Australia’s property market has seen price drops following recent budget changes that limit tax benefits for property investors. These rules, combined with rising interest rates and household pressures, are cooling the market and changing buyer behavior.
Key Facts
The budget limits negative gearing (a tax benefit) on established properties bought after mid-next year.
Auction clearance rates in major cities have dropped below 55%, the lowest since April 2020.
Property prices in some Australian capitals have started to fall, with some forecasts predicting declines up to 10%.
Investors are now focusing more on rental income and growth prospects rather than tax incentives.
Rising interest rates and a tougher global economy also affect property prices.
The reforms aim to make it easier for first-time buyers to compete at auctions.
Some homeowners worry about negative equity if prices drop below their loan amounts.
The policy changes intend to reverse decades of investor dominance and improve housing affordability.
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Barry Diller’s company, People Inc, has offered to buy the casino operator MGM Resorts for more than $18 billion. People owns about 26% of MGM and plans to buy the rest of the company at $48.30 a share in cash, which is about 10.6% higher than MGM’s recent stock price.
Key Facts
People Inc is run by media mogul Barry Diller.
People owns 26.1% of MGM’s common stock.
The offer price is $48.30 per share in cash.
This offer values MGM at over $18 billion.
MGM shares rose more than 10% in early trading after the offer.
MGM owns about 40% of the Las Vegas Strip properties.
MGM has faced slow visitor numbers in Las Vegas but grows through its China properties and digital gambling business BetMGM.
This deal follows another big casino takeover: Tilman Fertitta’s company buying Caesars Entertainment for $17.6 billion.
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The movie "Backrooms," directed by YouTuber Kane Parsons, earned $81.5 million during its first weekend in theaters. This success shows a new path for creators from online platforms to make major Hollywood films.
Key Facts
"Backrooms" is a psychological thriller film.
Kane Parsons, a YouTuber, directed the movie.
The film made $81.5 million in its first weekend.
The movie’s success could influence Hollywood’s future choices.
This shows how online creators can enter traditional film industries.
The report was covered by CBS News and reported by Carter Evan.
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The Kyoto Shinbun Newspaper in Japan is lending out its printing machines to people who make zines, which are small, self-made magazines. This helps because fewer people are buying physical newspapers these days, while zines are becoming more popular in Japan.
Key Facts
The Kyoto Shinbun Newspaper is lending its printing machines to zine creators.
Zines are self-published, do-it-yourself magazines.
Physical newspaper subscriptions are declining in Japan.
Zines have grown more popular recently, with many people attending a zine fair in Tokyo.
This move provides a new use for newspaper printing equipment.
The trend shows a shift from traditional newspapers to more personalized printed media.
The newspaper’s action supports small magazine makers and encourages local creativity.
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Winnie Harlow, a model and businesswoman, released a new children's book called "Simply Winnie." She talks about why the book focuses on self-confidence instead of her skin condition, vitiligo.
Key Facts
Winnie Harlow is both a model and an entrepreneur.
She has published a children’s book titled "Simply Winnie."
The book’s main theme is self-confidence.
Winnie chose not to focus on vitiligo, her skin condition, in the story.
She discussed the book and its message in an interview on "CBS Mornings."
The interview is available on CBS News and the CBS News app.
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Winnie Harlow, a model and businesswoman, has released a new children’s book called "Simply Winnie." She spoke with CBS Mornings about how the book focuses on teaching kids to have confidence in themselves.
Key Facts
Winnie Harlow is a model and entrepreneur.
She wrote a children’s book titled "Simply Winnie."
The book aims to promote self-confidence among children.
Harlow discussed the book in an interview with CBS Mornings.
The interview is available on CBS News and their app.
The book reflects Harlow’s message about believing in oneself.
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Barry Diller's company, People Inc., wants to buy the rest of MGM Resorts after already owning 26.1% of it. They are offering $48.30 per share in cash, which is more than the recent stock price, and value the company at over $18 billion.
Key Facts
People Inc., led by Barry Diller, owns 26.1% of MGM Resorts.
People Inc. plans to buy all the remaining shares of MGM Resorts to take full ownership.
The offer is $48.30 per share, which is 10.6% higher than MGM's stock price last Friday.
MGM Resorts owns famous Las Vegas hotels and casinos like the Bellagio and Luxor.
People Inc. began investing in MGM almost six years ago.
Barry Diller said MGM is attractive because its business offers experiences that artificial intelligence cannot replace.
If the deal succeeds, MGM Resorts will become a private company controlled by People Inc.
The purchase will be funded using cash, debt, and equity financing.
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Newsweek’s New & Noteworthy feature highlights new consumer products in various categories like food, personal care, and household items. This edition introduces items such as a new pancake mix flavor, a powdered drink mix, hair gloss, and more, helping shoppers discover fresh and innovative products.
Key Facts
A-Sha Foods expanded its Hello Kitty Mochi Pancake Mix line with a Banana Macadamia flavor.
Pure Kick offers an alkaline powdered drink mix with low calories and no sugar, designed for hydration on the go.
Suave launched a sulfate-free 5-minute hair gloss that smooths hair and adds shine.
Fly By Jing introduced Creamy Sesame and Roasted Garlic noodle flavors at Whole Foods and online.
Entenmann’s released Pop’ems Cotton Tail, donut holes with a soft center and powdered sugar finish.
Michaels of Brooklyn offers small-batch pizza sauce made with simple ingredients and no preservatives.
The New & Noteworthy series promotes new and innovative products across food, beauty, and household care.
Product makers can submit new products for feature consideration through Newsweek’s platform.
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A new study shows that Americans' financial knowledge has dropped to its lowest point in 10 years. Only 47% of financial literacy questions were answered correctly in 2025, indicating that many people struggle with managing debt, savings, and retirement planning.
Key Facts
U.S. adults answered 47% of financial literacy questions correctly in 2025, down from 52% in 2020.
The share of Americans with very low financial literacy rose from 20% ten years ago to 25% in 2025.
Low financial literacy is linked to difficulties in managing money and higher debt levels.
Women scored 44% correct, while men scored 50%.
Young adults (ages 18-29) scored the lowest at 38%, while baby boomers scored highest at 54%.
Increased financial complexity and misleading social media information may contribute to the decline.
Experts suggest the financial system is too complicated, making it harder for people to understand key products.
Financial companies may make products confusing by hiding important details in small print or long disclosures.
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Australia’s 178 billionaires have grown $25.7 billion richer in the past year, reaching a total wealth of over $686 billion. Meanwhile, more than 3.7 million Australians, including 757,000 children, live in poverty, with many households struggling to afford food.
Key Facts
The total wealth of Australian billionaires grew by $25.67 billion in one year.
Australia has a record 178 billionaires, 17 more than last year.
Over 3.7 million Australians live in poverty, including 757,000 children under 15.
One in three Australian households faced food insecurity last year.
New billionaires gained wealth from artificial intelligence (AI), datacentres, property, mining, and fashion.
The richest 20 Australians hold more wealth than the poorest 3 million households combined.
Oxfam Australia says billionaire wealth could cover costs like lifting nearly one million people out of poverty or paying all household electricity bills for over a year.
Suggested tax reforms include changes to capital gains tax and negative gearing to reduce wealth inequality.
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Tech billionaires have spent hundreds of millions of dollars on California elections ahead of the June 2 primary. They are funding candidates and ballot measures to gain political influence and protect their businesses, especially as the tech industry focuses on developing new technologies like artificial intelligence.
Key Facts
Sergey Brin, co-founder of Google, has spent $66 million since January to oppose a billionaire tax on the November ballot.
Chris Larsen, a cryptocurrency businessman, has funded three Super PACs with $26 million to support various California campaigns.
Matt Mahan, a Democratic candidate for governor, has received the most donations from top tech executives.
Google and Meta together gave $10 million to a Super PAC backing local assembly and senate candidates.
Tech money influences city and state races, including local tax measures.
This spending helps the tech industry avoid strict regulations and expand quickly.
Experts say most of the spending is visible, but tech donors also use untraceable funds called "dark money."
Voters in many California areas have been receiving many campaign ads and messages funded by tech-backed groups.
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Wise, a UK-based international money transfer company, is cooperating with Belgian prosecutors who are investigating whether its accounts were used for money laundering. The company said it is responding to questions but no findings have been shared yet, and its shares dropped more than 10% after the news.
Key Facts
Wise is under investigation by Belgian prosecutors for possible money laundering.
The investigation looks into whether Wise accounts helped criminals move money from fraud, corruption, and drug trafficking.
Belgian authorities started investigating last year after many countries asked for help with criminal cases involving Wise accounts.
The transactions involved in the investigation total about €500 million (£433 million).
Wise has 19 million customers and processes 4.7 million transactions daily.
Wise said it verifies customers and monitors transactions to prevent financial crime.
About one-third of Wise’s global staff works on preventing financial crime.
Wise’s CEO, Kristo Käärmann, was fined £350,000 in 2024 for not informing regulators about tax issues.
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60 Minutes is a long-running investigative news program on CBS that has aired since 1968. It reached a large audience during its 58th season and has won many awards for its journalism work.
Key Facts
60 Minutes premiered in September 1968.
It has been the #1 news program in the U.S. for over 50 years.
The 58th season averaged 9.1 million viewers.
More than one in three Americans watched the show during that season.
It has won 25 Peabody awards and numerous Emmys.
The show is currently executive produced by Nick Bilton.
Correspondents include Lesley Stahl, Scott Pelley, Bill Whitaker, and Jon Wertheim.
The program airs Sundays at 7 p.m. ET/PT on CBS and streams online.
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Wise, a UK-based money transfer company, is being investigated by Belgian prosecutors over concerns that criminals used its accounts for money laundering. The investigation focuses on Wise’s European operations and is nearly complete, but no specific findings have been shared with the company yet.
Key Facts
Wise has 19 million customers worldwide and processes about 4.7 million transactions daily.
Belgian prosecutors said the investigation involves potential failures by Wise to properly identify customers and monitor their activities.
The inquiry centers on suspicious transactions worth around €500 million across 30 European countries.
Wise’s shares dropped 17.5% after news of the investigation became public.
The company said it is cooperating with authorities and receives regular requests for information as part of normal operations.
Wise has faced previous issues with anti-money laundering controls and was fined by US states and Abu Dhabi regulators in recent years.
Wise’s European business operates from Belgium, and the company recently moved its main stock listing to the US Nasdaq.
About one-third of Wise’s global staff work on preventing financial crime and protecting customers.
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Since Brexit, British actors face many new rules and costs that limit their chances to work in the European Union. These changes have caused a drop in UK performing arts income from the EU and made it harder for actors to get jobs on European TV, theatre, and commercials.
Key Facts
UK performers now need visas that allow work for only 90 days within any 180-day period in the EU.
Customs, tax, and other paperwork have become more complicated and expensive for British actors working in Europe.
British acting work exports to the EU fell from £1.15 billion in 2016 to £929 million in 2023.
Export income from UK creative industries to non-EU countries increased by 18% over the same period.
UK actors can be taxed on things like accommodation costs while working in the EU, lowering their take-home pay.
Social security money is deducted in the EU country worked in and can be reclaimed but this process is slow and costly.
The National Theatre stopped touring in mainland Europe in 2021 due to Brexit challenges.
TV commercials in Europe have become almost off-limits to UK actors because many companies avoid casting only UK passport holders.
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The Los Angeles Fashion District, the biggest clothing-making area in the U.S., is facing big problems with fewer visitors and lower sales. Local business owners hope that the upcoming 2028 Olympic Games in LA will bring more customers and help the neighborhood recover.
Key Facts
The LA Fashion District makes 83% of the clothes cut and sewn in the United States.
Sales and foot traffic have dropped significantly, with some store owners earning far less than before.
High rent costs remain a challenge; one store pays $8,250 per month.
Immigration enforcement raids in 2023 caused fear among workers, hurting business further.
The LA 2028 Olympics is expected to bring millions of visitors and boost the local economy.
The Olympics includes a “cultural Olympiad” to celebrate local culture, but the fashion district was not named an official cultural hub.
The 1984 LA Olympics left a lasting positive cultural and financial impact on the city.
The downtown convention center is being renovated for $2.62 billion for Olympic events like fencing and wrestling.
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Oil and gas prices have risen after the United States and Iran exchanged attacks, reducing hopes for a peace deal. Brent crude oil reached $94.29 a barrel, and UK gas prices increased by nearly 6%. Meanwhile, UK house prices fell in May.
Key Facts
The US military struck Iranian radar and drone control sites in Goruk and Qeshm Island as a self-defense action.
Iran's Islamic Revolutionary Guard Corps targeted a US air base in southern Iran without naming it.
Brent crude oil prices increased by 3.5% to $94.29 per barrel after hitting a six-week low.
British wholesale gas prices rose by almost 6% since the Iran conflict started.
President Donald Trump said Iran wants to make a deal, but markets remain skeptical.
Bank of England is monitoring public-sector pay hikes as a possible inflation risk.
UK house prices dropped in May, adding to economic concerns.
UK Competition and Markets Authority found some fuel retailers increased profit margins amid the Middle East conflict.
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The UK government is proposing a national blacklist to stop abusive air passengers from flying with any airline. Airlines would share information about disruptive passengers to prevent trouble on flights and improve safety.
Key Facts
The proposal aims to create a national list banning disruptive passengers from all airlines.
Airlines would share details of troublemakers, preventing them from booking other flights.
The government and airlines plan to manage the blacklist together.
Current laws do not allow passenger data sharing due to privacy rules like GDPR.
The proposal would not need changes in law but must address data protection issues.
Disruptive behavior on flights has increased, especially in busy travel times.
Some passengers have faced criminal charges or lifetime airline bans for bad behavior.
Airlines UK supports the plan and wants to help develop it to stop flight disruptions.
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Royal Mail is under investigation for failing to deliver almost a quarter of first-class mail on time, missing the official target. The postal regulator Ofcom is checking if Royal Mail prioritizes parcels over letters, as the company continues to struggle with delivery speeds despite a large investment to improve service.
Key Facts
Royal Mail missed its delivery target, with 24.3% of first-class mail arriving late in the year ending March.
The required target is to deliver 93% of first-class mail within one working day, excluding Christmas.
Second-class mail was delivered on time 90.2% of the time, below the 98.5% target.
Ofcom has fined Royal Mail £37 million since 2023 for poor delivery performance.
Ofcom is investigating if Royal Mail prioritizes parcel delivery over letters, which the company denies.
Royal Mail has not met first-class delivery targets since 2017 and second-class targets since 2020.
Royal Mail’s parent company was bought by Czech billionaire Daniel Křetínský for £3.6 billion.
Royal Mail has raised stamp prices recently due to rising delivery costs and is investing £500 million to improve service over five years.
The volume of letters sent has dropped from 20 billion a decade ago to 6.7 billion now, while the number of delivery addresses has increased.
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The horror movie "Backrooms," made by an independent film company, earned $82 million from ticket sales in the U.S. during its first weekend. This achievement is notable for an independent horror film at the box office.
Key Facts
"Backrooms" is a horror movie created by an independent film company.
It earned $82 million in domestic ticket sales during its opening weekend.
The film’s box office performance is considered very strong for an independent horror movie.
The earnings were recorded in the United States market.
The movie was released recently, with the report dated June 1, 2026.
Box office success usually measures ticket sales and audience attendance.
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