Sam Altman and Elon Musk testified in a trial about the future leadership and funding of OpenAI. Musk claims OpenAI has moved away from its original nonprofit mission to make money for leaders like Altman, while Altman says Musk is motivated by jealousy and revenge.
Key Facts
Elon Musk filed a lawsuit saying OpenAI abandoned its nonprofit goal to benefit humanity and now focuses on profit.
Musk claims OpenAI leaders worked with Microsoft to take over a charity after convincing him to donate $38 million.
Sam Altman testified calmly for about four hours, denying Musk’s claims and insisting he believes in OpenAI’s mission.
Altman admitted he was very angry when OpenAI’s board removed him temporarily as CEO in 2023 and considered leaving to lead AI research at Microsoft.
Both Altman and Musk have expressed frustration and feelings of betrayal related to control and leadership at OpenAI.
Altman returned to OpenAI under a new board because he cared about the mission and the people, not just money.
Musk and Altman have competing AI projects and a complicated personal rivalry that impacts their views on OpenAI’s direction.
The trial highlights the tension between the nonprofit goals of AI research and the financial interests of its leaders.
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A planned Trump-branded luxury tower project in Australia’s Gold Coast has been canceled, stopping the Trump Organization’s first development in the country. The project failed due to financial issues reported by the Trump Organization, while the Australian partner said the Trump brand was seen negatively in Australia.
Key Facts
The Trump Organization planned a $1.5 billion luxury tower in Gold Coast with Altus Property Group.
The project included a 285-room hotel, 272 luxury apartments, a beach club, and retail space.
Altus Property Group said the Trump brand became toxic in Australia, hurting the project.
The Trump Organization said Altus did not meet required financial commitments in their licensing deal.
Altus denied personal conflict with the Trump family and said they hope to finish the project with another luxury brand.
The Trump Organization expressed disappointment after months of negotiations and unfulfilled promises by Altus.
A map shows Trump-branded hotels and developments worldwide, including the U.S., India, the Middle East, and South America.
The Gold Coast project collapse raises questions about the global expansion of Trump Organization properties.
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Many employers struggle to find the right job candidates because their online job ads do not stand out or reach the right people. Using the right job platforms and writing clear, specific job descriptions can help attract qualified applicants and improve hiring results.
Key Facts
Many online job ads fail to attract suitable applicants because they blend in or reach the wrong audience.
The job market is crowded with many job boards, so employers must compete for job seekers’ attention.
Different job platforms serve different types of candidates; for example, LinkedIn suits professional roles, while niche boards like Mediabistro are good for specialized jobs.
Posting on multiple platforms can increase reach but spreading budget evenly across all may not work well.
Clear job descriptions that specify responsibilities, required skills, and salary ranges help candidates self-select and improve application quality.
Salary transparency is legally required in some places and helps attract more serious applicants.
Vague terms like "fast-paced environment" and "team player" do not help candidates understand the role and may deter them.
Hiring success depends on a digital-first approach that targets the right candidates through tailored job postings.
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Inflation in the US rose to 3.8% in April, higher than the Federal Reserve’s 2% target, causing mortgage interest rates to likely increase. This rise in inflation may lead to higher borrowing costs for homebuyers and borrowers looking to refinance, as lenders adjust rates even before the Federal Reserve acts.
Key Facts
Inflation increased from 3.3% in March to 3.8% in April 2026.
The inflation rate is at its highest since May 2023 and nearly double the Fed’s 2% goal.
The Producer Price Index rose 1.4% in April, the largest jump since March 2022, showing higher costs for producers.
The Federal Reserve has kept interest rates steady so far in 2026 but might raise them due to rising inflation.
Mortgage interest rates are expected to go up as lenders respond to inflation news ahead of any Fed action.
Borrowers may consider locking in current mortgage rates to avoid future increases.
Lower mortgage rates may depend on factors like easing overseas conflicts and lower oil prices.
Paying mortgage “points” (a fee) might be necessary to get a lower interest rate in the current market.
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The U.S. government has started refunding American businesses for tariffs imposed during President Donald Trump’s second term that courts found unlawful. The refunds come after the Supreme Court ruled that Trump wrongly used emergency powers to impose global tariffs, requiring the government to return money collected from import duties.
Key Facts
Courts ruled that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) during President Trump’s second term were unlawful.
The Supreme Court decided in February with a 6-3 vote that Trump exceeded his legal authority in applying these global tariffs.
The U.S. Treasury Department began issuing tariff refunds to importers affected by the ruling; the first confirmed refund was $110,000 to wine importer VOS Selections.
Customs and Border Protection (CBP) has cleared the first batch of refunds and sent them for payment.
The total amount of tariffs collected and potentially refundable is estimated at $166 billion plus interest.
A court is overseeing the refund process and expects a progress report by May 26.
The tariffs affected thousands of U.S. companies relying on foreign goods, especially small businesses.
Refunds go to businesses that paid the tariffs, not to consumers who may have paid higher prices.
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The U.S. Department of Justice is looking into unusual trading activity connected to changes in the oil market. This comes as oil prices have been unstable due to the conflict involving Iran and the closing of the Strait of Hormuz, which is a key route for oil exports.
Key Facts
The Department of Justice is investigating suspicious trading patterns linked to swings in oil prices.
The Commodity Futures Trading Commission (CFTC) is also investigating this trading activity.
Oil prices have been volatile because of the war with Iran.
Iran has effectively closed the Strait of Hormuz, a major route for oil and gas exports from the Gulf.
The closure has caused oil prices to rise sharply.
Countries are seeking other sources for oil due to disrupted exports.
The average price for a gallon of gas in the U.S. was $4.51 on Wednesday, according to AAA.
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Trump Mobile announced that their T1 Phones will start shipping this week. The company shared this information through a representative from their customer service team.
Key Facts
Trump Mobile is releasing a new phone called the T1 Phone.
Shipping of the T1 Phones will begin this week.
The announcement came from Trump Mobile’s customer service representative.
No specific shipping dates or locations were mentioned.
The T1 Phone is associated with President Donald Trump’s brand.
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People in Louisiana ask for more personal loans than other states to pay for everyday expenses. Younger generations like Gen Z and Millennials are using these loans to cover regular bills.
Key Facts
Louisiana has the highest number of personal loan requests linked to daily bills.
Gen Z and Millennials use personal loans for routine expenses.
Personal loans are loans given for personal use, not for businesses or homes.
These loans help people pay bills they might not cover otherwise.
The trend shows how some younger people manage their finances today.
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In today's high interest rate situation, long-term certificates of deposit (CDs) pay more interest than short-term CDs because the money stays in the bank longer. For example, $100,000 in a long-term CD can earn thousands more in interest compared to short-term options.
Key Facts
Inflation is about 4%, higher than the Federal Reserve's 2% goal.
The Fed is unlikely to lower interest rates soon, keeping rates high.
Short-term CDs (3 to 12 months) offer annual interest rates around 3.9% to 4.1%.
Long-term CDs (18 months to 5 years) offer similar or slightly higher rates (about 4.09% to 4.16%).
A $100,000 investment in a 5-year CD could earn about $22,545 in interest by maturity.
A $100,000 investment in a 3-month CD could earn about $961 in interest by maturity.
Long-term CDs earn more overall due to longer interest compounding time.
Early withdrawal penalties on CDs can be costly, so investors should plan to keep the money in until maturity.
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Amazon is launching a new service called "Amazon Now" that delivers thousands of everyday items within 30 minutes in many U.S. cities. In addition, it is expanding 1-hour and 3-hour delivery options for a wide range of products to more locations, including smaller towns.
Key Facts
"Amazon Now" offers delivery in 30 minutes or less and is available in multiple cities like Atlanta, Dallas-Fort Worth, Philadelphia, and Seattle, with plans to expand further.
The service focuses on urgent needs like groceries, medicines, and household essentials, not large items like TVs or furniture.
Amazon uses small fulfillment centers near customers to speed up delivery times.
Prime members pay $3.99 per delivery for Amazon Now, while non-Prime customers pay $13.99 plus extra fees for small orders under $15.
Amazon has increased 1-hour and 3-hour delivery options to cover over 90,000 products across hundreds of cities and towns.
The faster delivery options include groceries, toiletries, electronics, clothing, and home goods.
The 1-hour delivery service is available in big cities such as Los Angeles, Chicago, and Nashville.
The 3-hour delivery option is available in a wider range of locations, including smaller communities like Cornwall, Pennsylvania, and Arabi, Louisiana.
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The Senate is expected to confirm President Donald Trump’s nominee, Kevin Warsh, as chairman of the Federal Reserve. This change in leadership comes at a challenging time with rising inflation and divisions within the Federal Reserve’s interest rate committee.
Key Facts
Kevin Warsh, 56, is nominated by President Trump to lead the Federal Reserve.
The Senate is set to confirm Warsh as chairman and recently confirmed him as a member of the Federal Reserve Board of Governors.
A Justice Department investigation into current Fed Chair Jerome Powell was dropped, allowing Warsh’s confirmation to move forward.
Inflation has exceeded the Federal Reserve’s target of 2% for five years and is rising faster due to gas prices.
The Federal Reserve’s interest rate committee recently had the most divided vote in over 30 years.
Jerome Powell plans to remain on the Fed board even after his term as chair ends, which could create two centers of influence.
President Trump has previously criticized Powell and sought actions against some Fed officials.
Kevin Hassett, White House economic adviser, said markets expect Warsh to help reduce interest rates over time.
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Wage garnishments allow creditors to take part of your paycheck to pay debts, but federal law limits the total amount that can be taken. When two garnishments happen at the same time, they must stay within those limits. State laws may give extra protections or set stricter rules on wage garnishments.
Key Facts
Wage garnishment means a portion of your paycheck is taken to pay creditors.
Federal law limits wage garnishment to 25% of your disposable income for consumer debts.
Disposable income is what you have left after taxes and other required deductions.
If debts involve child support or alimony, garnishments can be as high as 50% to 60%.
Two or more garnishments combined cannot exceed the federal limit for consumer debts.
Some states have stricter rules and may limit garnishment amounts further or forbid garnishing certain debts, like medical bills.
Employers cannot fire you just because your wages are garnished.
Even with protections, wage garnishments can seriously reduce your available income and make budgeting difficult.
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Miami is rapidly growing its skyline with many new tall buildings, including the upcoming tallest residential tower south of New York City. The city is attracting new residents, investors, and developers due to its lifestyle appeal, available land, and flexible building rules, making it a strong competitor to New York in urban development.
Key Facts
Miami recently set a record with the Cipriani Residences, an 80-story tower, as the tallest residential building south of New York City.
The 100-story Waldorf Astoria Hotel & Residences Miami is under construction and will become the city's first supertall skyscraper.
Miami’s growth is driven by new residents who choose the city for lifestyle reasons rather than work, unlike New York’s population.
The city has fewer land and infrastructure constraints compared to New York, enabling faster and larger building projects.
Miami developers can use pre-sales to fund building projects early, reducing financial risks and speeding up construction.
The city has available land, especially along the waterfront, unlike Manhattan which is densely built.
Miami’s building design focuses on experience, views, and wellness rather than just fitting in as many units as possible.
International investors and architects are attracted to Miami’s market due to its efficiency, lower costs, and growth potential.
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Elon Musk, Tim Cook, and other top business leaders are attending a meeting in China with President Donald Trump and Chinese President Xi Jinping. The meeting will focus on important topics like critical minerals and economic partnerships between the two countries.
Key Facts
Elon Musk (Tesla) and Tim Cook (Apple) are attending a summit in China.
President Donald Trump and Chinese President Xi Jinping are leading the summit.
The talks will cover critical minerals, which are essential raw materials for industries.
Economic partnerships between the U.S. and China are a main focus of the meeting.
The summit aims to strengthen trade and business relationships between the countries.
CBS News is reporting on the event with contributions from Patrick McGee.
The meeting includes other major business leaders besides Musk and Cook.
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Australia’s Labor government has introduced tax changes on investment properties that make a popular way for young people to buy homes, called rent-vesting, less attractive. These changes include higher capital gains tax and tighter rules on negative gearing, which may slow down young Australians’ ability to buy their first home.
Key Facts
Rent-vesting lets renters buy cheaper properties elsewhere while continuing to rent in preferred areas.
The government’s budget raised capital gains tax and limited negative gearing, a tax benefit for landlords.
These changes aim to reduce investor competition and help more renters afford their first home.
The typical Australian home costs eight times the average income, making saving a deposit very hard.
About 53,000 Australians have bought investment properties since July 2019 to help get into the housing market.
Negative gearing rules will change in July 2027, removing tax deductions for new investors after that date.
Experts say banks may lend less to property investors because of the new rules, reducing their buying power.
Some young investors accept the reforms but worry their home-buying plans will take longer.
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The Australian government has introduced tax changes aimed at making the tax system fairer and reducing benefits for wealthy investors, especially in housing. However, experts say these reforms will not significantly improve housing affordability for most young Australians or fix past imbalances, partly because existing investors keep their current tax benefits.
Key Facts
The budget includes major tax reforms, changing how capital gains tax (CGT) is discounted for investment profits.
Negative gearing, a tax benefit for investors, will no longer apply to new investments except for newly built homes.
The government plans a minimum 30% tax rate on income from discretionary trusts, used by some wealthy families to reduce taxes.
These changes aim to reduce tax advantages that have distorted the housing market and made it harder for first-time buyers.
The top 1% of earners have received the largest average tax benefits from these schemes since 2000, while median earners have had much less.
Current investors keep their old tax benefits under “grandfathering” rules, so past benefits remain unchanged.
Experts say the reforms improve fairness but will not solve housing affordability quickly.
Some opposition politicians argue the changes hurt young Australians by removing tax breaks that helped previous generations.
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Uline, a shipping supplies company owned by Richard and Elizabeth Uihlein, is pausing the construction of a large distribution center in Kenosha, Wisconsin due to economic uncertainty. The company has requested a permit extension and plans to delay the project until 2027 or later.
Key Facts
Uline paused building a new facility of over 1 million square feet in Kenosha, Wisconsin.
The pause is due to current economic conditions and available space in existing Uline locations.
Uline’s director of construction cited unsettled economic conditions as the reason for the delay.
The city planning commission granted a 12-month extension for the project’s conditional use permit.
Richard Uihlein gave nearly $80 million to a pro-Trump political group in 2024.
The Uihleins conducted an internal employee survey about voting preferences before the 2024 presidential election.
One Uline employee resigned in 2026 in protest of the Uihleins’ political support for President Trump and the Republican Party.
Uline and the White House have not commented on the construction pause.
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Mortgage interest rates for May 13, 2026, remain higher than in April but are lower compared to the previous two years. The average rate for a 30-year mortgage is 6.37%, and for a 15-year mortgage, it is 5.75%. Refinancing rates are slightly higher but may still be worthwhile for some borrowers.
Key Facts
The average mortgage rate for a 30-year loan is 6.37% as of May 13, 2026.
The average rate for a 15-year mortgage is 5.75% on the same date.
The average refinance rate for a 30-year term is 6.61%.
The median refinance rate for a 15-year term is 5.71%.
Inflation has risen recently, which could keep interest rates high or cause them to increase further.
Mortgage rates are still more competitive than in May 2025 and May 2024.
Shopping around and having a good credit score can help borrowers find better mortgage rates below the average.
Online marketplaces can help compare rates, lenders, and costs to find better deals for homebuyers and those refinancing their loans.
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A planned Trump International Hotel and Tower in Gold Coast, Australia, has been canceled. The project's developer said the war in Iran made the Trump brand unpopular in Australia, while the Trump Organization blamed the developer for financial issues.
Key Facts
The project was a $1.1 billion Trump International Hotel and Tower planned for the Gold Coast, Australia.
Developer David Young of Altus Property Group canceled the project, citing the Iran war made the Trump brand "toxic" in Australia.
The Trump Organization claims Altus Property Group failed to meet financial obligations and called the developer’s reasons a distraction.
In February, Eric Trump shared AI-generated images of the Trump Tower planned to be Australia’s tallest building.
The deal ended within three months amid disagreements and mutual blame.
Gold Coast Mayor said no formal development application was filed and the disagreement was mainly about profit margins.
Local residents started a petition against the project because of discomfort with the Trump brand, gaining over 140,000 signatures.
Eric Trump posted AI images of another Trump Tower planned for Tbilisi, Georgia, announced as the tallest building there.
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The article discusses the idea of a temporary gasoline rebate to help families with high fuel costs. It suggests that such a payment would show that leaders care about the financial struggles people face and are ready to help them.
Key Facts
The proposal is for a short-term subsidy or rebate on gasoline.
This rebate aims to reduce the financial burden on households struggling with fuel prices.
Policymakers would use this rebate to show responsiveness to economic challenges.
The subsidy would be temporary, not a permanent change.
The goal is to support families during times of high gasoline costs.
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