New York Mayor Zohran Mamdani supports a new tax on very expensive properties owned by people who do not live in the city. Billionaire Ken Griffin, who owns the most expensive apartment in New York, criticized Mamdani’s video promoting the tax and said it makes the city less welcoming to successful business people.
Key Facts
Zohran Mamdani is the mayor of New York City.
Mamdani posted a video promoting a new luxury property tax aimed at homes worth over $5 million.
The tax is expected to raise at least $500 million annually.
Ken Griffin is the founder of Citadel and owns a $238 million penthouse in New York, the most expensive apartment bought in the U.S.
Griffin called Mamdani’s video “creepy” and said it hurts the city’s appeal to successful people.
Griffin plans to focus his business growth more in Miami instead of New York.
Mamdani’s team says the mayor supports business owners but believes the current tax system is unfair.
Mamdani also wants to increase the city’s corporate tax rate from 7.25% to 11.5%.
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In 2026, many famous U.S. brands will offer special products to celebrate the country’s 250th anniversary, called America250. These products will have patriotic themes, new flavors, and special packaging to mark the occasion.
Key Facts
America250 celebrates 250 years of U.S. independence on July 4, 2026.
Companies are creating limited-edition products for this event throughout 2026.
Cheerios will launch a birthday cake-flavored cereal with red, white, and blue sprinkles.
Coca-Cola will release collectible bottles and mini-cans featuring designs representing each state, Puerto Rico, and Washington, D.C.
Mountain Dew will temporarily change its name to “American Dew” with flag-themed packaging.
Oreo will offer a new Firecracker Pop cookie with flavors inspired by a red, white, and blue ice pop.
Other products, like a Statue of Liberty-themed milkshake with patriotic sprinkles, have gained attention online.
These products combine special flavors, packaging, and nostalgia to attract customers during the anniversary celebration.
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This article compares two ways to pay off credit card debt: borrowing from a 401(k) retirement plan or using debt relief programs. Each method has different costs, risks, and effects on your finances, so it’s important to understand how they work before deciding.
Key Facts
Credit card interest rates have stayed high, around 21% on average, making debt harder to repay.
A 401(k) loan allows you to borrow up to half your retirement savings or $50,000, whichever is less, usually at about 8-9% interest.
When you borrow from a 401(k), you pay yourself back with interest, but your money stops growing during the loan period, which can reduce your retirement savings long-term.
If you leave your job, the 401(k) loan balance may have to be paid back quickly, or it will be taxed as income and could face a penalty if under age 59½.
Debt relief programs try to reduce what you owe by negotiating a lower payment with creditors, often after you stop making payments.
Using debt relief can hurt your credit score because creditors report missed payments and delinquency.
The choice between these options depends on your job security, ability to repay, and how much risk you can handle financially.
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A $15,000 deposit in a traditional savings account earns very little interest, about $57 yearly, due to low rates. Higher returns can be earned by putting money into a certificate of deposit (CD), a high-yield savings account, or a money market account, with CDs generally offering the most consistent profit over different time periods.
Key Facts
Traditional savings accounts pay around 0.38% interest, earning about $57 per year on $15,000.
High-yield savings and money market accounts have variable rates, which can change with the market.
CDs have fixed interest rates that stay the same until the end of the term.
A 3-month CD at 3.90% pays about $144 in interest; a high-yield savings account at 4.03% pays about $149.
A 6-month CD at 4.10% pays about $304, more than a high-yield savings account or money market account.
A 9-month CD at 4.05% pays about $453, slightly more than a high-yield savings account.
CDs are usually more profitable but require keeping the money locked in; early withdrawal can lead to penalties.
Interest rates are expected to stay steady for now, making it a good time to consider these higher-yield accounts.
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Steve Roth, a New York billionaire and CEO of Vornado Realty Trust, said the phrase “tax the rich” is hateful and compared it to racial slurs. He criticized New York Mayor Zohran Mamdani for targeting billionaire Ken Griffin with a new tax on expensive second homes and praised the wealthy for their role in the economy.
Key Facts
Steve Roth called the phrase “tax the rich” hateful and compared it to offensive racial slurs.
Roth is the CEO of Vornado Realty Trust and has paid $560 million in real estate taxes this year.
Roth supported fellow billionaire Ken Griffin, who was singled out by Mayor Mamdani for a new tax on second homes over $5 million.
The new tax is New York State’s first “pied-à-terre” tax, targeting expensive second homes.
Roth praised the wealthy, saying they create many jobs and pay half of New York’s income taxes.
Roth has supported President Donald Trump since 2016 and donated to Andrew Cuomo’s campaign.
He suggested that Griffin could help elect candidates with similar views to protect wealthy interests.
Roth acknowledged Mamdani’s energy and potential to improve the city but disagreed with his tax approach.
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A new Trump Tower is being built in Tbilisi, the capital of Georgia, as part of a $2 billion development called Tbilisi Downtown. The building will be the tallest in Georgia and include offices, luxury shops, a hotel, and entertainment facilities.
Key Facts
Trump Tower Tbilisi will have about 70 floors and be the tallest building in Georgia.
The development covers around 600,000 square meters (6.4 million square feet) in Tbilisi.
The project includes six towers, with Trump Tower as the centerpiece.
The development will offer business, retail, hotel, dining, and entertainment spaces.
The total cost of the project is estimated at $2 billion.
The Trump Organization operates many properties globally and is expanding with new developments.
Some people have raised concerns about possible conflicts of interest with President Donald Trump’s business while he is in office.
The Trump Organization says it operates separately from the presidency and follows ethics laws, including hiring an independent ethics adviser.
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Ted Turner, a key television pioneer who started CNN in 1980, has died at age 87. He built a large media empire, owned sports teams, raced yachts, and gave $1 billion to United Nations charities.
Key Facts
Ted Turner launched CNN, the first 24-hour news channel, in 1980.
He owned professional sports teams in Atlanta and defended the America's Cup yacht race in 1977.
Turner donated $1 billion to charities connected to the United Nations.
He sold his Turner Broadcasting System to Time Warner in 1996 for $7.3 billion in stock.
CNN gained worldwide attention during the 1991 Gulf War by broadcasting live from Baghdad.
Turner was known as "Captain Outrageous" and "The Mouth of the South" for his outspoken personality.
Later in life, Turner focused on philanthropy and managing over 2 million acres of land with the largest bison herd in the U.S.
Turner died after suffering from Lewy Body Dementia, a disease affecting the brain.
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France is thinking about adding a new tax on oil companies that make very large profits. The CEO of TotalEnergies said the company would stop limiting fuel prices in France if this tax is passed.
Key Facts
France is considering a windfall tax on the oil refining sector.
The tax targets excessive profits made by oil companies.
TotalEnergies is one of the largest oil companies in France.
Patrick Pouyanne is the CEO of TotalEnergies.
Pouyanne told a French newspaper that TotalEnergies might stop capping fuel prices in France.
The price cap is currently used to control how much fuel costs at gas stations.
The measure is being considered to address economic and social concerns in France.
The decision could affect the cost of fuel for French consumers.
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Two people in California are suing Cento Fine Foods, saying the company lied about using real San Marzano tomatoes from Italy in its canned products. They claim Cento’s labels falsely suggest the tomatoes meet strict Italian quality rules when they do not.
Key Facts
The lawsuit calls Cento’s “Certified San Marzano” label false and misleading.
San Marzano tomatoes have a special protected label called DOP, given by an Italian group.
Cento’s labeling suggests it has this official DOP certification, but the suit says this is not true.
The Italian consortium Il Consorzio di Tutela sets strict rules for San Marzano tomatoes.
Cento claims it is the only U.S. company with a production facility in the San Marzano region of Italy.
Customers can scan a code on Cento cans to see the field where the tomatoes were grown.
A previous lawsuit in 2019 also questioned Cento’s San Marzano tomato claims.
Cento Fine Foods is based in New Jersey.
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Modella Capital, the owner of 480 former WHSmith High Street bookshops now called TGJones, plans to close up to 150 of these stores. This decision is part of a restructuring effort due to tough retail conditions and rising costs, with many jobs possibly affected.
Key Facts
Up to 150 of the 480 TGJones stores will close in a restructuring plan.
Modella Capital bought the WHSmith High Street stores last year and renamed them TGJones.
The company says the store closures are necessary due to difficult trading conditions and higher operating costs.
The forced name change from WHSmith to TGJones lowered customer recognition, affecting sales.
Rising costs are partly blamed on government policies and geopolitical events.
Modella Capital aims to keep as many jobs as possible but acknowledges some roles will be lost.
WHSmith sold its High Street bookshops in March 2025 to focus on travel-location stores like airports.
Modella Capital also owns other retail brands, including Hobbycraft, but recently closed all Claire's stores in the UK, making 1,300 people redundant.
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Ted Turner, the billionaire who started CNN and owned the Atlanta Braves, died at age 87. He was married three times—to Julia Gale Nye, Jane Shirley Smith, and Jane Fonda—and had five children. Turner changed how news and sports were shown on TV, making a big impact on media and sports industries.
Key Facts
Ted Turner founded CNN, the first 24-hour cable news channel, in 1980.
He created cable channels like TBS and TNT, expanding national TV options.
Turner owned the Atlanta Braves, influencing how sports teams are promoted.
He was married three times: first to Julia Gale Nye (1960–1964), then Jane Shirley Smith (1965–1988), and finally to Jane Fonda (1991–2001).
Turner had five children from his first two marriages.
His marriage to Jane Fonda was widely publicized because both were famous and influential in different fields.
Turner’s children have mainly led private lives but work in business, media, or philanthropy.
Turner was known for being bold and taking risks in his business ventures.
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WiseTech, a software company in logistics, plans to cut about 2,000 jobs, or nearly 30% of its workforce, over the next 18 months due to advances in artificial intelligence (AI). Employees have been waiting months to learn if they will lose their jobs, causing stress and uncertainty. The company says the changes reflect a shift in how technology is used, not just cost-cutting.
Key Facts
WiseTech has about 7,000 employees and plans to cut 2,000 jobs over 18 months.
Job losses will especially impact product development and customer service teams, with cuts up to 50% in those areas.
The company’s founder said AI can learn a human job within 15 minutes.
WiseTech announced the job cuts in February but has not told individual workers if they will be laid off.
The company describes the changes as an “organizational transformation” to adapt to AI, not just saving money.
Employees report feeling stressed and uncertain because they keep working while waiting to hear about their future.
A petition from employees calls for fair treatment, good severance packages, and safe ways to voice concerns.
WiseTech compares AI’s rise to ending the era of manual coding as the main engineering task.
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Ted Turner, the founder of CNN and a major figure in the media industry, died at 87 years old. He started his career in advertising and launched CNN in 1980, which changed the way cable news worked.
Key Facts
Ted Turner founded the Cable News Network (CNN) in June 1980.
He started his media career as an account executive in the 1970s.
Turner played a big role in shaping cable news as we know it.
He passed away at the age of 87.
Turner was known as a media mogul, meaning he had great influence in the media business.
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The IRS requires people with retirement accounts, like traditional IRAs or 401(k)s, to withdraw a minimum amount each year starting at age 73. The amount depends on the account balance and the retiree’s age, calculated using a life expectancy factor set by the IRS.
Key Facts
Required minimum distributions (RMDs) start at age 73 for most tax-deferred retirement accounts.
The RMD amount is calculated by dividing the account balance by a life expectancy factor from the IRS Uniform Lifetime Table.
For a $250,000 account, the RMD at age 73 is about $9,434; at age 75 it’s about $10,163; and at age 80 it’s about $12,376.
The life expectancy factor decreases with age, so the required withdrawal grows each year.
RMD amounts are taxed as ordinary income, which can affect tax brackets, Social Security benefits, and Medicare premiums.
Missing the RMD can lead to a penalty of up to 25% of the amount required.
RMDs must be carefully planned, especially for people with multiple retirement accounts, since rules differ between IRAs and 401(k) plans.
Financial advisors recommend planning withdrawals carefully to avoid tax surprises and manage retirement income effectively.
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Gasoline prices in the U.S. have risen to an average of $4.54 per gallon, the highest since July 2022. The increase is largely due to disruptions in oil supply caused by the conflict in Iran and concerns about ongoing violence in the Middle East, despite falling crude oil prices.
Key Facts
Gas prices increased by 52% (about $1.56 per gallon) since late February, when the Iran conflict began.
Prices rose in every state in the past week, with the Great Lakes region seeing the largest jumps.
International oil prices (Brent crude) dropped to about $102.83 per barrel; U.S. oil (West Texas Intermediate) fell to $96.11.
The Strait of Hormuz, a major shipping route for 20% of the world’s oil, remains mostly closed due to the conflict.
Experts say gas prices will likely stay high for months, even if a U.S.-Iran deal is reached.
Global oil supplies are low, with inventories near their lowest level since 2018, raising the risk of shortages.
Factors like damaged refineries in the Middle East and increased summer driving also add to higher gas costs.
Forecasts suggest oil prices may remain about $10 higher than before the conflict through the end of the year.
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Spirit Airlines shut down suddenly after failing to get a federal bailout, causing major disruptions in the U.S. travel market. Rival airlines quickly added flights and fares to help passengers, but the loss of Spirit will reduce competition and may lead to higher prices over time.
Key Facts
Spirit Airlines stopped all operations abruptly due to financial trouble and lack of government aid.
Spirit carried over 40 million passengers each year before its shutdown.
Other airlines like JetBlue and Southwest acted quickly to offer flights and special fares for affected passengers.
The collapse removes a large amount of seat availability on many U.S. routes.
Passengers face uncertainty about refunds, especially if they did not use credit cards to book.
Airports lose business and jobs when a major airline closes.
Industry experts warn the disappearance of Spirit will reduce travel options and increase fares long-term.
Rival airlines had been aware of Spirit’s financial issues and had plans ready to respond quickly.
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Mortgage interest rates in May 2026 are lower than they were in previous years but slightly higher than in recent weeks. As of May 6, 2026, the average rate for a 30-year mortgage is 6.37%, and for a 15-year mortgage, it is 5.87%, according to Zillow.
Key Facts
The 30-year mortgage average rate on May 6, 2026, is 6.37%.
The 15-year mortgage average rate on May 6, 2026, is 5.87%.
The 30-year mortgage refinance rate is 6.72% as of May 6, 2026.
The 15-year refinance rate is 5.81% as of May 6, 2026.
Rates are lower than those recorded in May 2024 and May 2025.
Mortgage rates were below 6% in mid-April 2026, which is lower than current rates.
Borrowers can save money by shopping around for the best mortgage rates and lenders online.
Online tools make it easier to compare rates, terms, and closing costs from different lenders.
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Ted Turner, the founder of CNN, died at the age of 87. He created the first 24-hour cable news channel in 1980, which changed how people received news around the world and grew into a large media company.
Key Facts
Ted Turner was born in November 1938 in Cincinnati, Ohio.
He started Turner Broadcasting System and launched CNN in 1980 as the first 24-hour news channel.
CNN gained worldwide fame for its live coverage of the 1990-91 Gulf War.
Turner expanded his media holdings to include channels like TBS, TNT, Cartoon Network, and Turner Classic Movies.
In 1996, Turner Broadcasting merged with Time Warner, making Turner vice chairman.
Turner bought the Atlanta Braves baseball team in 1976, which won the World Series in 1995.
He also owned the Atlanta Hawks (NBA) and Atlanta Thrashers (NHL) teams.
Turner was involved in yachting and won the America’s Cup in 1977 as skipper of the yacht Courageous.
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Ted Turner, who started CNN and built a major media and sports empire, died at age 87. He also saved large areas of land for wildlife and was known for his adventurous life and public personality.
Key Facts
Ted Turner founded CNN, the first 24-hour cable news channel, in 1980.
He owned cable channels like TBS, TNT, and Turner Classic Movies.
Turner owned the Atlanta Braves baseball team for 20 years and the Atlanta Hawks basketball team for 19 years.
The Atlanta Braves won the 1995 World Series under his ownership.
He was a sailor who helped bring the America’s Cup yachting trophy back to the U.S. in 1977.
Turner protected hundreds of thousands of acres of land to save the American bison and other wildlife.
He was open about having Lewy body dementia, a brain disease similar to Alzheimer’s.
Turner was married three times, including to actress Jane Fonda, whom he said was the great love of his life.
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Ted Turner, the founder of CNN and a major figure in US media, died at age 87. He built a large television empire, including the first 24-hour news channel, and later merged his company with Time Warner.
Key Facts
Ted Turner was 87 years old when he died; no cause of death was announced.
He revealed in 2018 that he had Lewy body dementia, a nerve disease.
Turner took over his father’s struggling billboard business and expanded into television in the 1970s.
He created CNN in 1980, the first 24-hour cable news network in the US.
CNN gained popularity during the 1990-1991 Gulf War with live satellite coverage.
Turner’s media company included multiple TV channels like TBS, TNT, Cartoon Network, and Turner Classic Movies.
He merged his Turner Broadcasting System with Time Warner in 1996 and was a major shareholder.
Turner was also known for owning sports teams, his marriage to actress Jane Fonda, yachting, and environmental charity work.
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