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Business news, market updates, and economic developments
Oil prices rose by more than 7%, exceeding $100 per barrel after President Trump announced a naval blockade on Iran and the Strait of Hormuz. The increase happened after peace talks between the U.S. and Iran failed, renewing concerns over oil supply disruptions.
Key Facts
Oil prices rose over 7% when markets opened, passing $100 per barrel.
Brent crude oil price increased by more than $7, reaching $102.29 per barrel.
The U.S. oil price, known as WTI, went up by roughly $8, reaching $104.56.
President Trump announced a naval blockade on Iran and the Strait of Hormuz.
Iran has been limiting oil exports through the strait by imposing a toll.
The blockade aims to stop Iran from using this control over oil transit as a bargaining tool.
U.S. gasoline prices had slightly decreased but may remain high due to the continued oil price surge.
Analysts suggest the blockade could discourage shipping, affecting oil prices further.
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Prediction markets are platforms where people bet on future events, from sports to international conflicts. Recently, trades related to the U.S. and Israel's conflict with Iran highlighted concerns about potential insider trading. Legal debates around regulation continue, with President Trump's administration supporting the prediction market companies.
Key Facts
Prediction markets are platforms where people bet money on future events.
Recent bets were made about a ceasefire in the Iran conflict, with some earning large profits.
There are concerns about insider trading in these markets.
Some traders have earned significant profits, such as $400,000 from a trade related to an international event.
President Trump's administration supports prediction market companies and has acted against state regulations.
Prediction markets are seen differently from regular gambling, leading to regulatory issues.
Some worry that easy access can lead to financial losses for people with gambling problems.
Polymarket is one of the major platforms for prediction markets.
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President Trump encourages countries affected by the Iran blockade, like China, to buy more U.S. oil. The U.S. is a major oil exporter, but it cannot fully replace the oil supply disrupted by the Strait of Hormuz blockade. U.S. oil exports have risen, but they still can't meet total global demand.
Key Facts
President Trump suggests countries buy more oil from the U.S. due to the Iran blockade.
The U.S. is the world's largest producer of oil and gas and a leading exporter of liquefied natural gas.
The Strait of Hormuz blockade has stopped about 20 million barrels per day from flowing.
The U.S. exports mostly light grades of oil, which are not always interchangeable with other types.
U.S. crude oil exports range from 3.5 million to 4.5 million barrels per day.
Persian Gulf oil producers have reduced output due to limited export routes.
U.S. exports of oil products like gasoline and jet fuel have been increasing.
The crisis might lead to more investment in U.S. infrastructure to expand oil export capacity.
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TV presenter Dan Walker will attend an employment tribunal after his former co-host, Claudia-Liza Vanderpuije, filed a case claiming she was bullied. ITN, Channel 5 News's production company, and Channel 5's owner, Paramount, are also involved in the case. The tribunal will start in London on April 20 and is expected to last five weeks.
Key Facts
Dan Walker is a TV presenter who used to work with Claudia-Liza Vanderpuije on Channel 5 News.
Vanderpuije has accused Walker of bullying, sexism, and misogyny.
ITN, the company that produces Channel 5 News, and Paramount, Channel 5's owner, are included in the tribunal as respondents.
Dan Walker reportedly denies all allegations and has over 50 character witness statements supporting him.
An earlier internal investigation found no evidence of misconduct against Walker.
The tribunal is scheduled to begin on April 20 in London and will last five weeks.
ITN CEO Rachel Corp is also named as a respondent to the claim.
Walker and Vanderpuije worked together on Channel 5 News starting in 2022, and Vanderpuije left in 2024.
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A property company linked to Richard Tice, deputy leader of Reform UK, did not pay £91,000 in required tax before distributing dividends. Tice and his party say this was a "minor administrative error" and that the correct tax was eventually paid through other means. Labour has called for an investigation, questioning Tice's integrity.
Key Facts
Richard Tice is the deputy leader of Reform UK and involved with a property company.
The company reportedly failed to pay £91,000 in tax before distributing dividends.
Tice and Reform UK claim the issue was a minor error and the correct tax was paid overall.
Labour has described the situation as a "major scandal" and wants an investigation.
The company, Quidnet REIT Limited, invests in property.
HM Revenue and Customs (HMRC) does not comment on individual cases.
Labour previously claimed Tice's company avoided nearly £600,000 in tax.
Tice argued there is no obligation to pay more tax than legally required.
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A recent analysis by LendingTree of U.S. Labor Department data shows that 22.1% of small businesses in the U.S. fail within their first year. The survival rates vary by state, with Washington, D.C. having the highest first-year failure rate at 32.9%. Some sectors, like the information industry, have higher failure rates than others.
Key Facts
22.1% of new U.S. businesses fail within their first year.
By ten years, 65.3% of businesses close.
Washington, D.C. has a first-year failure rate of 32.9%, the highest in the U.S.
Washington state has the lowest first-year failure rate at 17.5%.
The information industry has the highest first-year failure rate at 28.4%.
Professional services have a 25.5% first-year failure rate.
Business owners are increasingly worried about inflation and economic conditions.
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The CBS News program "Sunday Morning" on April 12 focused on various money-related topics. These included challenges of buying a home, health insurance problems, electric vehicles from China, concerns about data centers for artificial intelligence, and other consumer and financial issues.
Key Facts
The show highlighted difficulties people face when trying to buy a home.
It covered problems with health insurance companies denying claims.
Chinese-made electric vehicles (EVs) were discussed.
Some people oppose building data centers used for artificial intelligence.
The program featured stories about American Girl dolls and skin care entrepreneur Scarlett Johansson.
It included segments on roller coasters and why bingo is becoming more popular.
The show asked if mobile phones are secretly listening to conversations.
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Actress Scarlett Johansson spoke in a CBS News interview about how her experience with sensitive skin inspired her to start a new skincare brand called The Outset. She also talked about important roles in her acting career and her thoughts on artificial intelligence.
Key Facts
Scarlett Johansson has sensitive skin and struggled with it for years.
Her skin challenges motivated her to create a skincare product line.
The skincare brand she founded is named The Outset.
She discussed some of the major acting roles that changed her life.
Johansson shared her views on the effects of artificial intelligence.
The interview was published as a web exclusive by CBS News.
It is available to view through CBS News and their app.
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Inflation has become a significant and ongoing issue in the United States over the past five years. Rising prices, especially in gas, have been affecting the economy, and people are unhappy with the way it impacts their daily lives. Recent data shows a substantial increase in the cost of living, creating negative feelings about the economic situation among Americans.
Key Facts
Inflation began accelerating significantly around 2021.
Gasoline prices in March increased by 21.2%, the highest single-month rise since the 1960s.
The Consumer Price Index saw its highest spike since 2022, with a year-over-year increase of 3.3%.
Another inflation measure showed a 4.1% annual rate of inflation from December to February.
U.S. consumer sentiment about the economy is at its lowest in decades.
Since January 2021, consumer prices have risen a total of 26%.
Unemployment isn't high, but new hiring rates are low, impacting job seekers.
Wages have not kept up with inflation, rising 3.5% in the past year compared to 5.9% in 2022.
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The article discusses what to do if a medication is not covered by health insurance. It offers solutions like asking for alternatives, requesting exceptions from insurance, and applying for assistance programs to help cover costs.
Key Facts
Health insurance plans have a list called a formulary that shows which medications they cover.
Sometimes a medication is not covered, leaving the user to pay the full cost.
People can try using generic or similar medicines which might be cheaper.
It's possible to ask the insurance for a special exception to cover the medication.
Patients can also apply for programs that help pay for prescriptions, like patient assistance and copay programs.
Some insurance plans require trying cheaper medications first, a process known as step therapy.
Medications in higher tiers on an insurance formulary typically cost more, but one can request a tier exception to reduce costs.
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British Steel might need to be taken over by the UK government by the summer if a deal with the Chinese owner, Jingye, does not work out. The Scunthorpe plant, which employs a large portion of the workforce, is currently under government control to avoid closing its blast furnaces. The ongoing uncertainty about the company's ownership affects workers and the local economy.
Key Facts
An emergency law allowed the UK government to take control of British Steel in April 2025.
The Scunthorpe plant employs about 2,700 people, which is three-quarters of its workforce.
Labour MP Nic Dakin suggests bringing British Steel into public ownership if no deal is reached with Jingye.
Industry minister Chris McDonald emphasizes the importance of resolving the deal.
It costs the UK government approximately £1.3 million a day to operate British Steel.
British Steel secured contracts for a railway in Turkey and tracks for Network Rail.
No decision has been made about nationalizing British Steel, as negotiations with Jingye continue.
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The UK government is not worried about the rise of Chinese car imports, including the Jaecoo 7, which became the top-selling car in the UK. Although some are concerned about domestic car production, the government sees opportunities for jobs and investment. They are encouraging Chinese car manufacturers to set up factories in the UK.
Key Facts
A UK site, called Agratas, will become the largest electric vehicle battery factory next year, powering Jaguar Land Rover's electric cars.
Chinese car imports have increased and now account for about 15% of new cars sold in the UK.
The UK's Business Secretary, Peter Kyle, supports Chinese investment in car manufacturing in the UK.
Peter Kyle announced a £380 million grant to the Agratas facility.
UK domestic car production has decreased in the past decade.
Concerns exist about competition from Chinese cars and the impact on UK car manufacturers.
Some believe government regulations banning petrol and diesel cars have hurt UK car makers.
Unlike the EU and the US, the UK has not imposed tariffs on Chinese car imports.
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Gas prices in the United States have increased due to the Iran war, but tribally owned gas stations on Native American reservations offer cheaper fuel because they are exempt from state fuel taxes. People use apps to find affordable gas, with prices varying across regions such as California, New Mexico, and New York.
Key Facts
Gas prices have risen significantly since the Iran war started, reaching an average of $4.15 per gallon.
Tribally owned gas stations can sell fuel at lower prices because they don't have to pay state fuel taxes.
There are nearly 500 tribally owned gas stations across the U.S.
In Washington state, gas was $4.84 per gallon on a reservation, about 75 cents cheaper than nearby areas.
Some stations in California, New Mexico, and New York offer prices 50 to 60 cents lower than local competitors.
U.S. courts have ruled that states cannot impose taxes on Native American lands, allowing tribes to offer cheaper gas.
The Supreme Court upheld a treaty ensuring the Yakama Nation in Washington state is exempt from state fuel taxes.
Apps like Gas Buddy help drivers find the cheapest gas stations.
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The average cost of a new vehicle in the United States has nearly reached $50,000, increasing by 30% over the last six years. Rising car prices are largely due to automakers focusing on bigger, more expensive models, along with other economic factors such as high inflation and tariffs. Many consumers are responding by choosing longer loan terms, but this ultimately makes buying a car more expensive due to additional interest costs.
Key Facts
New vehicles in the U.S. now have an average price close to $50,000.
Car prices have increased by 30% over the past six years.
The proportion of cars sold for less than $30,000 has decreased to about 13%.
Many buyers are choosing 7-year loans, up from nearly 8% to over 12%.
Longer loans mean higher total costs due to interest payments.
Automakers have reduced production of smaller, cheaper cars in favor of larger SUVs and trucks.
The COVID-19 pandemic and supply chain issues have contributed to the rise in car prices.
Car insurance costs have increased by 55%, and repair costs by 48%, compared to six years ago.
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In February, more than one third of U.S. home sellers lowered their asking prices, marking a record high for the month. The market has become more favorable to buyers due to a rise in the number of homes available. Southern U.S. cities like San Antonio and Austin, Texas saw some of the highest rates of price cuts.
Key Facts
Over one third of home sellers reduced their asking prices in February, the highest level since records began in 2012.
On average, sellers cut their prices by $40,915, or 7.3%.
In some areas, such as San Antonio, Texas, over 57% of sellers lowered prices.
The U.S. currently has about 46.3% more home sellers than buyers.
The increased number of available homes has led to more negotiation power for buyers.
Many sellers in the South, especially in Texas and Florida, are cutting prices due to a large number of new homes.
Sellers in regions like the West and Northeast face less pressure to lower prices because demand remains high.
The data is based on closed sales and does not account for further price cuts that might happen before relisting.
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The article provides 14 suggestions on how to use your tax refund effectively. It focuses on financial planning, such as saving for retirement or paying off debt, as well as personal expenditures like vacations or special purchases.
Key Facts
The average tax refund last year was $3,167.
Using a tax refund to pay down debt can reduce interest payments.
Adding funds to a retirement account can help them grow over time.
Starting or boosting an emergency fund can prepare you for unexpected expenses.
Making a larger down payment on a car can lower future loan costs.
Tax refunds can fund vacations or significant personal purchases.
Donations to charity or family activities, like summer camps, are alternative uses.
Treating yourself to new experiences or home improvements can be another way to use your refund.
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A Chipotle customer questioned online why the restaurant's app limits tips to no more than 50% of the order total. Chipotle confirmed that the cap exists to prevent errors and fraud. The discussion reflects growing public concern about tipping practices in the U.S.
Key Facts
A Chipotle customer shared a social media post about tip limits on the restaurant’s app.
The app does not allow tips to exceed 50% of the order total.
Chipotle confirmed the tip cap to prevent customer errors and fraud.
Many Americans report confusion over current tipping norms.
A Pew Research Center survey found 72% of U.S. adults think tipping is expected more now than five years ago.
Bankrate found 63% of Americans have at least one negative view about tipping.
The tipping debate suggests some think businesses should pay workers more directly.
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Margaritaville at Sea offers a unique cruise experience with smaller ships, avoiding the typical mega-ship attractions. They have a special program called Heroes Sail Free, which provides free cruises to military personnel, veterans, first responders, and educators. The cruises depart from Florida to destinations like the Caribbean and Mexico.
Key Facts
Margaritaville at Sea's ships are smaller compared to other cruise lines.
Their ships focus on live performances, themed parties, and relaxed environments rather than typical large cruise ship attractions.
They offer a Heroes Sail Free program, which gives free cruises to military, veterans, first responders, and educators.
This program began in 2022 with the help of GovX.com.
The ships depart from Tampa and Palm Beach, Florida.
Destinations include southern Florida, the Caribbean, and Mexico.
Margaritaville at Sea's price points are lower than MSC and Carnival cruise lines.
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Younger adults, especially those aged 18-24, are increasingly becoming victims of tax scams, according to a 2026 McAfee survey. This generation's confidence in their tech-savvy skills and trust in AI tools may make them more vulnerable. Scammers exploit this confidence and younger adults often take fewer protective measures against fraud.
Key Facts
42% of 18-24-year-olds reported falling for tax scams, the highest rate among age groups.
23% of young adults experienced tax-related identity theft, compared to 5% of seniors.
Only 56% of young adults avoid unknown links, versus 81% of older adults.
A smaller percentage of younger adults use anti-malware protection compared to older adults.
The increase in tax scam vulnerability is linked to overconfidence and less caution among young adults.
Many younger people trust AI tools for tax preparation, which scammers exploit.
32% of Gen Z plan to use AI for taxes, higher than older generations.
Scammers now use more polished, professional-looking schemes to deceive victims.
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The latest inflation report reveals the highest price increase since 2024. President Trump’s administration announced plans for a new triumphal arch in Washington, D.C. Meanwhile, Russia and Ukraine are set to observe a temporary ceasefire for Orthodox Easter.
Key Facts
The recent inflation report indicates the largest price rise since 2024.
President Trump's administration plans to build a triumphal arch in the U.S. capital.
The arch plans are part of President Trump’s efforts to leave a lasting legacy.
Russia and Ukraine have agreed to a temporary ceasefire.
The ceasefire is planned for the celebration of Orthodox Easter.
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