especially for small businesses.
Loeffler said AI is a tool that can level the playing field for American businesses.
She emphasized the importance of the U.S. winning the AI competition against China to protect American economic interests.
The SBA faces possible budget cuts proposed for fiscal year 2027, which could reduce help for small businesses.
These cuts might lead to higher borrowing costs and fewer support resources for small businesses.
Loeffler is aiming to make the SBA more focused on technology and customer needs instead of bureaucratic processes.
Small businesses employ nearly half of all U.S. workers and are key to economic growth.
Despite challenges like inflation and higher gas prices, many Americans are starting new businesses at high rates.
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The federal government has expressed repeated concerns about a U.S. company’s plan to frack for gas in Western Australia’s Kimberley region. Officials say the company, Black Mountain Energy, has not provided enough information on how the project could affect local water and endangered species, making it hard to fully assess environmental risks.
Key Facts
Black Mountain Energy, a Texas-based company, wants to drill 20 gas wells in the Kimberley region near Fitzroy Crossing.
The area is close to the Fitzroy River, a nationally heritage-listed site and home to endangered species.
The Western Australia Environmental Protection Authority recommended approval under state laws.
The federal environment department repeatedly said the company’s environmental assessments lack key data on water and ecosystems.
Federal officials asked the company to consult more with traditional owner groups linked to the Fitzroy River.
The company claimed the project would not impact the Fitzroy River, but officials said there was not enough proof.
An independent scientific committee found the company’s assessment weak and its conclusions unsupported.
A local conservation group has urged the federal environment minister to stop the project due to insufficient environmental information.
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The article says that new progress in cancer research is happening now. However, changes in Washington are making it harder to continue this important research work.
Key Facts
Researchers have made a significant breakthrough in cancer studies.
This progress is happening at the same time that policies in Washington are changing.
These policy changes are negatively affecting the foundation needed for cancer research.
The article suggests Washington's actions could slow or stop future cancer discoveries.
The focus is on how government decisions impact medical research funding and support.
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The UK’s competition watchdog is examining Paramount Skydance’s $110 billion takeover of Warner Bros Discovery to see if it will reduce competition. The deal combines many major movie studios and streaming services under one company, raising concerns over its impact on the industry and consumers.
Key Facts
The UK Competition and Markets Authority (CMA) opened an investigation into the $110 billion takeover.
The merger would control assets like Paramount, HBO Max, Channel 5, TNT Sports, and popular film franchises.
The CMA will decide by August 7 if the deal needs a deeper investigation, which could take five more months.
Paramount won the bidding war against Netflix and paid Netflix $2.8 billion to break its previous deal for Warner Bros Discovery.
Over 1,000 film and TV professionals, including famous actors, have protested the deal, fearing it will hurt industry diversity and competition.
U.S. Senator Elizabeth Warren criticized the deal as likely to cause higher prices and fewer choices for consumers.
Paramount’s CEO said they will maintain producing at least 30 films a year to calm fears about cuts.
The company plans to save $9 billion in costs through the merger, indicating likely job cuts.
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Olivia Rodrigo is releasing her third album, "you seem pretty sad for a girl so in love," on June 12. She also announced a special limited edition vinyl with a lenticular cover that shows a swinging image when tilted, priced at $40.
Key Facts
Olivia Rodrigo’s third album will release on June 12.
She previously shared the 13-song track list and the lead single "Drop Dead."
The music video for "Drop Dead" was filmed at the Palace of Versailles and reached No. 1 on the Billboard Hot 100.
Rodrigo announced a limited edition lenticular vinyl cover for the album.
The vinyl cover shows a swinging image when tilted.
The special vinyl costs $40 and will ship starting June 26.
Buyers can only purchase up to four copies each.
Some fans joked about the vinyl causing them to spend a lot of money, while others praised its design.
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Thrift expert Lissy Clow advises shoppers to focus on value instead of just low prices when buying secondhand clothes. She shares four signs that show an item is worth purchasing, including good material quality, versatility, knowing when to wear it, and feeling a strong positive reaction to the item.
Key Facts
Rising prices have led more Americans to consider buying secondhand clothes to save money.
Natural fabrics like cotton, linen, and wool are more durable than many fast-fashion materials.
An item is worth buying if it can be worn in three to five different ways with clothes you already own.
Avoid buying clothes for imaginary occasions that may never happen.
Trust your gut feeling—the expert calls it the "yes" feeling when you really want and feel good in the item.
Thoughtful thrifting helps build a lasting wardrobe and supports sustainable practices.
Clow recommends focusing on quality and versatility to avoid unnecessary purchases.
Secondhand shopping is about intentional buying, not just finding cheap deals.
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The rising use of weight-loss drugs called GLP-1s has increased global demand for whey protein, causing prices to soar and raising concerns about shortages. Whey protein helps people keep muscle while losing weight, and companies are struggling to secure enough supply as demand outpaces production.
Key Facts
Demand for whey protein has grown because GLP-1 weight-loss drugs reduce appetite, causing users to need more protein.
Whey protein prices in northwest Europe have risen more than 50% in 2024, reaching record highs around €1,700 per tonne.
Prices for high-concentrate whey protein rose from £4,302 per tonne in June 2023 to £23,751 per tonne in June 2024.
Manufacturers want to produce more whey protein but face supply limits and cannot build large safety stock.
New production plants are opening, and some products now mix whey with cheaper milk protein to reduce costs.
Some whey protein suppliers are sold out for the rest of 2026, and one producer plans to stop making a key type of whey after summer, worsening shortages.
Small businesses report paying double prices compared to last quarter and struggle to compete with big companies that can absorb price rises.
The popularity of protein-enriched foods like snacks and doughnuts has also increased due to diet trends linked to GLP-1 drug users.
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A new bill introduced by Representative Nicole Malliotakis proposes to temporarily increase the capital gains tax break for homeowners over 65. The bill would allow some senior homeowners to avoid paying taxes on up to $1 million of profit when selling their long-held homes between 2027 and 2030.
Key Facts
The bill is called the Nest Egg Protection Act (H.R. 9064).
It would double the capital gains tax exclusion for seniors 65 and older, raising the limit to $1 million.
Currently, the exclusion is $250,000 for individuals and $500,000 for married couples.
The increased exclusion applies only if the homeowner has owned their main home for at least 25 years.
The purpose is to help seniors sell homes without large tax bills, encouraging them to downsize and increase housing availability.
Housing prices have tripled since 1997, but the current tax exclusion has not changed since then.
Many seniors have a large amount of home equity due to rising home values.
The bill aims to reduce the "lock-in effect," where seniors hesitate to sell because of possible capital gains taxes.
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The new EU entry/exit system (EES), which checks non-EU travelers’ personal and biometric data at borders, is causing long delays at airports and may take up to two years to fully settle. Some countries are still struggling to handle the system, and this has led to disruptions that could affect summer travel bookings and cause anxiety among holidaymakers.
Key Facts
The EU introduced the new border system in October, fully launching it on April 10.
Travelers from non-EU countries must register personal details, fingerprints, and facial images the first time they enter; returning visitors have faster entry.
Some EU states manage the system well, but others find it difficult to handle, causing delays.
The EU allows suspension of biometric checks during busy times to avoid long queues, but this may end in September.
France and Greece have temporarily stopped some biometric checks during the busy summer to ease travel flow.
The system’s delays and the uncertain global situation, including the conflict in the Middle East and rising living costs, are making people delay or reduce holiday bookings.
Increased oil and jet fuel prices raise concerns about higher airfares, though most summer flights remain scheduled.
Travel companies report more last-minute bookings and some financial hits but expect the market to grow again when conditions improve.
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The UK's Financial Conduct Authority (FCA) warned that legal challenges against its car finance compensation scheme could delay payouts to drivers by up to three years and add more than £6 billion in extra costs to lenders. The FCA said court cases could push payouts into 2027 and increase expenses for banks involved in a scandal over loan overcharging from 2007 to 2024.
Key Facts
The FCA created a £9.1 billion compensation plan to repay drivers overcharged on car loans.
Four parties are legally challenging this compensation plan: Volkswagen Financial Services, Mercedes-Benz Financial Services, Crédit Agricole Auto Finance, and the consumer group Consumer Voice.
These legal actions may delay payouts until 2027 or later.
If the court rejects the FCA scheme, the regulator may need to create a new plan or let individual complaints be handled by the Financial Ombudsman Service.
Handling claims through complaints instead of the current scheme could cost lenders over £6 billion more and take three years longer to finish.
The FCA must spend around £2.7 million more to manage the legal challenges.
The FCA is funded by the companies it regulates and will have to redirect resources due to these costs.
The scandal involves commission payments between lenders and car dealers that caused loan overcharges from 2007 to 2024.
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Rivian's CEO RJ Scaringe admitted that the company had big problems with customer service and vehicle technology in the early years after launching its R1T truck and R1S SUV. Since then, Rivian has invested heavily to improve service speed, technician training, and technology, hoping to regain customers who left due to a poor experience.
Key Facts
Rivian's R1T truck and R1S SUV had customer complaints, especially about advanced tech and vehicle controls.
The company ranked below average in J.D. Power's Initial Quality Study.
Early service centers were few, causing long wait times of 20-40 days in popular markets like Seattle.
Rivian invested heavily in service infrastructure, technician training, diagnostic tools, and AI integration to improve service speed.
Service wait times have been reduced to 2-3 days in many locations.
Rivian plans to launch a new midsize SUV called the R2 and wanted service improvements ready beforehand.
CEO Scaringe hopes customers who left during earlier problems will return to try Rivian again.
Rivian developed its own infotainment and service technologies rather than relying on third parties.
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Rivian has started taking orders and begun production of its new midsize electric SUV called the R2. This vehicle is designed to reach more customers with a lower price than its larger, more expensive R1S model.
Key Facts
Rivian launched orders for the R2 midsize electric SUV in late April.
The R2 aims to attract a wider group of buyers than the larger R1S SUV.
Midsize SUVs make up a large part of U.S. vehicle sales, about 1 in 6 cars sold each year.
The R1S is considered a flagship model with an average price over $90,000.
Rivian's founder and CEO, RJ Scaringe, said the R2 was planned even before the R1 models.
The R2 and R1S look similar but have important design and engineering differences.
The R2 includes detailed design touches, such as a hidden rear windshield wiper.
Rivian sees the R2 as a key product to introduce the brand to the mass market.
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Rivian has introduced the R2, a new American-made electric SUV priced between Toyota and Subaru’s electric models. The R2 offers strong performance, advanced technology, and off-road ability, aiming to attract customers who currently buy from Toyota and Subaru.
Key Facts
Rivian’s new R2 SUV is electric and made in the USA.
The R2 is sized between Toyota’s smaller bZ and larger Highlander electric SUVs.
It starts at $44,990 with 275 miles range, 350 horsepower, and 355 pound-feet of torque.
The top R2 version costs $57,990, has 330 miles range, 656 horsepower, and 609 pound-feet of torque.
The R2 features advanced driver assistance and better off-road capabilities than Toyota and Subaru models.
Toyota and Subaru jointly develop electric SUVs targeting U.S. customers amid competition and regulations.
Rivian aims to offer a premium but practical vehicle at a more accessible price than its luxury R1 models.
Rivian CEO RJ Scaringe describes the brand as premium and usable, not strictly luxury.
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