A report finds that datacentres in Ireland have raised household electricity bills by an average of €360 from 2015 to 2023 by increasing energy demand. The datacentres use a large share of Ireland’s electricity, pushing up prices especially since much of the power comes from fossil gas. Industry groups say datacentres contribute positively to the economy and pay significant taxes.
Key Facts
Datacentres in Ireland used 22% of the country’s electricity last year, more than all urban homes combined.
This electricity use by datacentres has added around €715 million to Ireland’s economy costs and raised household bills by €360 on average between 2015 and 2023.
The report suggests households are indirectly subsidizing big tech companies through higher energy bills, calling it a "hidden data centre tax."
Datacentre demand raises gas-powered electricity use, which can cause price spikes during energy crises.
If datacentre growth continues, households may pay an extra €295 to €644 on electricity bills by 2034.
Industry groups argue datacentres buy electricity differently, invest €18 billion recently, pay grid charges, and meet EU’s strict renewable energy rules (80% of energy from renewables).
The Irish government supports datacentres as vital to economic innovation and denies that they create an unfair burden on consumers.
Datacentres are subject to high corporate taxes, which fund public infrastructure and programs in Ireland.
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The Federal Reserve released its first inflation report under new chief Kevin Warsh, showing consumer prices rose at their highest rate in nearly three years in April. Inflation increased mainly due to higher energy costs, posing challenges for the Fed as it considers future interest rate decisions.
Key Facts
The personal consumption expenditures (PCE) price index rose 3.8% annually in April, the highest since May 2023.
Core PCE, which excludes energy and food, increased 3.3% annually in April, matching forecasts.
Rising energy prices, partly linked to the Iran conflict, are driving higher inflation.
The Federal Reserve had previously expected to cut interest rates in 2026, but this is now less likely.
President Trump wants the Fed to lower borrowing costs to support economic growth.
Inflation increases also appeared in housing, utilities, recreation services, and food services.
There is now a 40% chance of a Fed interest rate hike in December, up from 3% in June.
The report suggests inflation pressures remain high despite slightly lower-than-expected price increases in April.
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Disney announced a $100 million plan to help children in hospitals. They are working with Philips to create ways to reduce anxiety and avoid sedation during MRI scans for kids.
Key Facts
Disney is committing $100 million to support children in hospitals.
The initiative aims to reduce anxiety in kids during medical procedures.
Disney is partnering with Philips, a health technology company.
The focus is on helping children during MRI scans.
Reducing the need for sedation is a key goal of the program.
This effort is part of a broader strategy to improve children's healthcare experiences.
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Property taxes increased in every major U.S. metro area from 2023 to 2024, adding to homeowners' financial burdens. This rise comes despite slowing home price growth, as tax assessments still reflect high prices seen during the pandemic housing boom.
Key Facts
Median property taxes in the U.S. reached $3,119 per year in 2024, up 5.1% from the previous year.
Homeowners with mortgages paid about $3,489 annually in property taxes, $913 more than those without mortgages.
New York City had the highest median property taxes at over $10,000, while Birmingham, Alabama had the lowest at $1,156.
Tampa saw the largest property tax increase at 7.7%, followed by Denver (7.4%) and Miami (7.1%).
Property tax assessments often lag behind current market values, causing delays in tax increases following housing booms.
Florida’s "Save Our Homes" policy limits annual tax assessment increases for some owners but causes uneven tax bills across homeowners.
Efforts to reform property taxes have been proposed in several states but face challenges and have not advanced widely.
Some metros like Milwaukee, Phoenix, and Memphis saw much smaller property tax increases between 0.7% and 1.1%.
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Burberry’s new chief executive, Joshua Schulman, could earn up to £12.2 million through a new bonus plan linked to company performance and share price growth. The luxury brand reported a return to profit and steady sales after cutting costs and focusing on core products under Schulman’s leadership.
Key Facts
Joshua Schulman became Burberry’s CEO in July 2024, replacing Jonathan Akeroyd.
Schulman earned £4 million in the year ending March 2024, including a salary, bonuses, and relocation pay.
Burberry made a pre-tax profit of £49 million, improving from a loss of £66 million the previous year.
The company cut £80 million in annual costs, reduced store numbers, and regained customers in China and North America.
Sales remained flat at £2.4 billion after adjusting for currency effects.
Schulman’s basic salary will rise 3% to £1.24 million from July 2024.
A new long-term bonus could pay Schulman up to 300% of his salary if he meets targets like increasing revenues to £3.1 billion by 2029.
Finance director Kate Ferry’s pay more than doubled to £2.5 million, with potential to reach £5.6 million if targets and share price goals are met.
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UK government ministers are discussing pausing a planned carbon tax on fertilisers to help reduce rising food prices. They are also considering suspending import tariffs on various foods and fertilisers to support farmers facing higher costs due to global fuel and fertiliser price increases linked to the conflict in Iran.
Key Facts
Ministers want to delay a carbon tax on fertilisers set for early next year.
The carbon tax would charge importers based on the pollution created when making fertilisers.
Fertiliser prices have increased sharply since the Iran conflict, which affects shipping routes.
High fertiliser costs risk causing farmers to leave fields unplanted, which would raise food prices.
The government aims to suspend tariffs on foods like bread, biscuits, and bananas to help with food inflation.
There is disagreement between the Treasury and the Department for Business and Trade about changing the law to pause the tax.
The UK produces around 40% of its own fertilisers, importing the rest.
Farmers could face significant financial losses next year due to rising costs from the conflict in Iran.
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A couple found two paintings in a skip while walking their dog and later sold them at auction for £16,000. The paintings were by Louis Wain, a famous British artist known for his cat drawings.
Key Facts
The couple found the paintings in a skip and hung them in their home for several years.
They researched the artist and learned it was Louis Wain, celebrated for his cat art from the late 1800s and early 1900s.
The paintings sold for £16,000 at Rogers Jones Auctioneers.
Louis Wain struggled financially during his life and often sold artwork for small amounts.
Wain's life inspired the 2021 film, The Electrical Life of Louis Wain, starring Benedict Cumberbatch.
Wain worked as an art teacher and freelance artist before becoming famous for his cat drawings.
British law says taking items from skips can be risky without permission because the items may still belong to someone or pose safety hazards.
The couple chose to remain anonymous but shared their story through the auction house.
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The European Union fined the Chinese shopping site Temu €200 million for selling illegal and unsafe products like baby toys and dangerous chargers. The fine comes after a long investigation showed Temu did not properly check the safety of products on its platform, violating EU rules called the Digital Services Act.
Key Facts
Temu was fined €200 million (£173 million) by the EU for selling unsafe and illegal products.
The investigation lasted 19 months and found many dangerous items, including choking hazards in baby toys and chargers that could cause fire or shocks.
Consumer groups reported problems with products containing banned chemicals and unsafe metals like lead.
The EU said Temu’s website controls were weak, and their recommendation systems may spread illegal products more widely.
This is the largest fine under the EU’s Digital Services Act, a law to protect people online that started in February 2024.
Temu’s parent company, PDD Holdings, made $54 billion globally in 2024, mostly from Temu and Pinduoduo.
Temu serves 130 million consumers in the EU, about one-third of the population there.
Temu is allowed to appeal and must submit a plan by August 28 explaining how it will fix these issues.
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The Ogallala Aquifer, the largest underground water supply in the U.S., is running out due to heavy use for farming irrigation. This decline threatens agricultural production, food prices, and rural economies in the Great Plains region.
Key Facts
The Ogallala Aquifer lies beneath eight states from South Dakota to Texas.
It provides about 30% of the groundwater used for irrigation in the U.S.
The aquifer supports around 20% of the country’s agricultural output.
Water levels have dropped by more than 200 feet in some areas since the mid-1900s.
Water is being used faster than nature can refill the aquifer, losing more than it gains each year.
Farming crops like corn, wheat, and cotton depend heavily on this water.
Climate change and droughts are expected to make water shortages worse.
Up to 40% of the aquifer may no longer support irrigation within decades if the trend continues.
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The European Union fined Chinese-owned online retailer Temu €200 million for selling unsafe products like dangerous baby toys and faulty chargers. The EU said Temu failed to properly check these products and now must fix the problems by August.
Key Facts
The EU fined Temu €200 million for selling illegal and unsafe products.
Problem products included baby toys with harmful chemicals and choking risks, and chargers that failed safety tests.
Temu was investigated since October 2024 as a Very Large Online Platform under EU law.
An independent mystery shopping test found many products did not meet safety standards.
Temu disagrees with the fine and says it is too big.
Temu must submit a plan to fix issues by August 28, and the EU will review it within two months.
This is the second fine under the EU Digital Services Act, after a €120 million penalty for Elon Musk’s X social media.
EU officials say the fine sends a strong message about safety responsibility for big online platforms.
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A chocolate snack called SkinnyDipped Dark Chocolate Coconut Almond Bites is being recalled across the U.S. because it may contain peanuts that are not listed on the label. The recall aims to protect people with peanut allergies from serious or life-threatening reactions.
Key Facts
The recalled product is SkinnyDipped Dark Chocolate Coconut Almond Bites.
The issue was found after a consumer reported peanut butter inside the product.
This chocolate snack usually contains coconut and almonds coated in dark chocolate.
The recall affects products sold nationwide in specific batches with best by dates in December 2026.
No illnesses have been reported so far.
People with peanut allergies could have severe reactions if they eat the product.
The FDA requires clear labeling of major allergens, including peanuts.
Consumers should check packaging for affected lot codes, avoid eating the product, and return it for a refund.
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Sports wagering apps and prediction markets use games and internet memes to attract young people. These platforms let users bet money on real or unusual events, often making it seem like a game instead of gambling. Studies show most users lose money, and experts worry this easy access may lead to gambling addiction among young people.
Key Facts
Prediction markets like Kalshi and Polymarket use memes and casual messages on social media to attract younger users.
Users can bet on real events (like sports outcomes) or unusual predictions (like alien existence).
Most users lose money; research on Polymarket found 69% of users lost money, with profits going mainly to a few top traders.
These platforms allow users 18 years and older to bet, which is younger than the 21-year minimum age for gambling in many U.S. states.
Experts say the 18-21 age range is critical for brain development and young people are more vulnerable to gambling addiction.
Researchers and doctors warn that easy access and fast-paced betting make young people more at risk for harmful gambling habits.
Senators Katie Britt and Richard Blumenthal proposed a law to stop sports betting ads targeting minors on social media.
Marketing experts say these companies use memes and internet humor deliberately to reach young audiences.
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A government-backed report warns that over 1 million young people in the UK are not in work, education, or training, risking a £125 billion annual cost to the economy. The report highlights that this situation harms the country’s finances and the future prospects of young people, urging policy changes to address the issue.
Key Facts
More than 1 million young people aged 16-24 in the UK are not in education, employment, or training (known as "Neet").
This is the first time since 2013 that the number of Neet young people has risen above 1 million.
The report estimates the annual cost of youth worklessness to the UK economy and public finances at £125 billion.
Being Neet causes long-term harm to young people’s confidence, health, and future income, with an average lifetime earnings loss of £52,000.
If all Neet young people aged 18-24 had jobs, the UK economy would gain £38 billion in gross domestic product.
The government spends about £8.1 billion a year on benefits for young people, with £4.4 billion going to those who are Neet.
The longer young people stay without work or education, the harder and more costly it is to help them re-enter the workforce.
The report recommends changes in policies for schools, health services, welfare, and employment support to reduce youth disengagement.
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A frozen treat called De Dios’s Ice Pops II is being recalled in four U.S. states because it may have undeclared ingredients that can cause serious allergic reactions. The Food and Drug Administration (FDA) warned that these allergen risks stem from problems found during an inspection of the company's production process.
Key Facts
The recall affects ice pops sold in New Jersey, New York, Pennsylvania, and Connecticut.
Undeclared ingredients include milk, pecans, pistachios, and two synthetic food dyes: Yellow #5 and Red #40.
The recall applies to products made before April 27, 2026, across multiple flavors.
The FDA found issues with the company’s manufacturing that allowed allergen contamination.
No illnesses have been reported related to these popsicles so far.
Food allergies can cause mild to life-threatening reactions, such as difficulty breathing.
The FDA and health officials plan to phase out Yellow #5 and Red #40 due to health concerns.
Consumers should not eat these popsicles if they have allergies and should return them for a refund.
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The head of the UK’s biggest homebuilder says buying a first home is as hard now as it was after the 2008 financial crisis. Rising interest rates, student debt, and low wage growth are making it difficult for young people to afford homes, especially in London and the southeast.
Key Facts
David Thomas, CEO of Barratt Redrow, said first-time buying is very challenging, similar to after the 2008 crisis.
Higher student loan repayments reduce young people’s ability to get mortgages.
The average age of first-time buyers is increasing, causing concerns about fairness between generations.
Barratt Redrow and other builders want the government to create a support package for first-time buyers.
Fewer first-time buyers are in the market now (6% less than last year).
Those buying are looking for homes about £10,000 more expensive than last year.
Average first-time buyer homes cost £254,750, rising by 4.3%, faster than overall UK house price growth of 1.5%.
In London, the average price for first-time buyer homes passed £500,000 for the first time.
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The Albanese government’s proposed tax reforms are expected to financially benefit 90% of young Australians, according to Treasury modelling. The changes include a $1,000 tax deduction, a $250 tax offset for working Australians, and updates to capital gains tax and negative gearing rules.
Key Facts
Treasury modelling shows 90% of young Australians will gain from the new tax reforms.
The reforms include a $1,000 automatic tax deduction and a $250 working Australians tax offset (Wato).
Capital gains tax and negative gearing rules are also being changed as part of the reforms.
Young people in the top 10% of lifetime income are expected to pay more tax under the new system.
The proportion of property investors under 40 has dropped from 35% in 2000 to about 20% in 2023.
Only about 10% of Australians under 35 own shares, according to tax office data.
Some critics worry people with large share investments might pay more tax, but Treasury says investors will still benefit after tax.
Labor faces internal disagreements over whether to give exemptions for small or start-up businesses affected by the capital gains tax changes.
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Young people, especially those in Generation Z, are using social media platforms like Instagram, TikTok, and LinkedIn in new ways to find jobs during a difficult job market. They create videos, personal posts, and creative presentations to catch the attention of employers directly because traditional job applications are not leading to many interviews.
Key Facts
Generation Z workers face a tough job market with fewer openings and more competition.
The global hiring rate is at a five-year low, and job applicants per position have increased by nearly 30%.
Many young job seekers use social media content, such as videos and slide decks, as part of their job search.
Some Gen Z candidates send over 300 to 1,000 applications without success before trying new strategies.
Video résumés help job seekers show personality, creativity, and passion beyond a paper résumé.
Young workers’ creative posts can lead to referrals, interviews, and job offers.
Employers are using AI tools to screen résumés, making it harder to stand out with traditional applications.
Social media is becoming an important tool for networking and landing job opportunities for young candidates.
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A recent survey found that CEOs of major global companies have lost confidence in the economy, mainly due to the ongoing war in Iran. This drop in confidence may slow down hiring and investment, which could affect economic growth.
Key Facts
CEO confidence fell 12 points in the second quarter to a level of 47; a number below 50 means more CEOs feel negative than positive.
The survey included 141 CEOs from Fortune Global 500 companies and was conducted from May 4 to May 18.
Nearly half (47%) of CEOs said economic conditions have worsened compared to earlier this year, up from just 8%.
Only 15% of CEOs think economic conditions are better now than six months ago, down from 39% in the first quarter.
CEO confidence had increased after President Donald Trump took office due to hopes for reduced regulation and tax cuts.
Optimism fell after changes in tariff policies and has now dropped further because of the Iran war.
Despite lower confidence, many CEOs still plan to increase spending on investments in the coming year.
General American optimism about the economy is also low, according to other recent surveys.
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Albert Manifold was removed from his role as BP chairman due to serious concerns about governance and conduct. He denies the accusations against him and says no issues about his behavior were raised during his time as chairman.
Key Facts
Albert Manifold was BP’s chairman for less than a year before being removed.
BP’s board cited "serious concerns" about governance, oversight, and conduct for his dismissal.
Manifold disputes the negative claims about his behavior and calls them lies.
He says no one raised concerns about his conduct or relationships while he was chairman.
Manifold emphasized he focused on protecting shareholder interests and controlling company expenses.
He stated he did not misuse company benefits like private flights or sports tickets.
Manifold said he personally made his own coffee and bought his lunch at a local cafe.
The removal was immediate and followed reports about bullying and overbearing behavior.
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Oil prices increased after Iran attacked a U.S. airbase in response to American air strikes. The amount of commercial shipping passing through the Strait of Hormuz dropped to nearly zero due to the rising conflict.
Key Facts
Iran said it attacked a U.S. airbase after U.S. strikes near the Strait of Hormuz.
The Strait of Hormuz is a key route for oil shipments.
Commercial traffic through the Strait of Hormuz fell sharply to almost none.
Benchmark crude oil prices rose on May 28, 2026.
The U.S. and Iran are engaged in escalating military actions in the region.
President Trump stated no country would control the Strait of Hormuz under future agreements.
Other related business news includes Australia suing 3M over chemicals and Brazil supporting more oil exploration in the Amazon.
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