Abbott Laboratories will pay $385 million to settle a lawsuit from the U.S. Department of Justice. The case involves contamination at a baby formula plant that led to infant deaths and temporarily closed the facility in 2022, causing a major recall and supply shortages.
Key Facts
Abbott Laboratories is settling a lawsuit for $385 million.
The lawsuit comes from the U.S. Department of Justice (DOJ).
The case is about how Abbott ran a baby formula plant.
Contaminated formula from the plant is suspected of causing infant deaths.
The contamination led to the largest formula factory in the U.S. shutting down temporarily in 2022.
Several infant formula brands, including Similac, were recalled because of the contamination.
The factory closure worsened baby formula supply problems nationwide.
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A bill that might change the design of the nickel and how people pay with cash has passed through the House of Representatives. The bill also indicates an official end to the use of the penny.
Key Facts
The bill passed through the U.S. House of Representatives.
It proposes changes to the nickel coin, possibly its design or production.
The bill could affect how cash payments are made.
It officially signals stopping the use of the penny in the future.
These changes relate to U.S. coins and cash handling.
The impact could affect everyday transactions involving coins.
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Annuities are financial products that turn savings into income over time, but withdrawing money from them can come with fees. Many annuities allow penalty-free withdrawals up to a certain limit each year, often around 10% of the annuity's value, but the exact rules depend on the contract. After the initial surrender period, you can often withdraw more freely, though taxes or other penalties might still apply.
Key Facts
An annuity is a product that helps convert savings into a steady income.
Withdrawing money from an annuity may trigger surrender charges, especially during the contract's surrender period.
Most contracts include a “free withdrawal” option, allowing a certain percentage (commonly 10%) of the annuity’s value to be withdrawn annually without penalty.
The amount allowed without fees varies by contract and may depend on contract value or premiums paid.
Surrender charges usually decrease over time and disappear after the surrender period ends.
Special provisions may allow larger penalty-free withdrawals for certain situations, like nursing home care or terminal illness.
Even after the surrender period, withdrawals might still be subject to taxes or other penalties.
Understanding your specific annuity contract is important before making withdrawals.
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Sydney Sweeney stars in a controversial ad for Novig, a sports prediction market company. The ad gained strong reactions because of its sexualized portrayal of women athletes, drawing both criticism and increased attention for Novig.
Key Facts
Sydney Sweeney appears in an ad for Novig showing her playing sports while wearing minimal clothing.
Novig is a sports prediction market where users bet on sports outcomes, legally operating across the U.S. after federal approval.
The ad’s tagline is "just sports," but many female athletes criticized it for sexualizing women’s sports.
Novig was valued at about $500 million before Sweeney became involved and she owns an unspecified share in the company.
The controversy has increased Novig's visibility, boosting it to number 11 in App Store sports app rankings from #50 two months earlier.
Some experts say the ad is intentionally provocative to create buzz and disrupt traditional advertising.
Sweeney lost over 200,000 Instagram followers after the ad aired due to negative reactions about the sexualization.
Novig launched its sports prediction market last month, gaining legal status through the Commodity Futures Trading Commission.
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Debt collectors can sometimes take money from your bank account to repay debts, but whether they can take child support money depends on state laws and circumstances. Child support payments are usually protected, but banks may freeze the entire account until you prove which funds are child support.
Key Facts
Debt collectors can get a court order to take money directly from your bank account (called a bank levy).
Child support payments usually help pay for housing, food, school, and childcare.
Many states have laws to protect child support money from being taken by debt collectors, but rules vary.
Federal laws protect certain benefits like Social Security but do not automatically protect child support money.
Banks may freeze all money in the account after receiving a garnishment order, even if some is child support.
You must prove which funds are child support by providing bank statements or payment records.
Acting quickly to claim exemptions can help prevent loss of child support funds.
Legal aid or consumer lawyers can assist if a debt collector targets your bank account.
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When a bank account is frozen, it can stop you from using services like Zelle or Venmo that move money in and out of your account. Whether payments sent or received through these apps go through depends on the bank’s restrictions and how the money is being handled at that time.
Key Facts
A bank account freeze happens when a creditor or debt collector legally blocks access to some or all of your money.
Zelle sends money directly into your linked bank account, so if your account is frozen, you might not be able to use or move newly received funds.
Sending money with Zelle may be blocked if your bank account is frozen and funds are held because of a debt.
Payments sent through Zelle before the freeze might still go through depending on how far the transaction had progressed.
Venmo can hold money in your Venmo balance instead of immediately moving it to your bank account, which may help avoid immediate disruption.
Transferring money from Venmo to a frozen bank account or funding Venmo payments from that account may be blocked or delayed.
The success of payments with both apps depends on the timing of the bank freeze and the bank’s specific rules about frozen funds.
It’s important to check with your bank and the payment service to understand how a freeze impacts your transactions.
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The Federal Reserve is expected to raise interest rates for the first time in three years, which could make borrowing more expensive for American homebuyers. Higher interest rates can lead to higher mortgage costs, adding to the financial challenges many face when trying to buy a home.
Key Facts
The Federal Reserve’s current interest rate is between 3.5% and 3.75%, with a likely increase of 0.25% expected soon.
Inflation in the U.S. remains higher than desired, which is pushing the Fed to consider raising rates.
Mortgage rates are currently around 6.9% to 7%, making borrowing for home purchases expensive.
The 10-year Treasury yield recently rose above 5%, influencing long-term borrowing rates like mortgages.
Mortgage rates nearly doubled from their pandemic lows due to previous Fed rate hikes aimed at controlling inflation.
As of early September, the average 30-year fixed mortgage rate hit 6.76%, the highest in over a year.
Experts suggest that mortgage rates do not always move directly with Fed rate changes; sometimes they can behave differently if investors believe inflation is under control.
Higher mortgage rates, combined with rising home prices, taxes, and insurance, have made it difficult for many Americans to afford homes.
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Chef Masako Morishita, recognized as one of Food & Wine's "Best New Chefs," talks about how her experience as an NFL cheerleader helps her run her restaurant, Perry’s, in Washington, D.C. She shares how skills from cheerleading influence her work as a chef and also offers one of her favorite recipes.
Key Facts
Masako Morishita is a chef at Perry’s Restaurant in Washington, D.C.
She was formerly an NFL cheerleader.
Food & Wine named her among the "Best New Chefs" this year.
Morishita says she uses lessons from cheerleading in her restaurant work.
She appeared on CBS News to discuss her career and share a recipe.
The story connects her sports background to her success in the food industry.
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New South Wales (NSW) is experiencing strong canola crops this season, helped by milder winter weather that limited frost damage. Canola fields, like those at Oxton Park, contribute significantly to Australia's $5 billion canola industry.
Key Facts
NSW produces between 1.3 million and 1.9 million tonnes of canola each year, depending on rainfall.
Milder winter temperatures have reduced frost damage in southern growing areas this season.
Oxton Park is a family farm growing wheat, canola, and triticale.
Canola is harvested mainly for its seed oil.
Bright yellow canola fields are common in central and southern NSW and attract regional tourists.
Canola farming is an important part of the Australian agricultural economy, valued at $5 billion.
The images show the vibrant canola fields and the rural landscape of farming areas near Harden, NSW.
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A major Australian datacentre company, NextDC, is seeking fast approval to greatly expand its large datacentre in Footscray, Victoria. The Victorian jobs minister, Melissa Horne, opposed the expansion and accused NextDC’s CEO of using artificial intelligence to write a lobbying letter requesting her support.
Key Facts
NextDC wants to expand its datacentre, known as M3, to cover 10 hectares and use 225 megawatts of power continuously.
The datacentre is close to homes, a kindergarten, and community services in Footscray, causing local concern.
Jobs Minister Melissa Horne refused to support the expansion and criticized the lobbying letter for factual mistakes, suggesting it was AI-generated.
NextDC hired a former government adviser, Ken McAlpine, to help with lobbying efforts.
Local MP Katie Hall opposes the datacentre’s growth due to environmental and community impacts, including reliance on diesel generators.
The expansion is being fast-tracked under Victoria’s planning system, which prioritizes large datacentre projects.
NextDC’s CEO described the datacentre as Australia’s largest “hyperscale AI factory” built for advanced computing related to artificial intelligence.
No comment was given by NextDC or Melissa Horne regarding the AI accusation or the project’s future.
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Elin Hilderbrand and her daughter Shelby Cunningham have co-written a new book called "The Thoroughbreds," part of their series called The Academy Series. Elin Hilderbrand is known for popular summer novels such as "The Perfect Couple" and "28 Summers." They appeared on CBS Mornings to talk about their latest book.
Key Facts
Elin Hilderbrand is a bestselling author of summer novels.
Shelby Cunningham is Elin Hilderbrand’s daughter and co-author.
Their new book is titled "The Thoroughbreds."
"The Thoroughbreds" is part of The Academy Series.
They appeared on CBS Mornings to discuss the book.
Elin Hilderbrand’s previous popular books include "The Perfect Couple" and "28 Summers."
The interview was available on the CBS News app and website.
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Heating oil bills for many American households are expected to rise sharply this winter due to higher global oil prices influenced by the war in Iran and other conflicts. The price increase is especially significant in the Northeast, where most heating oil users live.
Key Facts
Households using heating oil may pay about $2,300 between November 2026 and March 2027, which is over 30% more than last year.
The rise in heating oil prices is linked to reduced oil flow through the Strait of Hormuz and attacks on Russian oil facilities.
Nearly all heating oil in the U.S. comes from crude oil refined into petroleum products.
Brent crude oil prices have increased by more than 30% since the war in Iran began in February 2024.
About 4.8 million U.S. homes use heating oil, with 82% of those homes located in the Northeast.
Heating costs for homes using electric heating methods are also rising, with a 35% increase over the past five years.
El Niño weather patterns may slightly reduce heating needs this winter by bringing warmer temperatures.
Growing power demand and aging infrastructure repairs are adding to overall energy costs.
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Forbes released a report listing the richest people in each U.S. state. To be included on this list, a person needs to have at least $4.4 billion in wealth.
Key Facts
Forbes compiled a list of the wealthiest individuals by state.
The minimum net worth to appear on the list is $4.4 billion.
The report highlights the richest person in every state.
The list shows where extremely wealthy people live in the U.S.
Forbes uses public data to estimate individuals’ wealth.
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CBS Mornings is offering special discounts on various products through their website, cbsdeals.com. Shoppers can find items that may help improve daily life while CBS earns a commission from sales made on the site.
Key Facts
CBS Mornings presents exclusive product deals.
The discounts are available on the website cbsdeals.com.
The featured items are aimed at improving everyday lifestyle.
Purchases made through the site generate commissions for CBS.
Viewers can access the deals via the CBS News app or web browsers.
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More homeowners in 2026 are borrowing money using the value they have built in their homes, a practice called home equity borrowing. Many are doing this because home equity loans and lines of credit often have lower interest rates and offer more money compared to personal loans or credit cards.
Key Facts
Nearly 548,000 homeowners borrowed a total of $54 billion from their home equity in the second quarter of 2026.
This is the highest number of home equity borrowers and the second-largest borrowing amount since 2022.
Home equity loans and home equity lines of credit (HELOCs) made up about $29.5 billion of this borrowing.
The available home equity to borrow was about $11.4 trillion at the start of the quarter, the highest in recent years.
Homeowners can choose fixed-rate loans that keep the interest rate the same or variable-rate loans that may go up or down over time.
Home equity loan rates are currently in the low 8% range, which is lower than personal loans (over 12%) and credit cards (over 22%) on average.
Refinancing between loan types (fixed or variable) is possible but may include extra fees.
Borrowing from home equity is seen as a cheaper way to get money compared to other types of borrowing.
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Prime Minister Mark Carney has invited top global investors to consider Canada as a safe place to invest during times of world economic and political changes. He wants these investors to put money into Canadian projects in areas like energy, mining, and technology, to help the country grow and reduce its dependence on the United States amid trade tensions.
Key Facts
Canada aims to attract investments from investors managing over C$120 trillion in assets.
Carney promotes Canada as a stable and attractive option for investments in defence, energy, mining, AI, and infrastructure.
Canada is experiencing a trade conflict with the US, leading it to seek new economic partners in Europe, Asia, and the Middle East.
Plans include privatizing four major Canadian airports to raise funds for transportation projects.
The investment summit in Toronto includes speakers from major companies like Deutsche Bank, Bombardier, BlackRock, and Blackstone.
Canada wants to improve its business reputation after years of low investment by changing tax rules and labor policies.
New US tariffs on Canadian goods have started, worsening trade relations between the two countries.
Protesters criticized the Canadian government for selling public assets to private and mostly American investors.
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Target plans to open new stores soon and expects these openings to be the last ones in 2026. However, the company has many more stores planned for the future.
Key Facts
Target is opening new stores shortly.
These will likely be the final ones for the year 2026.
Dozens more stores are planned beyond 2026.
The company is continuing to expand its retail locations.
Target’s growth strategy includes multiple new store projects in progress.
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A new report shows that 20 top private equity firms own energy assets releasing 1.5 billion tons of greenhouse gases yearly, more than most countries. These firms manage $7.3 trillion in assets and hold large fossil fuel investments like pipelines, power plants, and oil and gas fields, impacting climate change efforts.
Key Facts
The energy assets of 20 private equity firms emit 1.5 billion tons of greenhouse gases annually.
This amount is higher than the emissions of any country except China, the US, India, and Russia.
Together, these firms manage $7.3 trillion in all types of assets.
The firms own 15,000 miles of pipelines and 124 gigawatts of fossil fuel power capacity across 370 plants.
Private equity owns hundreds of oil and gas fields worldwide.
Half of the top 10 US datacenter owners are financed by private equity firms.
Since 2010, private equity has funded over $1 trillion in fossil fuel assets.
Some firms, including BlackRock, GIP, and EQT, have increased fossil fuel investments since 2024, despite promoting climate goals.
Blackstone invested $2.16 billion for part ownership of an Indiana utility planning a 2,300 MW natural gas plant to power datacenters, which will add emissions.
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This news segment talks about when getting an MBA degree is a good choice. Experts Jill and Mark explain situations where spending money on an MBA makes sense and when it might not be worth it. They also give advice to a caller named Cory about choosing between a pension and flexible retirement options.
Key Facts
The program discusses the value of an MBA degree.
Jill and Mark share guidance on deciding if an advanced degree is financially worthwhile.
They analyze different scenarios for MBA returns on investment.
A caller named Cory asks for retirement advice during the show.
They help Cory decide between taking a pension or keeping retirement flexibility.
The show is part of CBS News and is available on the CBS News app.
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Channel 4 has taken over the TV advertising sales for Paramount’s UK channels, including Channel 5, from Sky. This deal boosts Channel 4’s advertising business as it faces major job cuts, while Sky loses a big client just as it tries to buy ITV’s TV and streaming business.
Key Facts
Channel 4 now handles TV ad sales for Paramount’s UK channels, including Channel 5, MTV, Comedy Central, and Nickelodeon.
Paramount’s streaming services like Paramount+ and Pluto TV are not part of the deal.
Channel 4 depends on advertising for about 90% of its £1 billion revenue.
The deal is the first time two public service broadcasters’ ad sales (Channel 4 and Channel 5) are sold together.
Channel 4 plans to cut around 300 jobs, more than a quarter of its workforce of 1,276.
Sky lost the business after miscalculations in ad revenue payouts to partners, including Paramount, caused about £300 million in missed payments since 2017.
Sky has repaid £98 million to Paramount related to these miscalculations.
The change may affect Sky’s ongoing attempt to get approval for its £1.6 billion takeover of ITV’s TV and streaming business, which would create a dominant player in TV advertising.
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