Account

The Actual News

Just the Facts, from multiple news sources.

Business News

Business news, market updates, and economic developments

Palantir manifesto described as ‘ramblings of a supervillain’ amid UK contract fears

Palantir manifesto described as ‘ramblings of a supervillain’ amid UK contract fears

Summary

Palantir, a US technology company known for spy tools, published a manifesto praising American power and suggesting some cultures are less advanced. UK politicians criticized the document, expressing concern about Palantir’s large government contracts, including a £330 million deal with the NHS and others with police and defense agencies.

Key Facts

  • Palantir’s manifesto stated some cultures have made important progress while others remain “dysfunctional.”
  • The manifesto called for the US to bring back military conscription (a draft).
  • The company predicted a future with autonomous (self-operating) weapons controlled by AI.
  • UK Members of Parliament (MPs) called the manifesto a “parody” and “disturbing.”
  • Palantir has contracts in the UK worth over £500 million, including with the NHS, police, and Ministry of Defence.
  • MPs worry Palantir’s views and culture may not fit with handling sensitive UK government data.
  • The company’s CEO, Alex Karp, has made controversial statements about AI and political power shifts.
  • MPs want the UK government to reconsider or end Palantir’s contracts, especially with health and financial regulators.
Read the Original

Want the full story? Tap a source to open the original article.

Woolworths engaged in ‘marketing magic’ to trick customers, consumer watchdog tells court

Woolworths engaged in ‘marketing magic’ to trick customers, consumer watchdog tells court

Summary

The Australian Competition and Consumer Commission (ACCC) is suing Woolworths for allegedly using misleading price promotions that made customers think they were getting real discounts. The ACCC claims Woolworths raised prices temporarily before marking items as "Prices Dropped" discounts, which may have misled shoppers about actual savings.

Key Facts

  • The ACCC filed a court case against Woolworths about its “Prices Dropped” promotion.
  • Between September 2021 and May 2023, Woolworths raised prices on at least 266 products before offering them at a “discount.”
  • The items were sold at the original price for 180 days or more, then the price went up by at least 15% for less than 45 days before the promotion.
  • The third price shown during the promotion was often higher than the long-term original price before the temporary increase.
  • The ACCC calls this practice “marketing magic,” suggesting it tricks customers into thinking they got a real deal.
  • In one example, a family pack of Oreos was raised from $3.50 to $5.00 before being “discounted” to $4.50, which was still more than the original price.
  • Woolworths often agreed with suppliers on the discounted price while also planning price increases beforehand.
  • The case is similar to a previous one against Coles for misleading price promotions.
Read the Original

Want the full story? Tap a source to open the original article.

Who is John Ternus, Apple’s next CEO?

Who is John Ternus, Apple’s next CEO?

Summary

Apple has named John Ternus as its next CEO, taking over from Tim Cook in September. Ternus is a long-time Apple engineer known for leading the hardware division, including work on Apple’s own computer chips and products like the Apple Watch and AirPods.

Key Facts

  • John Ternus will become Apple’s CEO on September 1, replacing Tim Cook.
  • Tim Cook will become the executive chair of Apple’s board of directors later this year.
  • Ternus has worked at Apple since 2001 and became head of hardware engineering in 2021.
  • He led the development of Apple’s custom silicon chips that boosted Mac sales.
  • Products launched under his leadership include the Apple Watch, AirPods, and Vision Pro headset.
  • Tim Cook praised Ternus for his engineering skills and leadership qualities.
  • Ternus graduated in mechanical engineering from the University of Pennsylvania.
  • Ternus will face challenges in advancing Apple’s artificial intelligence technology, especially in updating Siri and launching new AI products.
Read the Original

Want the full story? Tap a source to open the original article.

Businesses start requests for Trump tariff refunds, but glitches reported in new portal

Businesses start requests for Trump tariff refunds, but glitches reported in new portal

Summary

Businesses began applying for refunds of tariffs imposed during President Trump's term that the Supreme Court later ruled unconstitutional. However, some companies are facing problems using the new online system created to handle these refunds.

Key Facts

  • Businesses can now request refunds for tariffs from President Trump's administration.
  • The tariffs were ruled unconstitutional by the Supreme Court.
  • A new online portal was launched to manage these refund requests.
  • Some users have experienced technical problems when trying to use the portal.
  • The refund process started on Monday.
  • The situation is being covered by CBS News with reports from Jo Ling Kent.
  • The issue affects companies that paid tariffs under these now-invalid rules.
Read the Original

Want the full story? Tap a source to open the original article.

Government to propose electricity price changes in clean power push

Government to propose electricity price changes in clean power push

Summary

The government plans to change how electricity prices are set, aiming to reduce the impact of rising gas costs on energy bills by moving some older renewable energy producers to fixed-price contracts. This change is expected within about a year and is part of a larger effort to promote clean energy and protect consumers from price spikes caused by fossil fuel markets.

Key Facts

  • The government will propose weakening the link between electricity prices and gas prices to protect consumers.
  • Older renewable energy projects will be shifted to fixed-price contracts instead of prices tied to gas.
  • This change aims to reduce sudden electricity bill increases when gas prices rise.
  • Renewable energy already generates a large share of electricity but current pricing ties bills to gas costs.
  • About one-third of Britain's electricity comes from older renewable projects targeted by the change.
  • The plan will be subject to public consultation and could be implemented in about a year.
  • The government may increase the windfall tax on some electricity generators to encourage switching contracts.
  • Additional proposals include easier planning rules for electric car chargers and more solar panel installation by businesses.
Read the Original

Want the full story? Tap a source to open the original article.

Some businesses report issues with Trump administration's new tariff refund portal

Some businesses report issues with Trump administration's new tariff refund portal

Summary

The Trump administration started an online system to give money back to businesses hurt by tariffs that the Supreme Court said were illegal. Some businesses have already said they are having problems using the new refund website.

Key Facts

  • The Trump administration created a website to refund businesses affected by certain tariffs.
  • These tariffs were ruled illegal by the Supreme Court.
  • The refund portal became available on a Monday.
  • Reports have emerged that some businesses are experiencing difficulties with the refund system.
  • The portal is intended to help businesses recover costs caused by these tariffs.
  • The news was reported by CBS News and MoneyWatch.
  • The issue concerns U.S. economic policy and government programs.
Read the Original

Want the full story? Tap a source to open the original article.

The 20-somethings juggling three jobs to make ends meet

The 20-somethings juggling three jobs to make ends meet

Summary

Many young adults in the UK are working two or three jobs to cover their living costs. This trend is increasing, especially among people under 30, as the cost of daily life and housing rises.

Key Facts

  • A record 1.35 million adults in the UK now have at least two jobs.
  • Young adults (under 30) are the main group working multiple jobs, called "poly-employment."
  • Ashlin works 60 hours a week as a civil servant, waitress, and baker to afford living expenses.
  • Cait works three jobs to pay off debt from maternity leave and hopes to save for a house.
  • Chloe balances freelance design work, teaching, and care home shifts, aiming for a creative industry career.
  • Multiple jobs make it hard for workers to have free time or rest.
  • High living costs and expensive mortgages are driving people to take on extra work.
  • Some see multiple jobs as temporary until they can get better full-time roles.
Read the Original

Want the full story? Tap a source to open the original article.

Petrol thefts surge as Iran war pushes up fuel costs

Petrol thefts surge as Iran war pushes up fuel costs

Summary

Fuel thefts in the UK have increased by 62% compared to last year, with thieves stealing more expensive amounts due to rising fuel prices linked to the war involving Iran. Petrol retailers report more frequent unpaid fuel drive-offs, and police along with the government are working to stop the problem.

Key Facts

  • Petrol thefts have risen by 62% over the last year.
  • The average amount stolen per theft has increased by 46%, now nearly £70 per incident.
  • Rising fuel prices since the Iran conflict have pushed petrol costs up by £14 and diesel by £27 per tank.
  • A petrol station owner with five sites suffers about five unpaid fuel incidents weekly per site.
  • Some thefts are planned and organized, while others may involve people who simply forgot to pay.
  • Theft problems are worse in less wealthy areas like east/south east London, Glasgow, Manchester, Leeds, and Birmingham.
  • Police are increasing efforts to catch offenders and work with fuel retailers.
  • The government says those who steal fuel must face legal consequences.
Read the Original

Want the full story? Tap a source to open the original article.

UK shifts older wind and solar farms to fixed-price deals to reduce price shocks

UK shifts older wind and solar farms to fixed-price deals to reduce price shocks

Summary

The UK government plans to move older wind and solar farms onto fixed-price contracts for electricity. This aims to protect consumers and businesses from sudden spikes in gas prices, which strongly affect electricity costs.

Key Facts

  • Older wind and solar farms make up nearly one-third of Great Britain’s power market.
  • These renewable projects currently get extra payments on top of the market price.
  • The new plan asks these projects to switch to contracts that pay a set price for electricity.
  • Fixed-price contracts help separate electricity prices from gas price changes.
  • The move is voluntary but linked to avoiding higher taxes on extra profits.
  • The UK’s electricity prices are very high because about 30% of power comes from gas plants.
  • Gas prices influence the whole electricity market, causing price swings for consumers.
  • The government wants to lower price shocks and promote more clean energy and electric alternatives.
Read the Original

Want the full story? Tap a source to open the original article.

5 Budget-Friendly Ways To Travel This Summer

5 Budget-Friendly Ways To Travel This Summer

Summary

Many Americans plan to travel this summer despite economic concerns, and most want to save money while doing so. Experts suggest strategies like booking flights and hotels early, choosing less popular destinations, and combining work with travel to reduce costs.

Key Facts

  • Two in five Americans plan to take a vacation involving flying or hotel stays in summer.
  • Travelers expect to spend nearly $4,000 on average for their trips.
  • Booking international flights at least 90 days in advance can help get better prices.
  • Flying in August and on Saturdays may be cheaper.
  • Hotel prices change frequently, so booking one to two weeks ahead for domestic travel and 90 days for international is usually best.
  • Traveling to less popular or off-season destinations can lower costs.
  • Many remote or hybrid workers can combine work and travel, called a "workcation," which can save money.
  • Using fare alerts, package deals, and credit card rewards can help reduce travel expenses.
Read the Original

Want the full story? Tap a source to open the original article.

Tim Cook to step down as Apple CEO

Tim Cook to step down as Apple CEO

Summary

Apple CEO Tim Cook is stepping down after nearly 15 years leading the company. John Ternus, Apple's head of hardware engineering, will become the new CEO on September 1, while Cook will remain as executive chairman to support the company.

Key Facts

  • Tim Cook joined Apple in 1998 and became CEO in 2011.
  • Under Cook, Apple's market value grew from about $350 billion to $4 trillion.
  • Annual revenue increased from $108 billion in 2011 to over $416 billion by 2025.
  • Cook oversaw the launch of new products like Apple Watch, AirPods, and Apple Vision Pro.
  • Apple also expanded services, including iCloud, Apple Pay, Apple TV, and Apple Music.
  • John Ternus, 50, is Apple’s senior vice president of hardware engineering since 2021.
  • Ternus helped develop product lines such as iPad, AirPods, and many versions of iPhone, Mac, and Apple Watch.
  • Cook will support Apple as executive chairman, including working with global policymakers.
Read the Original

Want the full story? Tap a source to open the original article.

Apple CEO Tim Cook to step down, ending nearly 15-year reign leading the iPhone maker

Apple CEO Tim Cook to step down, ending nearly 15-year reign leading the iPhone maker

Summary

Apple CEO Tim Cook is stepping down after nearly 15 years leading the company. He will hand over the CEO role to John Ternus on September 1 but will stay involved as executive chairman.

Key Facts

  • Tim Cook became Apple CEO after Steve Jobs.
  • Cook led Apple for almost 15 years.
  • During his leadership, Apple's market value grew by over $3.6 trillion.
  • John Ternus, Apple's head of hardware engineering, will become CEO on September 1.
  • Cook will remain executive chairman at Apple.
  • Cook is 65 years old.
  • Similar CEO transitions happened at Amazon and Netflix.
  • Apple grew strongly thanks to the iPhone and other innovations started by Steve Jobs.
Read the Original

Want the full story? Tap a source to open the original article.

Mythos shock - is AI taking cybersecurity risks to new levels?

Mythos shock - is AI taking cybersecurity risks to new levels?

Summary

A new powerful AI model called Mythos can find hidden software bugs and exploit security weaknesses on its own. Its creator, Anthropic, decided not to release it publicly because of the risks it poses to cybersecurity. Governments and regulators are now encouraging important industries to strengthen their defenses against AI-related threats.

Key Facts

  • Mythos is an advanced AI model that identifies and uses unknown cybersecurity flaws.
  • Anthropic, the developer of Mythos, chose not to make it available to the public.
  • This AI demonstrates a new level of risk by potentially enabling automated hacking.
  • Security experts see Mythos as a turning point in cybersecurity challenges.
  • Governments and regulators are advising critical sectors to improve their security measures.
  • The discussion around Mythos highlights growing concerns over AI in cybercrime.
  • The AI’s ability to independently exploit vulnerabilities could change how cyberattacks happen.
  • SecurityScorecard’s CEO Aleksandr Yampolskiy commented on the significance of the Mythos model.
Read the Original

Want the full story? Tap a source to open the original article.

Summer travel planning tips to minimize Iran war's impact on your wallet

Summer travel planning tips to minimize Iran war's impact on your wallet

Summary

The war involving Iran is causing jet fuel prices to rise and supplies to become limited. This makes summer travel more expensive and harder to plan. Experts suggest ways to find better travel deals despite these challenges.

Key Facts

  • Conflict in Iran affects the availability and price of jet fuel.
  • Airlines face higher costs because jet fuel is more expensive.
  • Rising jet fuel costs lead to more expensive airline tickets.
  • Limited jet fuel supply can cause flight delays or cancellations.
  • Travel experts share tips to save money when booking summer trips.
  • Planning ahead may help travelers find better prices.
  • Watching fuel prices and airline deals can improve travel budgeting.
Read the Original

Want the full story? Tap a source to open the original article.

Apple Names New CEO to Replace Tim Cook: Who is John Ternus?

Apple Names New CEO to Replace Tim Cook: Who is John Ternus?

Summary

Apple announced that John Ternus will become its new CEO on September 1, replacing Tim Cook. Cook will stay on as executive chairman after serving as CEO since 2011. The change follows a long-term plan to ensure smooth leadership transition.

Key Facts

  • John Ternus is currently Apple’s senior vice president of hardware engineering.
  • He has worked at Apple since 2001 and helped lead major hardware projects like the iPhone and Mac.
  • Tim Cook has been Apple’s CEO since 2011 and will become executive chairman after stepping down.
  • The transition will officially happen on September 1, pending board approval.
  • Ternus is 49 years old and has a mechanical engineering degree from the University of Pennsylvania.
  • He is known for focusing on product design and engineering rather than public speaking.
  • Apple describes the leadership change as part of a long-term succession plan to maintain stability.
  • Ternus recently became more visible at Apple product launch events.
Read the Original

Want the full story? Tap a source to open the original article.

The Onion plans to lease Alex Jones’s Infowars after judge blocks purchase

The Onion plans to lease Alex Jones’s Infowars after judge blocks purchase

Summary

The Onion plans to lease the Infowars website, owned by Alex Jones, after a Texas judge blocked an earlier attempt to buy it. The Onion wants to turn Infowars into a parody site under a court-approved lease, while a judge reviews the deal amid ongoing lawsuits.

Key Facts

  • The Onion, a satirical website, aims to lease Infowars for $81,000 a month for six months, with an option to renew for another six months.
  • Alex Jones and his company, Free Speech Systems, declared bankruptcy in 2022 after a $1.4 billion defamation judgment related to false claims about the Sandy Hook shooting.
  • The leasing deal must be approved by Texas judge Maya Guerra Gamble, who previously blocked the sale due to concerns about offer value.
  • The Onion’s parent company, Global Tetrahedron, is involved in the lease agreement.
  • Comedian Tim Heidecker will become Infowars’ creative director and plans to parody Alex Jones’s style.
  • The Onion’s goal is to reduce the harmful influence Jones has through Infowars by changing the site’s content.
  • Alex Jones still operates Infowars and hosts his show during the legal process.
  • A lawyer for the Sandy Hook families supports the deal as a way to weaken Jones’s harmful impact.
Read the Original

Want the full story? Tap a source to open the original article.

Emails show Amazon colluding with other firms to raise prices, California authorities allege

Emails show Amazon colluding with other firms to raise prices, California authorities allege

Summary

California’s attorney general, Rob Bonta, released emails alleging that Amazon worked with other companies to raise prices on various products sold online. The emails suggest Amazon coordinated with vendors and retailers like Walmart and Chewy to raise prices together, which may limit competition and increase costs for shoppers.

Key Facts

  • Amazon employees allegedly coordinated with vendors to raise prices on products including pet treats, khaki pants, and eyedrops.
  • In one example, Amazon raised dog treat prices and encouraged the pet treat manufacturer to get Chewy to raise its prices too.
  • Amazon sent information to Levi’s about Walmart selling khaki pants cheaply and Levi’s then worked with Walmart to raise the price.
  • After Walmart raised its price, Amazon increased its price for the same khaki pants.
  • California’s attorney general claims this coordination is price fixing and harms consumers by raising prices unfairly.
  • Amazon denies wrongdoing and says it offers the lowest prices to customers.
  • Walmart, Levi’s, and Chewy are not accused in this lawsuit.
  • The lawsuit started in 2022 and alleges Amazon pressures vendors to keep prices high on competing websites.
Read the Original

Want the full story? Tap a source to open the original article.

Judge orders Nexstar-Tegna to pause merger

Judge orders Nexstar-Tegna to pause merger

Summary

A U.S. judge has ordered Nexstar and Tegna to stop combining their companies after they merged in a $6.2 billion deal last month. The judge ruled that the merger could raise prices for TV providers and reduce competition in many local markets.

Key Facts

  • A federal judge issued a preliminary injunction preventing Nexstar and Tegna from merging their operations.
  • The judge agreed with DirecTV’s concern that the merger would force TV providers to raise prices for customers.
  • The court found that the merger likely reduces competition in dozens of local TV markets.
  • Nexstar, the largest broadcast group in the U.S., bought Tegna, creating a company with over 259 stations.
  • The Federal Communications Commission (FCC) waived a rule that limits how many households one broadcaster can reach, to approve the merger.
  • Several states and DirecTV sued to block the merger, arguing it would harm jobs and reduce competition.
  • The Justice Department approved the merger from an antitrust (competition law) viewpoint.
  • The injunction requires Nexstar to keep Tegna running independently while the case continues.
Read the Original

Want the full story? Tap a source to open the original article.

$100,000 home equity loan vs. $100,000 HELOC: Which has the cheaper monthly payments now?

$100,000 home equity loan vs. $100,000 HELOC: Which has the cheaper monthly payments now?

Summary

Borrowing money using home equity, either through a home equity loan or a home equity line of credit (HELOC), is easier now because homeowners have more equity and interest rates are lower than in recent years. Currently, a $100,000 home equity loan generally has slightly cheaper monthly payments than a $100,000 HELOC, but the difference is small and could change if interest rates shift.

Key Facts

  • Homeowners in the U.S. have a record high amount of home equity available to borrow, around $11 trillion.
  • Lenders usually require homeowners to keep 20% of their home equity untouched when borrowing.
  • Home equity loans have a fixed interest rate, so payments stay the same over time.
  • HELOCs have variable interest rates, which means payments can go up or down.
  • For a $100,000 loan, monthly payments on a home equity loan at about 6.96% interest are around $896 to $1,159, depending on the loan term.
  • For the same amount, monthly payments on a HELOC at about 7.11% interest are around $905 to $1,167, depending on the loan term.
  • Interest rates on both types of loans have been going down recently, making borrowing cheaper than it was earlier.
  • HELOC borrowers should expect their rates to change over time and should compare possible future costs before deciding.
Read the Original

Want the full story? Tap a source to open the original article.

US opens refund portal to start paying back Trump's illegal tariffs

US opens refund portal to start paying back Trump's illegal tariffs

Summary

The U.S. government has opened an online system to let importers and customs brokers request refunds for tariffs that President Trump imposed under the International Emergency Economic Powers Act (IEEPA), which the Supreme Court ruled were illegal. While importers can seek refunds, consumers who paid higher prices due to these tariffs may not receive any money back.

Key Facts

  • The U.S. Customs and Border Protection (CBP) launched the Consolidated Administration and Processing of Entries (CAPE) portal for IEEPA tariff refunds.
  • Over 330,000 importers paid a total of $166 billion in these tariffs before they were ruled illegal.
  • Refunds will mainly go to importers and customs brokers, not necessarily to consumers.
  • The refund process is expected to take 60 to 90 days after submitting claims, but delays and technical issues may occur.
  • The current refund phase covers about 63% of tariff entries and focuses on certain recent or unpaid claims.
  • The government is studying ways to possibly reduce the total refund amount.
  • President Trump imposed a new 10 percent tariff under a different law (the Trade Act of 1974) after the court ruling.
  • More than 56,000 importers have completed the initial steps required to get their refunds through the new portal.
Read the Original

Want the full story? Tap a source to open the original article.