New York City Mayor Zohran Mamdani announced a new budget plan to eliminate the city’s $12 billion debt without burdening working residents. The plan includes higher taxes on the wealthiest and financial aid from New York State, showing that increasing income is a bigger factor in improving finances than cutting small daily expenses.
Key Facts
NYC’s $12 billion debt will be erased without hurting working New Yorkers.
The budget includes a 2% personal income tax increase on the richest residents.
A $4 billion aid package from Albany greatly helped reduce the debt.
Experts say raising income matters more than cutting small expenses like daily coffee.
Nearly 25% of US households live paycheck to paycheck, with wages not keeping up with inflation.
Increasing income could mean negotiating pay, changing jobs, or creating a second income source.
Cutting small expenses saves money but doesn’t have as large an impact as higher earnings.
Some people struggle to get ahead financially despite reducing spending because wages are stagnant.
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Many people in the U.S. have high credit card debt with interest rates around 22%, causing financial problems. Some try to settle their debt on their own by negotiating with creditors, but this approach has risks like legal action and tax issues.
Key Facts
Credit card debt levels in the U.S. are at record highs.
Average credit card interest rates are close to 22%.
Many borrowers are late on payments and facing collections.
Settling debt means negotiating to pay less than what is owed.
Doing this alone can cause timing mistakes, leading to lawsuits or collections.
Creditors can sue for the full debt and may garnish wages or freeze bank accounts.
Forgiven debt may be taxed as income by the IRS.
Professional help can sometimes prevent legal problems and explain tax rules.
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The U.S. Postal Service is issuing special stamps to celebrate America's 250th birthday. These stamps show the bald eagle at five different stages of its life, from young chick to adult.
Key Facts
The Postal Service is marking the nation's 250th anniversary with new stamps.
The stamps feature the bald eagle, a symbol of the United States.
They show the eagle at five key life stages, including the hatchling and adult.
The stamp launch event took place at the National Eagle Center in Wabasha, Minnesota.
The bald eagle is recognized as a national icon.
These stamps are a special edition to honor this milestone birthday for America.
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Starbucks announced it will lay off 300 corporate workers and close some offices in the United States as part of changes to improve the company. The layoffs will only affect office employees, not workers at coffee shops. Starbucks is also thinking about changes in its offices outside the U.S.
Key Facts
Starbucks will lay off 300 corporate employees in the U.S.
The company plans to close some regional offices in the United States.
The layoffs affect only support staff in areas like marketing, human resources, and supply chain management.
No employees working at Starbucks coffee shops will lose their jobs.
Currently, no international staff are being laid off.
Starbucks is reviewing its corporate structure outside the U.S. but has not made decisions yet.
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Adjustable-rate mortgages (ARMs) currently have lower starting interest rates than fixed-rate mortgages, making monthly payments cheaper at first. However, because ARM rates can change after a few years, borrowers face the risk of higher payments later, especially given today's uncertain economic conditions.
Key Facts
Fixed 30-year mortgage rates are around 6.4%, while 5/1 ARM loans average about 5.6%.
A lower ARM rate can reduce monthly payments by roughly $150 on a $300,000 loan.
ARMs have an initial fixed rate period, after which the rate can change periodically.
Changes in ARM rates depend on market conditions and may increase payments over time.
Experts predict ARM rates could drop further in 2026, but this is not guaranteed.
Economic factors like inflation, oil prices, labor markets, and global conflicts cause interest rates to be volatile.
Borrowers should weigh short-term savings against the potential risk of rising costs in the future when considering ARMs.
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CBS Mornings Deals offers special discounts on everyday items. Viewers can find these deals at cbsdeals.com, where CBS earns a commission on purchases made through the site.
Key Facts
CBS Mornings Deals features products that could be useful daily.
Discounts are available exclusively through the CBS Deals website.
The website to visit for these deals is cbsdeals.com.
CBS earns money when people buy items through their deal site.
The deals were promoted on CBS Mornings, a news and talk show.
The article encourages viewers to take advantage of these special offers.
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President Donald Trump announced that Boeing will sell 200 airplanes to China, a deal made during his recent meeting with China's President Xi Jinping. The deal could increase to 750 planes and also involve General Electric supplying 400 to 450 engines.
Key Facts
Boeing is expected to sell 200 airplanes to China, with the possibility to expand to 750 planes.
The deal was announced by President Donald Trump after his summit with China's President Xi Jinping.
Boeing has not officially commented on the sale, nor has the White House released detailed information.
General Electric is expected to supply 400 to 450 engines for the planes.
Boeing CEO Kelly Ortberg joined President Trump on the trip to Beijing.
Boeing has faced production and safety challenges in 2024, including issues with the 737 Max model.
The U.S. Justice Department restarted then dismissed a criminal case against Boeing related to two fatal Max crashes after Boeing agreed to pay fines and compensate victims.
An eight-week strike by Boeing machinists disrupted production and added financial pressure on the company.
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Ticketmaster’s president publicly stated that the company has never confirmed its ticket queue positions are assigned randomly, raising questions about how fair the ticket-buying process really is. This comes after a court ruled that Ticketmaster’s parent company, Live Nation, holds illegal monopoly power in the ticketing market, leading to higher prices for customers.
Key Facts
A 2026 Manhattan jury found Live Nation, Ticketmaster’s parent company, guilty of illegal monopoly power in the ticketing industry.
The ruling said Live Nation’s control reduced competition and increased ticket prices by about $1.72 per ticket on average.
Ticketmaster’s global president, Saumil Mehta, said the company never officially stated that queue positions for buying tickets are random.
In 2018, Ticketmaster had said its virtual waiting room assigns queue positions randomly to keep ticket sales fair and prevent bots.
It is unclear if Ticketmaster’s messaging on how queues work has changed or if the system itself has changed.
Fans often question the fairness of ticket queues, especially during high-demand sales and presales.
Ticketmaster controls an estimated 63% of primary ticket sales in the United States.
The company faces ongoing scrutiny from regulators and lawmakers over ticket pricing, resale, and market dominance.
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Prospector Popcorn recalled some of its Belgian Chocolate Toffee-flavored popcorn because it contains soy, an allergen not listed on the package. The U.S. Food and Drug Administration (FDA) gave this recall a Class II risk warning, meaning the product could cause temporary or reversible health problems for some people.
Key Facts
The recall was announced on April 28 by Prospector Popcorn, a Connecticut company.
The product recalled is Belgian Chocolate Toffee-flavored popcorn, with 140 bags affected.
The popcorn contains undeclared soy lecithin, which is a common allergen.
The FDA classified the recall as Class II, indicating possible temporary or reversible health issues.
The popcorn was sold in Connecticut and New York.
The affected products have expiration dates between August 5 and October 24, 2026.
No illnesses related to the recalled popcorn were reported by May 14.
Soy is one of the nine major food allergens, which also include milk, eggs, peanuts, and others.
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The British pound dropped to its lowest level in five weeks, heading for its worst week in a year and a half, due to concerns about possible UK leadership changes. Manchester mayor Andy Burnham is planning to challenge Prime Minister Keir Starmer, which worried investors about potential increases in government borrowing and spending.
Key Facts
The pound fell by about 2% to $1.336, its weakest point in five weeks.
This is the largest weekly drop against the US dollar since President Trump’s 2024 election win.
Andy Burnham intends to run for parliament and may challenge Keir Starmer for prime minister.
UK government bond yields rose sharply, signaling higher borrowing costs.
Yields on 10-year UK bonds hit nearly 5.17%, the highest since 2008.
Investors fear Burnham could loosen fiscal rules and increase government debt.
Burnham said earlier that the UK is trapped in low economic growth and debt problems but has softened his stance recently.
The political uncertainty is causing instability in financial markets and could last for some time.
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The United States is becoming a leading energy power again by growing its oil, gas, coal, and nuclear industries. This shift comes after reduced support for expensive wind and solar energy that require large amounts of land.
Key Facts
The U.S. energy industry includes fossil fuels like oil, gas, and coal.
Nuclear power is becoming more important in the country’s energy mix.
Wind and solar energy have faced criticism for being costly and taking up much land.
There were past efforts by environmental groups to limit fossil fuel use.
The U.S. aims to strengthen its position as a global energy leader.
The energy changes affect the economy and how the country produces power.
This development marks a change from previous energy policies focused mainly on renewables.
The article highlights a practical approach to energy rather than idealistic or purely environmental goals.
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The UK's aviation watchdog, the Civil Aviation Authority (CAA), is considering new rules that may force Heathrow Airport to allow other companies to compete in building its proposed third runway and terminal. These changes aim to control construction costs and protect airlines and passengers from high fees.
Key Facts
Heathrow wants to build a third runway and a new terminal as part of a £33 billion expansion plan.
The CAA is exploring four regulatory changes, including tighter spending controls and allowing rival developers to bid on construction.
One idea is to let another company design, finance, build, and run the new terminal in competition with Heathrow Airport Limited (HAL).
This competition would require a change in government policy on airport expansion.
The UK government currently favors Heathrow’s plan over a rival proposal by the Arora Group, which suggested a shorter, less costly runway.
Heathrow’s expansion aims to increase airport capacity to 756,000 flights and 150 million passengers annually.
Heathrow says it supports reforms that improve efficiency but opposes those that could delay the project or harm economic growth.
A final planning decision on Heathrow’s expansion is expected by 2029.
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The Sunday Times Rich List for the UK has named Sir David Beckham, his wife Victoria, and Oasis brothers Noel and Liam Gallagher among the wealthiest people. The list ranks the richest individuals and families based on their estimated wealth, with the Hinduja brothers topping it for the fifth year in a row.
Key Facts
Sir David Beckham and Lady Victoria have an estimated combined wealth of £1.1 billion.
Noel and Liam Gallagher are estimated to be worth £375 million.
The Hinduja brothers lead the list with a fortune of £38 billion.
This year, the list shows 157 UK billionaires, down from 177 four years ago.
King Charles has a wealth of £680 million, ranking him higher than former Prime Minister Rishi Sunak and his wife.
Some wealthy individuals have left the list due to moving abroad, including foreign nationals and UK citizens now living outside Britain.
Emily Eavis and her family, known for organizing the Glastonbury festival, were added as new entrants with an estimated wealth of £400 million.
The "40 under 40" Rich List includes Tyson Fury and many self-made entrepreneurs, especially those linked to London-based AI startups.
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A coffee shop called Coffi Lab in Whitchurch, Cardiff, apologized after banning students from studying there during exam time. The cafe removed the ban and said it was overwhelmed by students staying a long time and not always buying food or drinks.
Key Facts
Coffi Lab put up a sign banning students from studying in the cafe without an adult.
The ban was due to students spending long hours there, often without buying anything.
The sign referred students to use the library across the street for studying.
The cafe later removed the sign and apologized for the way it handled the situation.
A father said his 15-year-old son and friends were politely asked to leave while revising for exams.
Coffi Lab said staff felt the situation put pressure on the cafe’s capacity and other customers’ comfort.
The ban was described by the cafe as a temporary measure while working with the local school.
The coffee chain said it wants its spaces to be welcoming to everyone in the community.
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Tesco’s chief executive, Ken Murphy, earned £10.8 million last year, about £1 million more than the previous year, as the supermarket grew its market share to the highest in ten years. Tesco removed its food waste reduction target from Murphy’s bonus plan and added a market share goal, while the company plans to cut its food waste by 50% by 2030.
Key Facts
Ken Murphy received £10.8 million in total pay last year, including salary, bonuses, and shares.
Murphy’s basic pay increased by 3% to £1.54 million for this year.
Tesco’s market share rose to 28.1%, its highest since 2013, with a goal of reaching 30%.
Murphy’s long-term bonus was reduced because Tesco missed its food waste reduction target.
Tesco aims to reduce food waste by 50% by 2030 compared to 2017 levels and had cut 24% by the end of last year.
Tesco replaced the food waste target with a market share target in the executive bonus scheme for future years.
Tesco’s profits rose 8.5% to £2.4 billion, and sales increased 4.3% to £66.6 billion in the year ending February.
Tesco staff received a £65 million bonus, averaging about £347 per full-time worker.
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David Beckham and his wife Victoria have become the first British sports couple with a combined wealth over one billion pounds, according to the 2026 Sunday Times Rich List. Beckham made much of his fortune from his soccer career, team ownership, and brand deals, while Victoria earned hers mainly through her fashion business.
Key Facts
David and Victoria Beckham’s combined wealth is about 1.185 billion pounds ($1.58 billion).
This makes David Beckham the first British sportsman to become a billionaire.
David Beckham retired from playing soccer in 2013 and co-owns the Miami Major League Soccer team valued at 1.07 billion pounds ($1.4 billion).
Beckham earned money through brand deals with companies like Adidas and Hugo Boss.
Victoria Beckham’s wealth comes mostly from her fashion label; she previously was a member of The Spice Girls music group.
Other wealthy British sports figures on the list include Formula One champion Lewis Hamilton (435 million pounds) and golfer Rory McIlroy (325 million pounds).
Promoters Barry and Eddie Hearn, involved in boxing and other sports, have also become billionaires with a combined worth of 1.035 billion pounds ($1.38 billion).
Manchester United co-owner Jim Ratcliffe’s wealth fell due to business losses, now estimated at 15.194 billion pounds ($20.3 billion).
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Mortgage rates are still high at about 6.4%, which makes buying a home expensive for many people. Borrowers can often negotiate lower mortgage rates or fees by comparing offers from different lenders and using competing quotes to get better deals.
Key Facts
Current average mortgage rates are around 6.4%, which is high compared to previous years.
Lower mortgage rates can save homebuyers significant money on monthly interest payments.
Borrowers can negotiate mortgage rates because lenders' rates include a margin that reflects profit and risk.
The best way to negotiate is by collecting offers from multiple lenders and asking a preferred lender to match or beat the lowest rate.
Various lenders—big banks, regional lenders, online companies, and credit unions—may offer different rates and fees.
Besides interest rates, borrowers can negotiate lender fees like origination, underwriting, application, and rate lock fees.
Borrowers with strong credit scores, steady income, and large down payments have more power to negotiate better rates.
Improving credit health before applying, such as paying down debt and fixing errors, can increase chances of getting a lower rate.
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The stock market is rising strongly, while the bond market shows concerns about inflation and economic risks. Investors in stocks are optimistic about technology and government support, but bond investors want higher pay due to inflation and debt worries.
Key Facts
Stocks, led by tech optimism and AI advances, are hitting record highs.
Bond investors are more cautious and expect higher inflation and risks.
The 30-year U.S. Treasury yield recently topped 5%, the highest since 2007.
Government spending during crises has supported economic growth in the past.
There is a disconnect between stock and bond markets on economic outlook.
Investment-grade corporate bonds still see strong demand due to company stability.
Rising Treasury yields mean investors want more compensation for lending money to the government.
If economic risks rise, stock and bond markets may react differently than before.
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The UK aviation regulator, the Civil Aviation Authority (CAA), proposed that Heathrow Airport might have to let other companies compete to design and build its third runway and new terminal. This could help lower construction costs and increase efficiency by allowing rival bids. Heathrow and other parties are discussing these proposals, which aim to control expenses linked to the airport’s expansion.
Key Facts
The CAA suggests changes that would let other companies bid to build and operate parts of Heathrow’s third runway project.
This approach would create competition between Heathrow and outside developers.
The CAA’s toughest idea would let a competitor build and run their own terminals at Heathrow, similar to a system at JFK Airport in New York.
The UK government approved Heathrow’s runway plan to open by 2035, but formal planning to start construction by 2029 is still pending.
Heathrow’s new chair is in talks with airlines and the rival Arora Group to resolve cost disputes for the expansion.
British Airways controls over half of Heathrow’s flight slots and wants construction costs capped at £30 billion.
Arora Group offers a cheaper £25 billion proposal and is working with airlines to reduce airport operating costs.
Heathrow airport is owned by a group of investors led by France’s Ardian and includes sovereign wealth funds from Qatar, Singapore, and Saudi Arabia.
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