The Food and Drug Administration (FDA) has allowed Juul to keep selling its e-cigarettes, saying their studies show the products are less harmful for adult smokers compared to regular cigarettes. This decision covers tobacco- and menthol-flavored e-cigarettes after Juul removed other flavors linked to teen use. Juul once faced market removal but is now among the few with FDA permission to sell menthol-flavored vapes.
Key Facts
The FDA has allowed Juul to sell its tobacco- and menthol-flavored e-cigarettes.
Juul’s studies suggest these e-cigarettes are less harmful than traditional cigarettes for adults who switch completely.
Juul previously stopped selling fruit and candy flavors that were popular with teens.
Juul is one of two U.S. companies allowed to sell menthol-flavored vapes.
Parents and antitobacco groups oppose the FDA’s decision due to Juul's past impact on teen vaping.
The FDA's decision is not an endorsement, and they've stated non-smokers should not start using e-cigarettes.
Juul agreed to pay $1.7 billion in 2022 to settle lawsuits related to teen vaping issues.
The FDA had temporarily ordered Juul products off the market in 2022 but reconsidered this after further review.
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Jaguar Land Rover (JLR) plans to cut up to 500 management jobs. The company cites US trade tariffs and decreasing sales as reasons for this decision. JLR started a voluntary redundancy program, expecting cuts to impact no more than 1.5% of its UK workforce.
Key Facts
JLR will cut up to 500 management positions.
The job cuts are related to US trade tariffs and lower sales.
The company paused exports to the US due to tariffs.
JLR warned about profit impacts from a 10% tariff on British cars to the US.
JLR has over 30,000 employees in the UK.
The UK recently reduced car tariffs to the US from 27.5% to 10%.
JLR is a significant employer in the UK car industry, with sites in Solihull, Wolverhampton, and Halewood.
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A former president of a Federal Reserve Bank emphasized the importance of the Federal Reserve being independent from political influences. This independence helps the Fed manage economic policy effectively, without being affected by short-term political goals.
Key Facts
Loretta Mester, former president of the Federal Reserve Bank of Cleveland, spoke about the importance of Fed independence.
The Federal Reserve influences the economy with a delay, so staying independent helps avoid short-term political pressures.
President Trump suggested firing Federal Reserve Chair Jerome Powell for not lowering interest rates.
Firing Powell could threaten the Federal Reserve's independence.
Federal Reserve is cautious about interest rate cuts due to concerns about inflation and tariffs.
Powell stated that Trump can't legally fire him before his term ends in May 2026.
The Fed focuses on two main goals set by Congress: stable prices and maximum employment.
The Fed and political leaders traditionally avoid interfering with each other's domains to maintain effective economic management.
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The jobs market in the UK is seeing fewer job openings and slower wage growth. According to the Office for National Statistics, job vacancies have been dropping for three years, and pay growth slowed to 5% from 5.2%.
Key Facts
The UK jobs market is experiencing a decline.
Job vacancies in the UK have fallen to 727,000.
This marks the third year in a row with fewer job openings.
Wage growth was 5% between March and May this year.
Previously, wage growth was slightly higher at 5.2%.
The Office for National Statistics collects and reports these figures.
Some companies may not be hiring new employees or replacing those who leave.
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Jane Street, a major trading company based in New York, is facing accusations from India's market regulator, SEBI, of manipulating the stock market. SEBI claims that Jane Street engaged in activities that caused misleading stock prices, affecting small investors. Jane Street denies these allegations and plans to challenge SEBI's decision.
Key Facts
Jane Street is a quantitative trading firm using mathematical models to decide trading strategies.
SEBI has accused Jane Street of manipulating India's stock market, specifically the Bank Nifty index, which tracks large Indian banks.
SEBI claims Jane Street used two entities: one to buy bank shares and another to bet on their decline in the derivatives market.
Allegedly, Jane Street's activities led to misleading market prices, hurting small investors who bought shares at inflated values.
SEBI described Jane Street's actions as creating a false appearance of market activity.
Jane Street denies these allegations, calling their trades "basic index arbitrage" and plans to contest SEBI’s ban.
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The UK video games industry is discussing issues related to social class, focusing on how people from working-class and low-income backgrounds face challenges entering and working in the field. Into Games, a group aimed at supporting these individuals, is working to increase opportunities by providing school outreach, internships, and training programs in several UK cities.
Key Facts
A big UK video game conference talked about social class issues in the industry.
The group Into Games held its first event for working-class and low-income people at the conference.
Into Games found that many people from working-class backgrounds start but do not finish the path to a job in video games.
Barriers identified include location, money, cultural familiarity, and lack of professional connections.
Their report showed that 59% of game workers felt excluded due to their background.
Only 13% of those in gaming come from lower socio-economic backgrounds, less than in other creative sectors.
Into Games plans to focus support efforts in six UK regions to help these individuals.
Over 100 game studios will work with Into Games to support working-class talent by 2025 and 2026.
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Inflation in the UK has increased more than expected, complicating the Bank of England's decision on whether to reduce interest rates next month. The Bank may delay plans to lower rates in August, as inflation remains above its target, but still anticipates a rate cut later in the year if inflation drops as expected.
Key Facts
Inflation in the UK has risen faster than predicted and is higher than the Bank of England's target.
The current interest rate is 4.25%, and there was an expectation to lower it in August.
Higher inflation makes it harder for the Bank of England to decide on rate cuts.
Economist Andrew Sentance suggested that cutting rates now would be "irresponsible."
A decline in the jobs market could encourage an interest rate cut if unemployment continues to rise.
Unemployment is expected to increase to 4.9% from last month's 4.6%.
Other major economies, like the eurozone, have lower inflation rates, with the eurozone at 2%.
The UK economy is not in a recession, though growth is slowing down.
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Barclays Bank has been fined £42 million by the UK’s Financial Conduct Authority (FCA) for not properly checking two clients for potential money laundering risks. The FCA said that Barclays facilitated the movement of money linked to financial crime by offering services to these clients.
Key Facts
Barclays Bank was fined £42 million.
The penalty was imposed by the UK's Financial Conduct Authority (FCA).
The bank failed to check two of its clients properly: Stunt & Co and WealthTek.
The FCA said Barclays’ actions increased the risk of financial crime.
The issue involved the potential for money being used in money laundering.
Barclays has not yet commented on the fine.
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The influencer industry is facing challenges as the economy becomes unstable. People are spending less money, and brands are cutting back on their advertising with influencers. This is affecting how influencers earn money and how audiences engage with them.
Key Facts
Financial market problems and changing tariffs are affecting the influencer industry.
Many people feel worried about their finances, according to a CBS News/YouGov poll.
More than half (54%) of Americans think the economy is doing poorly.
Brands are spending 10% less on advertising with online creators compared to last year.
Only 12% of brands plan to spend more than half of their advertising budgets on influencers.
There is a decrease in the number of influencers brands use in campaigns.
Nearly 12 million people in the U.S. identify as full-time influencers.
Influencers' average earnings are around $178,000 a year, but economic challenges could reduce these incomes.
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UK inflation, which measures how much prices increase over time, rose by 3.6% in the year up to June. This is the largest increase since January 2024 and impacts how much people have to pay for goods and services. This change may influence the Bank of England's decisions on interest rates.
Key Facts
UK inflation rose by 3.6% in the year to June.
This is the highest inflation rate since January 2024.
In May, the inflation rate was 3.4%.
Rising inflation means people need more money to buy the same items.
The increase in inflation was mainly due to smaller reductions in motor fuel prices.
Food prices have also increased for three months in a row, reaching their highest rate since February last year.
The Office for National Statistics (ONS) provided these figures.
The Bank of England may adjust interest rates in response to changes in inflation.
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Pop Mart, the Chinese company known for its Labubu dolls, expects its profits to increase by 350% for the first half of the year. This growth is due to a worldwide interest in their dolls and effective cost management.
Key Facts
Pop Mart expects profits to grow by 350% in the first six months of the year.
The company says its revenues have more than tripled from the previous year.
Labubu dolls are popular collectible toys that resemble small elf-like creatures.
Collectors are following the trend and eagerly buying the Labubu dolls, causing them to sell out quickly.
Pop Mart sells its toys in "blind boxes," where buyers don't know what's inside until they open them.
Since launching Labubu dolls in 2019, Pop Mart has expanded with over 2,000 vending machines and stores globally.
The company started trading shares on the Hong Kong Stock Exchange in 2020.
About 40% of the company's revenue in 2024 came from sales outside mainland China.
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Rachel Reeves, the UK Chancellor, urged the financial industry to change its "negative" view on savers investing in stocks and shares, aiming to help boost the economy. She announced new plans to assist investors and hinted at possible future changes to Individual Savings Accounts (ISAs), aiming to encourage more people to invest their savings instead of just keeping them in cash accounts.
Key Facts
Rachel Reeves is the UK Chancellor of the Exchequer.
She wants to change the negative perception surrounding investing in stocks and shares.
The government will work with the Financial Conduct Authority to offer new support to potential investors.
Reeves decided against reducing the tax-free limit on cash ISAs after objections from lenders.
The UK economy shrank in May, following a contraction in April.
There are concerns about possible tax increases in the upcoming Budget.
Reeves aims to boost retail investment so savers benefit from UK economic growth.
In the past, UK governments have encouraged public investment in company shares, like during the privatization of British Gas in 1986.
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Inflation in the United States increased last month, reaching the highest point since February due to tariffs that have raised costs for items like furniture and clothing. The Labor Department reported that consumer prices rose by 2.7% in June compared to the previous year, and by 0.3% from May to June. These changes create political challenges as they may influence the Federal Reserve's decisions on interest rates.
Key Facts
U.S. inflation hit its highest level since February due to increased tariffs.
Consumer prices increased by 2.7% in June from a year ago.
Monthly inflation rose by 0.3% from May to June.
Higher prices were noted in gasoline, groceries, appliances, and imported goods.
Core inflation, excluding food and energy, was up 2.9% in June from a year earlier.
President Trump has imposed various tariffs, including on imports from China and cars.
The Federal Reserve may keep interest rates steady while evaluating the economic impact.
Tariffs have been suggested to influence the Fed's reluctance to reduce borrowing costs.
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US inflation increased in June as tariffs on imports raised prices for items like clothing and coffee. Consumer prices climbed by 2.7% over the year, up from 2.4% in May, driven by higher energy and housing costs.
Key Facts
Consumer prices went up by 2.7% from June last year, compared to a 2.4% increase the previous month.
The increase in inflation was the fastest seen since February.
Tariffs on imports, which are taxes on goods brought into the country, contributed to rising prices.
Coffee and citrus fruit prices rose by 2.2% and 2.3%, respectively, from May to June.
Tariffs led to increased prices in some areas, such as toys, appliances, and clothing.
Prices for new and used cars, airfare, and hotel bookings decreased, balancing out some of the overall price increases.
President Trump imposed a 10% tax on most imported goods, and plans to raise tariffs from 1 August.
The White House believes tariffs will protect US businesses, but most economists warn they may result in higher consumer prices.
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The United Nations has reported an increase in violence by Israeli settlers and security forces against Palestinians in the occupied West Bank and East Jerusalem. The violence involves killings, home demolitions, and the forced removal of Palestinians, which the UN says violates international law.
Key Facts
The UN states that Israeli settlers and forces have increased attacks on Palestinians in recent weeks.
Since October 7, 2023, nearly 1,000 Palestinians have been killed in the West Bank.
Israel has demolished over 2,900 homes in the same period.
The UN criticized Israel for not taking measures to ensure safety and order in the West Bank.
A U.S. citizen, Sayfollah Mussallet, was killed by Israeli settlers recently.
The number of settler attacks has risen by 13 percent compared to last year.
Israel's military operation "Iron Wall" has displaced 30,000 Palestinians.
The UN accused Israeli forces of using live ammunition against unarmed Palestinians.
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A private spaceflight ended with a capsule splashdown in the Pacific Ocean, marking the first time in over 40 years that astronauts from India, Poland, and Hungary were in space. The mission, managed by Axiom Space, involved a SpaceX capsule that spent nearly three weeks at the International Space Station.
Key Facts
The space mission included astronauts from India, Poland, and Hungary, their first in over 40 years.
The SpaceX capsule left the International Space Station and landed in the Pacific Ocean near California.
The flight was organized by Axiom Space, a company based in Houston.
Axiom’s Peggy Whitson was the mission commander; she has spent 695 days in space over five missions.
Each participating country paid over $65 million for the mission.
The astronauts conducted many scientific experiments while in space.
Axiom has conducted four missions to the space station since 2022 as part of NASA’s plans to involve more businesses in space activities.
NASA plans to stop using the current space station by 2030.
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The UK government plans to encourage savers to consider investing their money for potentially higher returns instead of keeping it in low-interest accounts. As part of these efforts, the government will make a scheme permanent that helps first-time homebuyers get mortgages with low deposits.
Key Facts
The UK Treasury plans to encourage savers to invest in stocks and shares to potentially earn more money.
Banks will send information about investment opportunities to savers and there will be an advertising campaign to explain these options.
A scheme that helps first-time buyers by providing low-deposit mortgages will now be permanent.
UK Chancellor Rachel Reeves announced these plans in speeches aimed at boosting investment and financial services.
The Treasury will review risk warnings on investment products to help people better understand the risks involved.
There is a potential risk of fraudsters exploiting the new communication from banks about investment opportunities.
The Bank of England has eased restrictions on riskier mortgage lending, which could help more people purchase homes.
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Thames Water, the UK's largest water and waste company, reported a significant annual loss of £1.65 billion and is working to fix its financial issues, which could take at least a decade. The company is dealing with large debts and operational challenges, including increased pollution due to high rainfall and groundwater levels.
Key Facts
Thames Water reported a £1.65 billion loss for the year ending in March.
The company's debt increased to £16.8 billion.
Thames Water blames "significant rainfall and high groundwater levels" for a rise in pollution incidents.
The company faces an uncertain future, with past concerns about its potential collapse.
About 8,000 people work for Thames Water, which serves roughly a quarter of the UK population, mainly in London and southern England.
Thames Water has faced criticism due to sewage spills and leaks in recent years.
The company secured a £3 billion loan earlier in 2023 to help prevent a financial collapse.
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Planet Money Summer School is offering a new season of free educational podcasts about the role of government in the economy. This season covers topics such as how governments impact economic growth and innovation, the effectiveness of taxes, and the influence of regulations.
Key Facts
Planet Money Summer School is a free podcast series that teaches listeners about economics.
This season focuses on the political economy, which studies how government policies affect the economy.
Episodes explore questions like why some countries are wealthier than others and how government actions can benefit or hinder economic growth.
The show will discuss the impact of taxes on society and identify which taxes promote economic health.
Listeners will learn about government regulations and when occupational licensing might be excessive.
The series includes a case study on whether cuts of steak should be patentable.
There will be a live event in New York City on August 18, where fans can attend a live recording and participate in activities.
Planet Money+ members get early access to episodes and event tickets.
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China's economic growth slowed due to trade issues with the U.S. and ongoing challenges in its property market. The economy grew by 5.2% in the three months ending in June, slightly less than the previous quarter.
Key Facts
China's economy grew by 5.2% from April to June compared to the previous year.
The growth rate is down from 5.4% in the earlier quarter of the year.
Trade tensions with the U.S., involving high tariffs, are impacting the economy.
The U.S. and China have imposed high tariffs on each other's goods, over 100%.
President Trump set a deadline of August 12 for a long-term trade deal with China.
Economists predict China might not meet its "around 5%" growth target this year.
A major trade dispute led to the U.S. imposing a 145% tariff on Chinese goods.
China responded with a 125% tariff on certain U.S. products.
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