Japan's central bank increased its main interest rate to its highest level in 30 years to address inflation issues. The rate hike was designed to strengthen the country's currency and manage the cost of imports contributing to inflation. Prime Minister Sanae Takaichi supports efforts to control inflation, though increased interest rates could impact government borrowing costs.
Key Facts
The Bank of Japan raised its interest rate by 0.25 percentage points to approximately 0.75%.
This is the first rate increase since January and the highest rate in 30 years.
The rate hike is intended to combat inflation that is above the bank's target.
Japan's inflation rate, excluding food and fuel, rose by 3% in November.
A stronger yen could lower import costs and help reduce inflation.
Higher interest rates can increase government borrowing costs.
The Bank of Japan might raise rates again next year to reach 1%.
Major central banks elsewhere, such as in the US and UK, are lowering their interest rates.
ByteDance, the company that owns TikTok, has agreed to sell most of its TikTok business in the United States to a group of investors. This sale is set to complete on January 22 to address U.S. national security concerns.
Key Facts
ByteDance owns TikTok, which is a popular app for sharing short videos.
ByteDance signed agreements with investors, including Oracle, Silver Lake, and MGX, to sell most of its U.S. business.
The deal is expected to be finalized on January 22.
The sale comes after efforts by the U.S. government to push ByteDance to sell TikTok's U.S. operations.
President Donald Trump delayed a law that would ban TikTok unless it was sold.
The agreement will allow over 170 million Americans to keep using TikTok.
TikTok described the agreement as opening up a world of endless possibilities for its users in the U.S.
The UK's Financial Conduct Authority (FCA) has decided to lift the current contactless card payment limit of £100. Banks and card providers will have the option to set their own payment limits or go unlimited, and consumers can also choose to set personal limits or disable contactless payments.
Key Facts
The new rules allowing changes to contactless payment limits will start in March.
Banks can set payment limits or allow unlimited payments without a PIN.
The FCA encourages banks to let customers set their own limits or turn off contactless payments.
The current contactless limit in the UK is £100, which was gradually increased over time.
Contactless payments using a smartphone don't have a spending cap, relying on security like thumbprints.
The FCA survey showed most consumers (78%) do not want the limit changed.
People express concern that unlimited contactless limits could lead to increased spending and potential financial abuse.
The UK's Cash Access UK is opening more shared banking hubs to maintain access to cash.
This year, a traditional Christmas dinner with turkey and sprouts will cost more than last year. The increase is mainly due to bird flu affecting turkey supplies and bad weather impacting sprout harvests. Overall, food prices are rising more slowly now compared to past years.
Key Facts
A typical Christmas dinner costs about £32.45 this year, a 4% increase from last year.
Turkey prices have increased by 7.37% due to bird flu, rising to £20 for a standard 10lb bird.
Brussels sprouts are up by more than 9%, costing 94p a bag.
Dry weather affected sprout harvests, requiring extra watering for crops.
Food price increases have slowed since the 2022 spike after Russia's invasion of Ukraine.
Other costs like pork are also up, with pigs in blankets costing 5.3% more.
Some supermarkets are lowering vegetable prices to compete for Christmas shoppers.
Instacart has settled charges from the U.S. Federal Trade Commission (FTC) by agreeing to pay $60 million in refunds. The FTC accused Instacart of misleading customers about its free delivery offers and subscription service terms. The company denies any wrongdoing but agreed to the settlement to move forward.
Key Facts
Instacart will pay $60 million in refunds to settle FTC allegations.
The FTC claims Instacart misled shoppers about free delivery offers and subscription terms.
Court documents were filed in San Francisco.
Instacart denies the allegations but chose to settle.
The FTC is also investigating Instacart's pricing practices involving its Eversight tool.
A study indicated price discrepancies for the same items at the same stores.
Concerns were raised about the use of AI to adjust prices possibly leading to higher costs.
Instacart's stock fell by 1.5% following the news of the settlement.
The United States has outlined its demands for changes to the trade relationship with Canada, particularly in areas like dairy market access and online streaming regulations. The demands came from U.S. trade representative Jamieson Greer during discussions on the North American trade agreement, USMCA. Key requests include opening Canada's dairy market to U.S. products and revising Canadian laws affecting U.S. media companies.
Key Facts
U.S. trade representative Jamieson Greer listed U.S. trade demands to Congress.
The U.S. wants Canada to open its dairy market more to U.S. farmers.
Canada’s current dairy system limits how much U.S. dairy can enter without tariffs.
The U.S. accuses Canada of unfair pricing and export practices in the dairy sector.
The U.S. wants changes to Canada's Online Streaming Act, which affects U.S. media companies.
The law requires platforms like Netflix to promote and financially support Canadian content.
The U.S. also seeks resolution on the Canadian Online News Act, influencing tech companies like Meta and Google.
President Trump has previously considered leaving the USMCA agreement, but Canada and Mexico wish to continue it.
Today, the Bank of England lowered interest rates to their lowest level since early 2023. Despite this, the Bank does not expect the economy to grow by the end of the year. Additionally, President Trump has initiated a blockade on sanctioned oil tankers entering and leaving Venezuela, which has increased tensions between the two countries.
Key Facts
The Bank of England cut interest rates to the lowest level since early 2023.
Chancellor Rachel Reeves stated this move is beneficial for people with mortgages and businesses with loans.
The Bank of England expects no economic growth by the end of this year.
Tensions between the US and Venezuela are rising due to an oil tanker blockade.
President Trump ordered a total blockade on sanctioned oil tankers related to Venezuela.
Caracas has criticized the US blockade as aggressive threats.
The news was discussed in a broadcast by the BBC, presented by Tristan Redman.
Inflation in the U.S. recently increased by 2.7% compared to last year, which is less than many expected. A new jobs report showed weak growth and the highest unemployment rate in four years. These factors might support more interest rate cuts in 2026.
Key Facts
Inflation rose by 2.7% over the past year.
This inflation rate was lower than many economists predicted.
A new jobs report was recently released after a delay.
The report showed weak job growth.
The unemployment rate is the highest it has been in four years.
These economic conditions might lead to more interest rate cuts in 2026.
Geoff Bennett and Austan Goolsbee discussed these economic trends.
The Bank of England made a decision to lower interest rates, often referred to as a "Santa rate cut," to help boost a slow economy. The cut was made possible by declining inflation rates, and the bank expects more cuts in the future, though they might be more difficult to decide. The drop in interest rates is intended to encourage spending by making saving less attractive.
Key Facts
The Bank of England cut interest rates, which they call the "Santa rate cut."
This decision came after inflation showed signs of decreasing.
Governor Andrew Bailey believes inflation will reach the target of 2% by April.
There was a close vote on the rate cut, with Bailey as the deciding voter.
Some members of the Monetary Policy Committee think the normal interest rate could be as low as 3%.
The UK economy is currently not growing, described as "lacklustre."
Businesses have reported no immediate rebound in economic activity.
High savings rates, especially among older consumers, are seen as limiting economic growth.
TikTok has plans to sell its U.S. business to a group of American investors, including Oracle, Silver Lake, and MGX. This move will create a new U.S.-based joint venture for TikTok, which might help the app avoid a potential ban in the United States due to regulatory issues. Users are not expected to experience immediate changes in their use of the app.
Key Facts
TikTok will sell its U.S. business to Oracle, Silver Lake, and MGX.
The agreement sets the deal to close on January 22.
Oracle, Silver Lake, and MGX will own 15% each of the new joint venture.
ByteDance, TikTok's parent company, will keep a 19.9% share.
Affiliates of existing ByteDance investors will hold about 30.1%.
TikTok will continue to operate normally for U.S. users for now.
The new ownership aims to reduce regulatory pressures on TikTok in the U.S.
Longer-term changes, like data handling adjustments, may happen gradually.
President Donald Trump's social media company plans to merge with TAE Technologies, a firm working on nuclear fusion, in a $6 billion deal. This merger aims to create new energy solutions for AI data centers and is part of the Trump family's expanding business interests. The deal expects to close by mid-2026, with plans to develop a fusion power plant.
Key Facts
President Trump is leading a $6 billion merger between his media firm and TAE Technologies.
The merger aims to provide energy for AI data centers using nuclear fusion.
TAE Technologies is supported by big names like Google, Chevron, and Sumitomo.
The deal, made entirely in stock, will give shareholders equal ownership after closure in mid-2026.
Trump Media will include ventures like Truth Social, TAE Power Solutions, and TAE Life Sciences.
Trump Media's shares rose by 33% following the merger announcement.
TAE intends to build the world’s first large-scale fusion power plant soon.
The merger was approved by both companies' boards and is backed by significant political support.
BP has appointed Meg O'Neill, previously from Woodside Energy, as its new CEO. O'Neill will lead BP as it refocuses on fossil fuels and aims to improve financial performance. BP plans to sell $20 billion in assets by 2027 to reduce costs and debt.
Key Facts
Meg O'Neill is BP's first external CEO hire in over 100 years and the first woman to lead a top-five oil company.
O'Neill will begin her role in April after Murray Auchincloss's departure.
BP plans to sell $20 billion in assets by 2027, including its Castrol lubricants business.
BP aims to increase its U.S. oil and gas production to 1 million barrels per day by the decade's end.
BP is reducing its focus on renewable energy to concentrate more on oil and gas.
BP's chairman, Albert Manifold, stresses a need for greater restructuring for increased profitability.
Woodside's shares fell by 2.9% following the announcement of O'Neill's departure, while BP's shares rose by 0.3%.
The United States Postal Service (USPS) will change its mailing prices on January 18, 2026, except for First-Class Mail stamps, which will stay the same. The changes involve price increases for various mailing services as part of USPS's efforts to modernize and remain financially stable. These changes will undergo review before they take effect.
Key Facts
USPS plans to change some mailing prices starting January 18, 2026.
First-Class Mail stamp prices will not change.
Priority Mail service prices will rise by 6.6%.
Priority Mail Express service prices will increase by 5.1%.
USPS Ground Advantage service prices will go up by 7.8%.
Parcel Select service prices will increase by 6.0%.
The changes aim to help USPS remain competitive and financially sustainable.
The Postal Regulatory Commission will review these price changes.
Trump Media & Technology Group plans to merge with TAE Technologies, a company involved in nuclear fusion, in a deal worth over $6 billion. The combined company aims to build the first large-scale fusion power plant by next year and has plans for more in the future. Both firms will have equal ownership once the deal is completed, pending approvals.
Key Facts
Trump Media & Technology Group (TMTG) is merging with TAE Technologies in a $6 billion deal.
TMTG is known for President Trump's Truth Social platform.
TAE Technologies focuses on nuclear fusion and energy solutions.
The merger aims to construct the first large-scale fusion power plant next year.
This new company will be one of the first publicly traded fusion companies.
The merger is expected to complete by mid-2026 if approved by regulators and shareholders.
TAE Technologies has received over $1.3 billion in funding from investors like Google and Goldman Sachs.
This move marks a shift for Trump Media from social media to the energy sector.
Bloomingdale's is investigating after a customer found a "Free Palestine" note in a Hanukkah-themed pajama order. The store is checking their shipments to ensure no other similar notes are included. Bloomingdale's apologized and is taking the issue seriously.
Key Facts
A customer found a "Free Palestine" note in a Bloomingdale's Hanukkah-themed pajama order.
The pajamas had Jewish symbols, and the note was found on top of the receipt.
Bloomingdale's is investigating the source of the note at the fulfillment center.
The company has opened all packages to ensure no other notes like this exist.
Bloomingdale's apologized to the customer and gave a full refund.
The incident follows global tensions related to the Gaza conflict.
Bloomingdale's stated that discrimination has no place in their business.
An article discusses the impacts of a recent interest rate cut, identifying groups that benefit or are disadvantaged by the change. The interest rate cut influences borrowers and savers differently, affecting their financial situations.
Key Facts
Interest rates have been reduced recently.
Borrowers are likely to benefit from this reduction as loan payments may decrease.
Savers might be negatively affected because savings accounts could earn less interest.
Lower interest rates can stimulate economic activity by making borrowing cheaper.
The decision to cut interest rates is often made to support the economy.
Different sectors, such as housing or businesses, may experience varying impacts.
Category: business
In November, price increases in the U.S. slowed down as costs for some goods like hotels, milk, and clothing fell. Prices rose by 2.7% over the year, which is less than the 3% increase noted in September. This trend might support further interest rate cuts by the U.S. central bank.
Key Facts
U.S. prices increased by 2.7% over the 12 months to November.
The increase in prices was lower than the September rate of 3%.
Some of the price reductions were seen in items like hotels, milk, and clothing.
Analysts had expected higher price increases.
President Donald Trump is under pressure to manage inflation.
The report from the Labor Department was delayed due to a government shutdown.
The holiday shopping season may have influenced recent price changes.
Missing data from October makes it hard to determine long-term trends.
An independent report has found that farmers are worried about proposed changes to inheritance tax, which could impact the future of their farms. The report offers 57 recommendations to improve farming productivity and resilience but highlights the inheritance tax as a primary concern. The government plans to work closely with the farming sector to address these issues.
Key Facts
Farmers are concerned about changes to inheritance tax that could affect businesses worth more than £1 million at a 20% tax rate starting April 2026.
The report includes 57 recommendations to boost farming productivity and resilience.
Baroness Minette Batters, the author of the report, emphasized that there's no simple solution to making farms profitable.
A new farming and food partnership board will be created to improve productivity and profitability.
The report suggests that costs will be 30% higher in 2026 compared to 2020 for the farming sector.
Farmers are dealing with high input costs, low commodity prices, and extreme weather conditions.
The government's farming budget has remained nearly the same since 2007, despite increasing demands.
Trump Media & Technology is merging with a fusion power company called TAE Technologies in a deal worth over $6 billion. Devin Nunes, CEO of Trump Media, will become co-CEO of the new company along with TAE Technologies CEO Michl Binderbauer. The merged company plans to build a large fusion power plant next year to supply electricity for artificial intelligence.
Key Facts
Trump Media & Technology and TAE Technologies are merging.
The deal is valued at over $6 billion.
Devin Nunes will be a co-CEO, sharing the role with Michl Binderbauer.
The company plans to build the first large-scale fusion power plant.
They aim to provide electricity for powering artificial intelligence.
Construction on the fusion power plant is expected to begin next year.
Six Flags Magic Mountain in Valencia, California plans to demolish two well-known rides aimed at young children. The rides, Magic Flyer and Tweety’s Escape, will be removed as part of changes at the park, which has been open since 1971. Six Flags, which operates multiple amusement parks, has experienced financial challenges recently.
Key Facts
Six Flags Magic Mountain will remove two rides known as Magic Flyer and Tweety’s Escape.
The park is located in Valencia, California.
Magic Flyer is a small roller coaster for young children, reaching a height of 10 feet.
Tweety’s Escape involves cages that gently sway in a circular motion.
The rides have entertained children for many years and are considered gentle attractions.
Permit filings value the two rides at a total of $20,000.
The demolition aligns with ongoing changes and upgrades at the park.
Six Flags has faced financial challenges and reported lower-than-expected results recently, although the company did not specify why the rides are being removed.
