Lee Lai won the 2026 Stella Prize, becoming the first non-binary person and first graphic novelist to receive this $60,000 Australian literary award. Her book Cannon tells the story of a queer Chinese woman in Montreal and explores themes of responsibility and personal struggles.
Key Facts
Lee Lai is the first non-binary and first graphic novelist to win the Stella Prize.
The Stella Prize awards $60,000 to women and non-binary writers for outstanding books.
Cannon follows a queer Chinese woman named Lucy, also called Cannon, living in Montreal.
Lai was nominated before for her debut Stone Fruit, which won several LGBTQ and comics awards.
The Stella Prize began accepting non-binary writers in 2021.
Judges praised Cannon for its emotional depth and artistic storytelling.
Lai hopes this win encourages more readers to explore graphic novels.
The prize money gives Lai time to focus on her writing, as comic artists often have little financial support.
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UK housebuilder Vistry expects much lower profits due to uncertainty from the US-Israeli war on Iran. The company is cutting home prices and offering discounts to attract buyers while facing higher costs for materials and wages.
Key Facts
Vistry’s shares dropped 10.5%, reaching their lowest level in nearly 15 years.
First-half profits are expected to be significantly lower than last year.
The Middle East conflict has raised building material and wage costs.
Buyers have become cautious, leading to slower sales recently.
Vistry is using bigger incentives and discounts to encourage home sales.
The company stopped buying its own shares to focus on reducing debt.
Vistry’s CEO Adam Daniels is conducting a full review of company operations.
The estate agent Savills also expects the Iran war to reduce UK housing sales.
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The Onion, a satirical news outlet known for fake headlines, has bought the bankrupt conspiracy theory website Infowars. The deal follows a large legal judgment against Infowars’ owner, Alex Jones, and aims to transform the site and direct any profits to victims of past tragedies.
Key Facts
The Onion is known for parody news that jokes about real social and political issues.
Infowars was founded by Alex Jones in 1999 and spread conspiracy theories.
Infowars gained influence during President Trump’s earlier terms and promoted false election fraud claims.
Alex Jones faced a $1.4 billion defamation judgment over false claims that the Sandy Hook shooting was a hoax.
Infowars filed for bankruptcy after the judgment.
The Onion won a bankruptcy court bid in 2024 to buy Infowars’ website and assets.
The legal process faced delays, but The Onion aims to finish the takeover soon.
The Onion plans to repurpose the Infowars platform and give profits to Sandy Hook victims’ families.
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Asian stock markets showed mixed results as interest in artificial intelligence (AI) stocks lessened and concerns about ongoing conflicts affected investor confidence. Oil prices remain high due to the war in Iran, impacting markets and adding to uncertainty.
Key Facts
Japan’s Nikkei 225 rose 0.8% to 63,244.43 points.
South Korea’s Kospi gained 2.7% to 7,849.21 points after earlier losses.
Australia’s S&P/ASX 200 dropped 0.5% to 8,630.40 points.
Hong Kong’s Hang Seng was almost unchanged, down less than 0.1%, while China’s Shanghai Composite increased 0.6%.
U.S. stock indexes had mixed results: S&P 500 fell 0.2%, Dow Jones rose 0.1%, Nasdaq dropped 0.7%.
Semiconductor stocks like Intel and Micron Technology fell sharply after previous gains.
Oil prices remain elevated, with U.S. crude around $100.88 and Brent crude about $106.44 per barrel, influenced by the Iran conflict and restrictions on the Strait of Hormuz.
The U.S. dollar strengthened slightly against the Japanese yen, while the euro weakened a bit against the dollar.
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A 22-year-old man from Melbourne, Kyle Hudson, gambled nearly $900,000 over four years on online betting platforms before he took his own life. An inquest is examining how targeted promotions from betting companies may have encouraged his gambling and whether those companies properly assessed his risk of harm.
Key Facts
Kyle Hudson started gambling on his 18th birthday and died at age 22.
He placed 8,485 bets totaling $895,733 and deposited $406,725 into betting accounts.
Hudson’s total income over this time was about $105,000, but his gambling losses were nearly $48,000 overall.
He redeemed 489 targeted inducements (promotions) from companies like Sportsbet, Bet365, and Entain.
These promotions, such as deposit-match bonuses, were sent frequently via email and SMS and influenced his betting behavior.
Hudson sometimes withdrew all his funds and only returned to bet after receiving bonus offers.
In the last year of his life, his bets increased in size, often between $3,000 and $9,400.
Betting companies blocked some bonus bets when Hudson tried to use strategies to reduce his losses.
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Bristol Blue Glass, a long-running glassmaker in the UK, announced it will close in May due to high energy and tax costs. The company’s managing director said rising fuel prices and National Insurance payments make manufacturing very difficult in the UK.
Key Facts
Bristol Blue Glass has made specialist glassware for nearly 40 years.
The company’s lease was extended until the end of May after public support.
Rising fuel prices and National Insurance increases have heavily impacted costs.
The managing director questioned the future of manufacturing in the UK.
Bristol Blue Glass’s products appeared in Dr Who and Harry Potter films.
A key employee has spent 17 years as a glassblower and is upset about the closure.
Nearby Bath Aqua Glass is also cutting costs by reducing visits and staff.
Running glass furnaces is very expensive, costing around £4 per minute.
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Mango sellers in south London face a shortage of Alphonso mangoes this spring, leading to higher prices and fewer deliveries. The shortage is caused by lower production due to bad weather in India and shipping disruptions linked to conflict in the Middle East.
Key Facts
Alphonso mangoes, known as the "king of mangoes," are prized for their sweetness and distinctive aroma.
The fruit usually arrives in the UK by air from India between April and June each year.
This year, fewer Alphonso mangoes have been delivered to London’s markets, especially in the Tooting area.
Bad weather in parts of India has reduced the harvest of Alphonso mangoes.
Conflict in the Middle East has caused longer flight routes and increased fuel costs, raising prices.
Despite higher prices, customer demand for Alphonso mangoes remains strong.
The Alphonso season lasts only a few weeks, making it a special time for buyers, especially in the South Asian community.
Other mango varieties are still available during the summer but do not match the Alphonso’s taste and texture.
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Prize draws and competitions have become a large and growing market in the UK but can cause addiction and financial problems. One woman, Lisa, shared how her addiction to these prize draws led her to spend thousands of pounds, run into debt, and struggle to afford basic needs. The government has introduced voluntary guidelines for the industry, but some experts and affected people say they are not enough to prevent harm.
Key Facts
Prize draws and competitions are widespread on social media and TV and are considered a major market by the government.
Lisa, a 33-year-old single mother, became addicted to prize draws and spent over £5,000, including her disability benefit, leading to debt and financial hardship.
Instant-win draws, costing as little as one penny and allowing unlimited entries, are especially tempting and contribute to addiction.
Gambling laws do not fully cover prize draws, which avoid regulation by offering free entry or skill questions.
The government created a voluntary code of practice signed by 177 operators to encourage safer conduct in this market.
Experts say this voluntary code does not fully address the risks from the fast growth of prize draws and competitions.
Lisa could not access some safeguards like bank blocks or ad filters because prize draws are not fully regulated as gambling.
Lisa described the emotional toll of the addiction, including shame, desperation, and using tissues as tampons due to lack of money.
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Australian newspapers showed mostly negative reactions to the 2026 federal budget delivered by Treasurer Jim Chalmers. Many papers focused on tax increases and changes affecting investors, while some highlighted benefits for first home buyers and workers. Media also covered the attention on Chalmers’ wife Laura’s choice of a modest, affordable outfit during the budget announcement.
Key Facts
Several major Australian papers described the budget as a heavy tax increase and compared it to communist policies.
The budget includes cuts to negative gearing and the capital gains tax discount, which impact property investors.
Some media used strong imagery like “The Jim Reaper” and references to broken election promises.
The Sydney Morning Herald highlighted positive support for first home buyers and workers.
The Age newspaper showed the prime minister and treasurer struggling to manage the economy.
Media also focused on the outfit of Laura Chalmers, noting she wore a modest, affordable Zara dress this year.
Laura Chalmers faced past criticism for wearing expensive designer clothes during previous budget announcements.
The budget is valued at about $77 billion in tax changes targeting wealth redistribution.
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The Coalition parties have promised to undo Labor’s new tax rules on negative gearing and capital gains if they win the next election. These changes, announced in the recent budget, will limit tax benefits for property investors and are planned to take full effect by 2027. Labor’s proposal aims to raise revenue, but the Coalition says it will fight the changes in parliament.
Key Facts
Labor’s budget includes ending negative gearing for new investment properties bought after the budget announcement.
The 50% discount on capital gains tax (CGT) will be phased out by July 1, 2027.
The Coalition has pledged to repeal these changes if they regain government, promising to restore more generous tax rules for property investors.
Repealing the tax changes would reduce budget revenue by about $70 billion, needing other savings or revenue to cover the gap.
Labor introduced a $250 tax offset for workers but excluded welfare recipients below the tax-free income level from receiving it.
The Greens want more details from Labor before supporting the tax reforms and suggest the changes do not go far enough.
Prime Minister Anthony Albanese said the worker tax offset targets people who pay tax, not those below the tax-free threshold.
The next federal election is due by mid-2028, around the time the tax changes will take full effect.
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Plans to build Australia's first Trump Tower in Queensland have been canceled. The Australian developer said the Trump brand had become unpopular, and the project faced other difficulties.
Key Facts
The Trump Tower was planned as a 91-story luxury hotel on the Gold Coast.
It was expected to cost AU$1.5 billion (about $1.1 billion).
The building would have been Australia’s tallest at 335 meters high.
The developer, Altus Property Group, said the Trump brand became "toxic" in Australia.
The Trump Organization said the developer failed to meet financial obligations.
Construction was supposed to start in August with hotels, apartments, shops, and a beach club.
Local opinions were divided; over 120,000 people signed a petition against the project.
The Gold Coast mayor said the project was between private companies and blamed profit disagreements.
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The Australian federal budget includes changes to tax rules for capital gains and negative gearing, which are policies that mainly benefit rich people. Most of the tax breaks go to those who earn more than the middle income, with the top 1% receiving more than half of the capital gains tax benefit.
Key Facts
Capital gains tax (CGT) is a tax on profit when you sell something valuable like a house. Investors get a 50% discount if they keep the asset for over a year.
Negative gearing happens when someone loses money on a rental property, and they can deduct those losses from their taxable income.
The top 1% of earners have received over $700,000 in tax breaks from CGT, negative gearing, and trusts during their working lives.
In 2022-23, the top 10% earned 83% of the benefits from the CGT concession and 37% from negative gearing.
71% of tax filers benefited from the CGT discount, and 95% of those were people earning above the median income of $58,216.
More than half of the CGT benefit went to just the top 1% of income earners.
These tax benefits are often linked to helping rich investors, causing concern that they may increase housing prices by encouraging speculation.
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A local restaurant owner in Dallas is experiencing higher costs due to rising prices linked to tensions with Iran. These price increases are affecting both everyday shoppers and business owners.
Key Facts
The restaurant owner is located in Dallas, Texas.
Rising prices are connected to the conflict with Iran.
Both consumers and business owners are feeling financial pressure.
Higher costs likely impact food and supply expenses.
The situation is part of broader economic effects from international events.
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More than 60 charities have asked the UK government to create a new clean air law to reduce pollution, including banning wood-burning stoves and diesel vehicles. Experts say wood smoke is very harmful and current rules are outdated and not properly enforced, while the stove industry has been lobbying against strict regulations.
Key Facts
Charities want a clean air act to lower pollution and protect health.
Wood burning in cities causes toxic particles as harmful as coal smoke.
From August 2024 to August 2025, over 15,000 complaints about wood burning were made in England, but only 24 fines were given.
The Labour Party promised a clean air act in 2023 but dropped it in the election manifesto.
The stove industry has met many times with government officials to influence policy.
The government’s consultation on wood burning favored health warnings rather than bans.
New guidance allows wood stoves in new homes despite earlier plans to require low-carbon heating.
Experts urge ending new sales of wood stoves and helping people move to cleaner heating methods.
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Most UK millionaires are proud to live in Britain, and about three-quarters say they would be willing to pay higher taxes to support public services. A survey found they are more worried about doctors and young people leaving the country than wealthy individuals moving abroad.
Key Facts
88% of UK millionaires said they are proud to live in the UK.
75% of millionaires would accept paying more tax to fund public services.
64% want higher taxes on the wealthiest people’s capital and assets.
Only 9% of millionaires worry most about rich people leaving the UK.
More concern is on doctors leaving (43%), young people (19%), and business owners (19%).
Over 4,000 doctors left the UK in 2024, the highest number in 10 years.
Around 257,000 British people left the UK in 2024, but 143,000 returned.
The claim that many millionaires are leaving the UK is overstated; only 0.5% of millionaires emigrated last year.
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Air India is facing serious problems ahead of the final report on its crash near Ahmedabad, India, that killed 260 people. The airline is struggling with leadership changes, big financial losses, safety issues, and external challenges like fuel costs and airspace restrictions, which threaten its plans to recover.
Key Facts
The crash of Air India flight AI-171 near Ahmedabad occurred on 12 June 2025 and resulted in 260 deaths.
The Aircraft Accident Investigation Bureau (AAIB) is expected to release its final crash report within a month.
Air India's CEO, Campbell Wilson, resigned halfway through his term amid reported losses of $2.4 billion for the year ending March 2026.
Air India is currently the largest money-losing company within the Tata Group, which acquired the airline from the Indian government in 2022.
The Tata Group board recently discussed cost-cutting measures and warned staff about difficult times ahead.
Singapore Airlines, a 25.1% shareholder in Air India, may increase its involvement in managing the airline.
Air India has faced several operational problems, including safety violations and a recent flight returning from Delhi to Vancouver due to lack of permission to enter Canadian airspace.
External challenges like delayed plane deliveries and reduced route coverage, including cuts on important international flights, have hurt Air India's business recovery.
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Inflation in the United States has reached its highest point in almost three years. This rise is mainly because energy prices have increased sharply due to the ongoing conflict involving Iran.
Key Facts
Inflation is at its highest level in nearly three years.
The main reason for this increase is the spike in energy costs.
The rise in energy prices is connected to the war involving Iran.
Arjun Murti, an energy sector expert, provided analysis on this issue.
The energy price increases are impacting the overall cost of goods and services.
The report was covered by CBS News.
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U.S. businesses have started receiving refunds for tariffs imposed by President Donald Trump in 2025 that were later ruled illegal by the Supreme Court. The government has approved tens of thousands of refund claims, returning billions of dollars to importers who paid these tariffs.
Key Facts
President Donald Trump imposed tariffs in 2025 under the International Emergency Economic Powers Act (IEEPA).
The Supreme Court ruled in February that President Trump did not have the authority to impose these IEEPA tariffs.
Businesses began receiving refunds for these tariffs starting Tuesday, May 12, 2026.
As of early May, nearly 87,000 refund requests were approved, covering over 15 million tariff payments.
The federal government has refunded $35.5 billion so far, including interest.
One business owner, Sarah Wells, received a refund of $10,000 for tariffs paid on goods from China and expects another $10,000 refund on other imports.
Importers are still paying a 10% tariff imposed by President Trump under a different trade law (Trade Act of 1974).
The White House is investigating unfair trade practices by other countries, which could lead to new tariffs under another section of the Trade Act.
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The Coalition party in Australia said it will undo recent tax changes on investment profits if it wins the next election, arguing Labor did not have permission from voters to make those changes. The government’s new budget includes extra funding for public hospitals but also faces criticism for not solving all healthcare problems, with some experts warning about financial gaps and the impact of cuts on private health insurance for older Australians.
Key Facts
The Coalition promises to repeal changes to capital gains tax and negative gearing if elected.
Shadow Treasurer Tim Wilson says Labor lacked voter approval for these tax reforms.
A $250 tax offset for workers will start next year but inflation may reduce its benefit within six months.
The Australian Medical Association (AMA) welcomed $25 billion in extra hospital funding but said a $9.6 billion gap remains unaddressed.
The budget includes $120.9 million for better health checks for young children via Medicare.
The AMA is concerned about cuts to private health insurance rebates for people over 65, which might increase pressure on public hospitals.
The Committee for Economic Development of Australia (CEDA) supports the budget’s approach to reform and its efforts to balance savings and household support.
The government warned Australia’s economy could face recession risks if the Middle East crisis worsens and oil prices stay high.
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A federal appeals court has temporarily stopped a lower court’s order that said President Donald Trump’s global 10% tariffs were unlawful. This pause gives the appeals court time to review the case before deciding whether to keep the tariffs while the legal process continues.
Key Facts
The U.S. Court of Appeals for the Federal Circuit issued an administrative stay on the lower court’s ruling from the Court of International Trade.
The stay means the tariffs will remain in place for now.
The appeals court did not make a decision on the main issues of the case and is still reviewing the arguments.
The Trump administration also paused a similar block on an earlier set of tariffs last year during appeals.
The 10% tariffs were imposed globally by President Trump after the Supreme Court stopped his first round of tariffs.
A New York trade court had ruled these 10% tariffs unlawful last week.
The appeals court is considering whether to grant a longer stay while the case continues.
The legal case concerns whether the tariffs follow the law correctly.
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