Trade union leaders in the UK want to increase the tax on big banks after they reported nearly £14 billion in profits in the first three months of 2026. They say banks benefited from rising interest rates and want the extra tax money to help people and businesses affected by the Iran war’s economic impact.
Key Facts
The UK’s four biggest banks—Barclays, HSBC, Lloyds, and NatWest—made £13.8 billion in profits in the first quarter of 2026.
The current bank surcharge tax on profits over £100 million was cut from 8% to 3% in 2023 by the Conservative government.
The Trades Union Congress (TUC) wants to restore the bank surcharge to 8%, which could raise £9 billion over four years.
Doubling the surcharge to 16% could bring in £24 billion over four years, according to the TUC.
The Bank of England recently kept interest rates at 3.75%, with markets expecting further rises this year.
Higher interest rates have increased mortgage costs in the UK, from 4.83% to 5.77% on average for two-year fixed rates since the Iran conflict began.
Lloyds Banking Group reported a 33% increase in profits to £2 billion, explaining that banks expected better profits with rising rates.
The TUC says banks’ increased profits come at a time when many people struggle with higher living costs and that fair taxation could help protect households and firms.
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For the first time since World War II, the total U.S. national debt is larger than the country's entire economy, measured by Gross Domestic Product (GDP). This means the government owes more money than the value of all goods and services produced in the U.S. in a year.
Key Facts
The U.S. national debt has exceeded the size of its economy.
This is the first time this has happened since World War II.
GDP is the total value of goods and services produced in the country in one year.
National debt includes all money the government has borrowed and still owes.
Rising debt compared to GDP can affect the country’s financial stability and borrowing costs.
The increase in debt is a result of government spending exceeding income from taxes and other sources.
Economists watch the debt-to-GDP ratio to understand the health of the economy and government finances.
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OpenAI president Greg Brockman testified in a court trial where Elon Musk claims OpenAI shifted focus from nonprofit goals to making money for its leaders. Brockman read from his private journal, which includes personal and sometimes contradictory thoughts about OpenAI’s mission and his financial goals.
Key Facts
Greg Brockman is the president of OpenAI and has been testifying in a lawsuit involving Elon Musk.
Musk alleges OpenAI abandoned its nonprofit mission to benefit leaders like Brockman and CEO Sam Altman financially.
Brockman’s personal journal entries, used as evidence, cover years from 2015 to 2023 and show his thoughts about OpenAI’s direction and finances.
The journal contains notes of Brockman’s doubts, alternate viewpoints, and financial ambitions, including a goal of earning $1 billion.
Brockman says the journal was private and sometimes contains others’ ideas, making it hard to interpret out of context.
Brockman has a stake in OpenAI’s for-profit arm valued around $30 billion.
Musk’s lawyer pointed to journal passages to suggest Brockman acted out of greed.
Brockman’s testimony is part of a dispute about leadership and the mission of OpenAI.
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The Rolling Stones will release a new album called "Foreign Tongues" on July 10. The album features special appearances from past drummer Charlie Watts and guest artists like Paul McCartney, and it follows their 2023 album "Hackney Diamonds."
Key Facts
The Rolling Stones announced their new album "Foreign Tongues" to be released this summer.
The album includes a posthumous appearance by drummer Charlie Watts.
Guest musicians on the album include Paul McCartney, Steve Winwood, Robert Smith, and Chad Smith.
The album was recorded in London over about a month.
They worked with pop producer Andrew Watt, known for collaborating with Post Malone and Justin Bieber.
The band teased the album using the pseudonym "The Cockroaches" and unique marketing such as billboards and a slide puzzle graphic.
The Stones’ last album with original material, "Hackney Diamonds," came out in 2023.
The band will appear on "The Tonight Show with Jimmy Fallon" in May over three nights.
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People doing similar jobs at the same company pay different income taxes depending on whether they live in Scotland or England. Scotland has a tax system with more levels, charging higher rates to better-paid workers, so those living in Scotland may pay more tax than their English neighbors.
Key Facts
Scotland uses a six-tier income tax system introduced in 2018.
Lower earners in Scotland pay slightly less tax than similar earners in the rest of the UK.
Higher earners in Scotland pay more, with tax rates going up to 48%, compared to England’s lower rates.
Two employees at the same firm near the Scotland-England border pay different taxes because of where they live.
Someone earning £50,000 in Scotland pays about £1,500 more a year in tax than someone earning the same in England.
About 55% of Scots pay less tax than if they lived elsewhere in the UK, but the savings for lower earners are small.
Higher earners notice the bigger tax differences, sometimes thousands of pounds annually.
The extra tax collected in Scotland helps pay for local public services.
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Gasoline prices in the U.S. have risen 50% since the war with Iran began, reaching about $4.48 per gallon. The main cause is a global energy crisis triggered by disruptions to oil shipments through the Strait of Hormuz, a key route for crude oil.
Key Facts
U.S. gasoline prices increased by 31 cents in one week, averaging $4.48 per gallon.
Gasoline prices have risen 50% since the start of the Iran war.
The Strait of Hormuz, where one-fifth of the world's crude oil passes, is largely closed, blocking oil deliveries.
Crude oil prices reached up to $112 a barrel in early April due to this supply disruption.
About 51% of the gasoline price comes from crude oil cost.
Other costs include federal and state taxes (17%), refining (14%), and distribution/marketing (17%).
The U.S. blocked Iranian oil exports in April, increasing global oil prices further.
Prices briefly fell when a ceasefire seemed possible but rose again as the conflict continued.
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Australia’s main banks have raised interest rates after the Reserve Bank of Australia (RBA) increased the cash rate to 4.35%. The federal government is preparing a budget with $74 million to combat terrorism and online threats amid concerns raised by the Middle East conflict and its effects on inflation and fuel prices.
Key Facts
The RBA increased the cash rate from 4.1% to 4.35%, marking the third hike in a row.
Macquarie Bank and Australia’s big four banks (Commonwealth Bank, NAB, Westpac, and ANZ) passed on the 0.25% rate rise to their home loan customers.
Prime Minister Anthony Albanese is leading talks with state and territory leaders about the international fuel crisis.
Australia currently has 43 days of petrol, 33 days of diesel, and 28 days of jet fuel supplies.
US President Donald Trump warned Iran against attacks in the Strait of Hormuz, where over 800 ships and 20,000 crew are stranded.
The government will allocate $74 million over two years to set up a national center to detect and disrupt online violent extremism and terrorism.
This center will coordinate efforts from ASIO (Australia’s security agency), federal police, state police, and international law enforcement.
The new capability will focus on monitoring and countering extremist threat online by tracking high-risk spaces and engaging covertly.
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Gas prices rose sharply last week but may drop significantly soon in five states. Other areas could also see lower gas prices because of changes in supply and demand.
Key Facts
Gas prices increased sharply in the previous week.
Experts expect prices to fall by double digits soon in five specific states.
The drop in prices is linked to changes in fuel supply and demand.
Other states might also experience a decrease in gas prices.
Factors affecting prices include regional fuel availability and transportation costs.
Consumers in affected states could save money on fuel soon.
The situation shows how quickly gas prices can change based on market conditions.
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The Equal Employment Opportunity Commission (EEOC) has filed a lawsuit against the New York Times, claiming the company did not promote a White male employee because of his race and gender. The EEOC says this breaks a federal law that bans discrimination based on race or sex in the workplace.
Key Facts
The EEOC sued the New York Times for not promoting a White male editor.
The EEOC says the decision violates Title VII of the Civil Rights Act of 1964, which forbids discrimination by race or sex.
The employee was an experienced real estate editor but was passed over for an editorial role.
The person hired was a White female with little to no real estate journalism experience, although that experience was required.
EEOC Chair Andrea Lucas stated all forms of race or sex discrimination are illegal, with no exceptions for diversity efforts.
The New York Times denied the claims, calling the lawsuit politically motivated and saying their promotions are based on merit.
This lawsuit follows other EEOC investigations targeting companies accused of discriminating against White workers.
The EEOC’s actions align with the Trump administration's approach to challenging diversity, equity, and inclusion programs.
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The European Union and Armenia held their first meeting focused on strengthening their partnership. They agreed to improve cooperation in transport, energy, and digital connections, even though Armenia still depends heavily on Russian energy and is part of a Russian-led economic group.
Key Facts
The EU and Armenia held their first bilateral summit.
They signed a new partnership to improve transport, energy, and digital links.
Armenia is shifting towards closer ties with the EU.
Armenia remains dependent on Russian energy supplies.
Armenia is a member of the Eurasian Economic Union led by Russia.
The summit marks a cautious move by Armenia to engage more with Western partners.
The new deals aim to boost economic cooperation between the EU and Armenia.
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A money market account with $150,000 can earn thousands in interest over a year at current rates around 3.9%. This type of account offers higher returns than regular savings accounts and allows easy access to funds without locking them in, but savers should also consider other investment options based on their personal financial goals.
Key Facts
Money market accounts currently offer about a 3.9% interest rate, much higher than the 0.38% rate of traditional savings accounts.
With $150,000 deposited at 3.9% interest, a saver could earn roughly $1,440 in three months and about $5,850 in one year, assuming rates stay the same.
Money market accounts allow check-writing and easy access to money, unlike certificates of deposit (CDs) that lock funds for a set time.
Interest rates on money market accounts can change over time because they have variable rates.
Alternatives to money market accounts include investing in real estate, stocks, bonds, or precious metals like gold and silver.
Choosing where to put $150,000 depends on a saver’s financial health, need for quick access to money, and long-term goals.
With inflation high and interest rates steady, money market accounts offer a relatively safe place to keep money while earning interest.
Savers should compare all options carefully before opening a money market account to ensure it fits their financial plan.
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The United States plans to raise tariffs on European Union cars to 25 percent, reversing a recent agreement to lower them to 15 percent. This decision mainly affects luxury carmakers from Germany, such as BMW, Mercedes, and Volkswagen, and is part of ongoing trade and security tensions between the US and Europe.
Key Facts
The US will increase tariffs on EU cars from 15% back up to 25%.
The original 25% tariff was set last year under Section 232, citing national security.
In August, the US and EU agreed to reduce these tariffs to 15%.
The White House claims the EU did not fully comply with the agreement, especially related to military support in the Strait of Hormuz.
German car companies, including BMW, Mercedes, and Volkswagen, are expected to be most affected.
EU cars make up 29% of the European Union’s total car export value to the US.
Tariffs mainly impact higher-end and luxury vehicles imported as finished products.
Some car production occurs in the US under trade agreements that reduce tariffs for mid-level cars.
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Delta Air Lines will stop offering free snacks and drinks to most passengers on flights shorter than 350 miles. This change is part of the airline’s effort to manage rising costs caused by global events including the war in Iran.
Key Facts
Delta will end free snacks and drinks on most short flights under 350 miles.
The airline industry is facing higher costs due to the war in Iran.
Rising costs have led to more expensive tickets and extra fees for checked bags.
The change applies mainly to short-distance flights rather than longer ones.
Delta made this decision to help control expenses and keep the business running.
The new policy affects hundreds of flights Delta operates regularly.
This move is part of wider industry trends to reduce free services amid financial pressure.
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The price of gold has dropped significantly since January, making it more affordable for investors this May. Because gold often holds value during inflation and amid market ups and downs, adding some gold to a portfolio could help protect money in uncertain economic times.
Key Facts
Gold’s price fell by over 18% between January and early May, dropping from about $5,589 to $4,564 per ounce.
Gold is known as a good investment during inflation because it tends to keep or increase its value.
Inflation is currently more than 1% above the Federal Reserve’s 2% target, making protection against inflation important.
The stock market has been unstable due to conflicts, geopolitical issues, and rising oil prices.
Gold helps diversify investments, reducing risk from stocks and bonds losing value.
Experts advise not to invest more than about 10% of a portfolio in gold to maintain balance.
Investors can buy fractional amounts of gold, making it accessible even with smaller budgets.
A new inflation report will be released in mid-May, which may influence gold’s appeal as an investment.
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Netflix will make a movie based on the popular young-adult book "Better Than the Movies" by Lynn Painter. The story follows two teenage neighbors, Wes and Liz, who have a complicated friendship that turns into romance. The film will be directed by Julia Hart and Jordan Horowitz.
Key Facts
"Better Than the Movies" is a best-selling book published in 2019.
The movie adaptation was officially announced by the author on Instagram.
Netflix is producing the film version of the book.
Julia Hart and Jordan Horowitz will direct the movie.
The story centers on Wes and Liz, teenage neighbors with a love-hate relationship.
The book has over 800,000 ratings on Goodreads, showing its popularity.
Lynn Painter also recently announced a movie adaptation of another book, "Fake Skating."
Fans of the book expressed excitement about seeing the characters on screen.
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A new survey shows that millennials are the generation most likely to skip tipping, with 6% saying they leave no tips in a typical month. Baby boomers tend to tip more consistently, especially in the $10 to $24 per month range. Many Americans say they are asked to tip more often than before and feel pressure from digital payment screens.
Key Facts
The survey included responses from 500 U.S. adults about their tipping habits.
6% of millennials report leaving no tips in an average month.
Baby boomers most often tip between $10 and $24 per month, more than other groups.
Most people tip regularly at sit-down restaurants, where 93% say they often or always tip.
Many Americans feel overwhelmed by frequent tipping requests at checkout screens and self-service businesses.
62% of respondents say they are asked to tip in more situations than two years ago.
Half of the people surveyed dislike pre-selected tip options on digital payment screens.
Millennials are seen as making a conscious choice not to tip, reflecting changing views on tipping and labor.
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A former JPMorgan banker has filed a lawsuit accusing a senior executive, Lorna Hajdini, of sexual assault and harassment, including threats to damage his career if he did not comply. JPMorgan and Hajdini deny the claims, and the bank’s internal investigation found no evidence to support the allegations.
Key Facts
The former banker, Chirayu Rana, accused Lorna Hajdini, his former supervisor, of sexual assault and harassment.
Rana claims Hajdini threatened to "ruin" his career if he did not submit to her.
JPMorgan conducted an investigation but reported no findings that supported Rana’s allegations.
Rana refused to participate in the investigation or provide key facts.
Two anonymous witnesses said they saw Hajdini harassing Rana, including an incident where she allegedly asked one witness to join them in a bedroom.
The witnesses described Hajdini as being physically inappropriate with Rana at a concert and elsewhere.
Hajdini’s lawyers deny all accusations, stating she never had a sexual or romantic relationship with Rana and calling the claims false.
The lawsuit was refiled recently in New York County Supreme Court after being removed last week.
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A major German shipping company, Hapag-Lloyd AG, said that passing through the Strait of Hormuz is still not possible. This statement came one day after the U.S. started escorting ships through this important sea route.
Key Facts
Hapag-Lloyd AG is one of the world’s largest container shipping companies.
The company said its risk assessment of the Strait of Hormuz has not changed.
The statement was given the day after the U.S. began escorting ships through the area.
The Strait of Hormuz is a crucial waterway used for global shipping.
U.S. naval escorts aim to protect vessels traveling through this region.
Despite the U.S. escorts, Hapag-Lloyd sees the transit as still unsafe or impossible currently.
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Retirees with tax-deferred accounts like traditional IRAs and 401(k)s must take required minimum distributions (RMDs) each year starting at age 73. The RMD amount depends on the account balance and the retiree’s age, with withdrawals increasing as life expectancy factors decrease.
Key Facts
Required minimum distributions (RMDs) apply to most traditional retirement accounts.
Retirees must start RMDs by age 73 under current IRS rules.
The RMD amount is calculated by dividing the account balance by a life expectancy factor from IRS tables.
For a $500,000 balance, the RMD at age 73 is about $18,868.
The RMD increases as retirees get older because the life expectancy factor gets smaller.
RMDs are taxed as ordinary income and can affect tax brackets, Social Security taxes, and Medicare costs.
Missing an RMD can lead to a penalty up to 25% of the amount not withdrawn.
Withdrawals from multiple IRAs can be combined, but 401(k) withdrawals are usually separate, making planning important.
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More companies are citing artificial intelligence (AI) as a reason when they lay off workers. In 2025, firms announced 55,000 job cuts connected to AI, mostly in the tech sector, as they shift jobs toward automation and new AI tools.
Key Facts
In 2025, 55,000 jobs were cut with companies saying AI was a factor, over 12 times more than two years earlier.
Most AI-related layoffs happened in tech-heavy states like California and Washington.
Amazon plans to reduce some white-collar jobs by using AI “agents” to improve efficiency.
Pinterest described job cuts as a way to invest more in AI systems.
Some experts think companies might use AI as an excuse to justify layoffs or stop hiring.
Coinbase cut 700 jobs, about 14% of its staff, to focus on AI-driven work.
Financial tech company Block announced a plan to reduce its workforce by nearly half.
Labor market analysts see AI having a bigger impact on fewer new hires than on layoffs so far.
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