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Business news, market updates, and economic developments
Starting in April, council tax bills in England will increase by an average of 4.9%. This tax rise is meant to help local councils manage financial pressures but surpasses the current inflation rate, impacting the cost of living.
Key Facts
Council tax for a typical Band D property in England will rise to £2,392 per year, an increase of £111.
Most councils can raise council tax by up to 5%, but a few have permission to increase it even more due to financial challenges.
In Shropshire, council tax for Band D properties will go up by 9%, while in North Somerset, it will increase by 8.6%.
Some areas like Hartlepool and Middlesbrough will see smaller increases of about 2.5% on average.
Councils with responsibilities for social care can raise tax by up to 5%.
Current inflation stands at 3%, meaning the council tax rise will exceed inflation.
Council tax funds about half of local councils' budgets for services such as social care, libraries, and street cleaning.
There are changes coming in government funding that will affect how much councils receive and may influence future tax increases.
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People have placed many bets on the outcomes of the US-Israeli war on Iran using platforms like Polymarket and Wall Street. These bets have raised concerns of insider trading, as some seem to have been made with inside knowledge of events or decisions from the US government.
Key Facts
Traders have made high-value bets on platforms like Polymarket during the US-Israeli war on Iran.
Polymarket is a platform where users can bet anonymously on event outcomes, including political events.
Concerns about insider trading grew after well-timed bets linked to US plans and actions against Iran.
Researchers found dozens of new accounts placing successful bets just before important events.
Some accounts had no prior activity history, which is considered a sign of possible insider trading.
A recent example includes $2 million in bets placed on specific outcomes in the Iran conflict.
Similar suspect trading also happened in financial markets, like oil futures, just before key announcements by President Trump.
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A popular brand, Ziegenfelder, is changing the way it colors its Twin Pops popsicles. The company is switching from synthetic dyes to natural colorings from fruits and vegetables. This change is part of a larger trend in the food industry to reduce artificial ingredients.
Key Facts
Ziegenfelder is changing its popsicle colors to be sourced from fruits and vegetables.
The company aims to keep the popsicles tasting the same despite the color change.
Twin Pops will be slightly more expensive, with the price rising from $3.78 to $3.99.
The switch to natural dyes is part of a larger effort in the food industry to reduce synthetic dyes.
The U.S. Food and Drug Administration supports labeling products with natural colors as having "no artificial colors."
The updated popsicles started appearing locally and will roll out nationally by Memorial Day.
The transition required significant product development and is a notable investment for the company.
The new colors come from sources like radishes and spirulina, resulting in softer hues.
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There have been unusual trading patterns surrounding major decisions made by President Donald Trump that seem to benefit select traders. These trades often occur just before he announces actions that impact global markets, raising concerns of potential insider trading. There is currently no evidence linking President Trump or his officials to these trades, but investigations may occur.
Key Facts
Suspicious trading activity has taken place just before President Trump’s significant announcements.
An example includes $580 million in oil futures traded before Trump paused strikes on Iranian targets.
Democrats plan to investigate possible insider trading linked to Trump's decisions.
Anonymous trading on platforms like Polymarket shows a pattern difficult to trace to specific individuals.
Federal guidelines prohibit use of nonpublic information for personal financial gain, but proving such cases is complex.
The Trump administration has reduced resources for prosecuting insider trading and fraud.
No direct evidence links Trump or his officials to the suspect trades, per current reports.
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California Governor Gavin Newsom criticized Elon Musk, the CEO of Tesla, for losing leadership in the electric vehicle market to China. Newsom argued that changes in federal policies under President Trump and Musk's business choices have helped China dominate the electric vehicle field. Newsom discussed these points in an interview, during which he also mentioned other tech leaders and their impact.
Key Facts
Governor Gavin Newsom described Elon Musk as a major disappointment for shifting Tesla's focus away from electric vehicles to robotics.
Musk is being compared to Thomas Edison for pioneering electric vehicles in the U.S., but Newsom feels he's now boosting China's 70% share of the global EV market.
Newsom criticized the Trump administration for removing federal incentives aimed at promoting electric vehicle use.
Newsom claimed losing EV market leadership could hurt national security and America's auto industry.
He credited California's regulations for enabling Musk's initial success but pointed out Musk's move away from these foundations.
During Newsom's book tour, he highlighted other tech leaders, praising OpenAI's Sam Altman and commenting on Peter Thiel's broad influence.
Newsom said Thiel, a major political donor, should not be categorized only by his political donations.
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Jamie Lee Curtis discussed her career and her success in the entertainment industry during a keynote session at the South by Southwest festival. She shared how she has developed her projects by focusing on strong ideas and following through with determination. Curtis has successfully produced movies and shows, including "The Lost Bus" and "Scarpetta," where her role as a producer has evolved over time.
Key Facts
Jamie Lee Curtis spoke at the South by Southwest festival about her career.
She has acted in many well-known movies, such as "Halloween" and "Everything Everywhere All at Once."
Curtis started Comet Pictures, her production company, inspired by an idea she had over 30 years ago.
Her project, "The Lost Bus," is a true story and has been nominated for an Academy Award.
Curtis adapted Patricia Cornwell’s book series "Scarpetta" into a TV series on Amazon Prime.
Nicole Kidman stars in "Scarpetta" and convinced Curtis to also act in the series.
Curtis once held rights to produce a story about Glenn Burke but chose not to proceed.
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A UK High Court has ordered the estate of the late Mike Lynch to pay Hewlett-Packard (HP) around £930 million in damages. This follows allegations that Lynch inflated the financial status of his company, Autonomy, before selling it to HP in 2011. The court denied appeals by Lynch's estate against previous rulings related to the case.
Key Facts
Mike Lynch sold his company, Autonomy, to Hewlett-Packard for £8.2 billion in 2011.
A UK court has ruled that Lynch's estate must pay £930 million in damages to HP.
HP accused Lynch of inflating Autonomy's revenue figures, claiming it led to a financial loss.
The court's decision came after a trial in 2019 that was one of the UK's largest civil fraud cases.
Lynch and his daughter died in a sailing accident in August 2024.
The Lynch estate was denied permission to appeal the court's decision.
Autonomy was known for software that processed unstructured data, like emails and videos.
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The UK's inflation rate stayed at 3% in February. The increase in clothing prices pushed the rate up, while a drop in petrol costs helped balance it out. The data was collected before the US-Israel war with Iran, which might increase inflation.
Key Facts
UK inflation rate remained at 3% in February.
The main reason for inflation was a rise in clothing prices.
Petrol prices fell, which helped balance inflation.
Data was collected before the US-Israel war with Iran started, which could impact future inflation.
Clothing and footwear prices increased by 0.9% over 12 months.
Discounted alcohol contributed to lower inflation, with alcohol and tobacco inflation at its lowest since February 2022.
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The hosts of The Receipts Podcast, Audrey Indome and Tolly Shoneye, have decided to step down after ten years of running the show. They plan to find new hosts through an open application process while continuing to work behind the scenes. The podcast will remain active with fresh hosts bringing new perspectives.
Key Facts
The Receipts Podcast was created in 2016 as a platform for black women to discuss various topics.
Audrey Indome and Tolly Shoneye, the hosts, announced their departure after nearly 300 episodes.
They signed an exclusive deal with Spotify in 2019.
The hosts plan to look for new podcast hosts through a "Pod Idol"-style search.
They aim to keep their legacy alive by mentoring and providing opportunities for new talent.
The podcast's spin-off reached number one on the Apple Podcasts chart.
Tolly Shoneye emphasizes the importance of diverse voices and providing a home for those who don't fit the 'typical' host mold.
Audrey Indome and Tolly Shoneye intend to stay involved in shaping the podcast's future behind the scenes.
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Oil prices dropped after President Trump mentioned ongoing peace talks with Iran, but Iranian officials disputed the claim. The price of Brent crude briefly rose but remains higher than before recent US-Israeli attacks on Iran. The conflict has caused energy shortages, with concerns that Europe could face issues next month.
Key Facts
Oil prices fell sharply after President Trump talked about peace negotiations with Iran.
Brent crude oil dropped by 6.6% to $97.56 a barrel.
US-traded oil prices decreased by over 5.5% to $87.20 a barrel.
Iranian officials called the peace talks claim "fake news" as conflicts with Israel continued.
President Trump mentioned Vice President JD Vance and Secretary of State Marco Rubio in the discussions.
The ongoing conflict has caused a global energy crisis and concerns about fuel shortages in Europe.
The Strait of Hormuz, a key route for global oil and gas, has been disrupted by the conflict.
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Shared ownership is a government-backed housing scheme in the UK intended to help people buy homes gradually by purchasing a portion and paying mortgage and rent on the rest. Some participants, like Riccardo and Simone Bertagna, face unexpected challenges, including rising service charges and maintenance issues, which they say make these homes difficult to sell and unaffordable over time. A report from the National Audit Office highlights that many buyers might not fully understand the financial risks involved.
Key Facts
Shared ownership allows people to buy part of a home and pay rent on the rest.
Riccardo and Simone Bertagna own 25% of a flat in London and face rising service costs and maintenance issues.
Their service charge increased to nearly £300 a month, despite property problems.
The National Audit Office finds complexities in shared ownership can lead to financial difficulties.
Shared owners might face high service charges, with no official cap on these fees.
The scheme helps those with lower incomes who cannot afford full mortgage deposits.
There are around 250,000 shared ownership homes in England.
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Larry Fink, head of BlackRock, says that if oil prices reach $150 a barrel, it could lead to a global recession. Factors like the ongoing conflict in the Middle East and the role of Iran are influencing oil prices. Fink also spoke about the current state of financial markets and the impact of rising energy costs.
Key Facts
BlackRock's boss, Larry Fink, warns that $150-a-barrel oil could trigger a global recession.
The conflict in the Middle East is affecting oil prices, which could stay high if Iran continues to pose a threat.
BlackRock controls $14 trillion in assets, making it one of the largest investors globally.
Fink sees two possible outcomes: stabilization of Middle East tensions could lower oil prices, or prolonged conflict could keep prices high.
Rising energy costs are seen as a "regressive tax," impacting poorer populations more than wealthier ones.
Fink believes countries should use a mix of energy sources, including solar and wind, to sustain growth.
Fink dismisses fears of a repeat of the 2007-08 financial crisis, stating that financial systems are more robust now.
He also denies the existence of an AI investment bubble, although acknowledges potential for some market failures.
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Epic Games is laying off over 1,000 workers to save money due to industry challenges and slower sales. The company says this move is not related to artificial intelligence but stems from slower growth and increased competition from social media and other entertainment. Epic Games has approximately 4,000 employees after these layoffs.
Key Facts
Epic Games is reducing its workforce by over 1,000 employees.
The layoffs aim to save money amidst industry and company challenges.
The job cuts are not due to artificial intelligence developments.
Industry-wide issues like slower growth and less spending are partly to blame.
Games like Fortnite face competition from social media and other online entertainment.
Epic is also dealing with challenges returning to mobile platforms after legal issues with Apple and Google.
After these layoffs, Epic Games has around 4,000 employees.
Previous layoffs in 2023 saw 830 jobs cut, which was about 16% of its staff at that time.
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Oil prices nearing $100 a barrel are creating challenges for the Federal Reserve as it deals with high inflation and a slowing job market. Jerome Powell, the Federal Reserve Chair, stated that the central bank is taking a cautious approach. This situation was discussed with Austan Goolsbee from the Federal Reserve Bank of Chicago.
Key Facts
Oil prices are close to $100 per barrel.
The Federal Reserve is dealing with high inflation.
The job market is currently slowing down.
Jerome Powell is the Chair of the Federal Reserve.
The Federal Reserve is adopting a "wait and see" strategy.
Austan Goolsbee is from the Federal Reserve Bank of Chicago.
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Elbit Systems, a large Israeli weapons manufacturer, is growing quickly due to ongoing conflicts involving Iran, Palestine, and Lebanon. The company is closely connected to policy-making, and activists are working to try to shut it down.
Key Facts
Elbit Systems is Israel's largest weapons manufacturer.
The company is experiencing rapid growth because of wars in Iran, Palestine, and Lebanon.
The article mentions Elbit's links to policy-making processes.
Activists are making efforts to shut down the company.
Al Jazeera's Hala Al Shami reported on Elbit Systems' current situation.
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A jury in New Mexico decided that Meta, the company that owns Facebook, Instagram, and WhatsApp, broke state consumer protection laws. They failed to tell users about the risks their platforms present to children's safety and mental health. Meta now faces a penalty of $375 million, with plans from the state for further actions to improve child protection on these platforms.
Key Facts
A New Mexico jury found Meta violated state consumer protection laws.
Meta owns Facebook, Instagram, and WhatsApp.
The jury saw thousands of violations of these laws by Meta.
Meta was fined $375 million by the jury.
The violations involved not revealing risks related to child safety and mental health.
State prosecutors argued Meta prioritized profits over safety.
New Mexico plans to seek more penalties and changes to protect children.
Meta plans to appeal the verdict, disagreeing with the jury's decision.
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Humana and CommonSpirit Health have agreed on a nationwide contract, keeping CommonSpirit's facilities in-network for Humana Medicare Advantage members across 24 states. This contract ensures members can access in-network medical care without extra costs for the next three years. The deal restores healthcare access in areas like Colorado and Texas, which previously faced disruptions.
Key Facts
Humana and CommonSpirit Health have a new nationwide contract.
The agreement covers Humana's Medicare Advantage members in 24 states.
Members can use CommonSpirit hospitals and facilities at in-network rates.
The contract prevents disruptions that previously affected some patients.
CommonSpirit operates nearly 140 hospitals and over 2,300 outpatient sites.
In Colorado and Texas, some coverage was lost at the start of 2025.
The contract lasts for three years, providing temporary stability.
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The FDA has linked Raw Farms' cheese to an E. coli outbreak across multiple states. Although the FDA suggested a voluntary recall, Raw Farms has declined, claiming their products are safe. The congressional Food Safety Caucus is urging the FDA to mandate a recall.
Key Facts
Raw Farms is the largest distributor of raw milk.
The FDA linked Raw Farms' cheese to an E. coli outbreak in three states.
There have been seven confirmed E. coli cases, with two requiring hospitalization.
The congressional Food Safety Caucus wants the FDA to force a recall.
Raw milk is unpasteurized, meaning it hasn't been heated to kill bacteria.
Unpasteurized milk sales were mostly illegal but have become legal in some Republican states since 2008.
Some people believe raw milk has health benefits, although the FDA warns it can be dangerous.
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Rising gas prices due to the war in Iran have led to higher long-term interest rates in the United States, affecting loans for homes, cars, and businesses. This makes it less likely that the Federal Reserve will cut interest rates this year, with some investors now seeing a chance of a rate increase. Economists expect inflation to rise, which may force the Fed to focus on controlling inflation rather than lowering rates.
Key Facts
Gas prices have risen due to the war in Iran, affecting U.S. interest rates.
Higher interest rates are making loans more expensive for homes, cars, and businesses.
The Federal Reserve is now less likely to cut interest rates this year.
Some investors predict a possible increase in interest rates later in the year.
Inflation is expected to rise, which may prompt the Fed to keep rates steady or increase them.
The Federal Reserve often raises interest rates to combat inflation.
The uncertainty in the economy comes from a mix of rising gas prices and ongoing inflation above the Fed's target.
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"Project Hail Mary," a sci-fi movie starring Ryan Gosling, opened in theaters with $80 million in the U.S. and $140 million worldwide. This marks a record opening for Amazon/MGM and the second-best debut for Ryan Gosling. The movie performed well on bigger screens like IMAX.
Key Facts
"Project Hail Mary" opened with $80 million domestically and $140 million worldwide.
It is a sci-fi movie starring Ryan Gosling, directed by Phil Lord and Christopher Miller.
The film's opening is a record for Amazon/MGM and Ryan Gosling’s second-best after "Barbie."
IMAX and other Premium Large Formats made up 54% of the box office earnings.
Second place at the box office was "Hoppers," which earned $18 million in its third weekend.
"Dhurandhar The Revenge," an Indian film, opened with a $13.5 million four-day total in the U.S.
"Ready or Not 2: Here I Come" opened to $9.1 million domestically.
"Reminders of Him" earned $8 million in its second weekend, totaling $33 million domestically.
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