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Business news, market updates, and economic developments
The Federal Reserve cut its main interest rate by a quarter of a percentage point, reducing it from 4.3% to 4.1%. This is the first rate cut during Donald Trump's presidency. The Fed plans more rate cuts to support the slowing job market.
Key Facts
The Federal Reserve lowered its key interest rate by 0.25%, changing it from 4.3% to 4.1%.
This is the first time the Federal Reserve has cut rates since December.
The Fed is considering two more rate cuts within the year due to concerns about the job market.
President Trump expressed that the Fed should lower rates more significantly.
The Fed noted risks to employment but mentioned inflation is slightly above their 2% goal.
Policy changes aim to lower borrowing costs for households and businesses.
The Fed plans for two more cuts in 2025 and one in 2026.
The decision for this rate cut faced one opposing vote from Stephen Miran, who wanted a larger reduction.
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Jerry Greenfield, co-founder of Ben & Jerry’s, is leaving after 47 years because he believes Unilever, the parent company, has limited the brand's ability to speak on social issues. Greenfield feels that the original agreements with Unilever, which allowed for social advocacy, are no longer respected. Despite these changes, Unilever plans to separate its ice cream business, including Ben & Jerry’s, into a new company called The Magnum Ice Cream Company.
Key Facts
Jerry Greenfield co-founded Ben & Jerry’s 47 years ago.
He is leaving because he believes Unilever has restricted the brand’s ability to advocate for social issues.
Unilever acquired Ben & Jerry’s in 2000 for $326 million.
Greenfield feels the original merger agreement ensured Ben & Jerry’s could speak out on social issues.
Unilever plans to create a new company, The Magnum Ice Cream Company, for its ice cream brands.
Ben & Jerry’s had a disagreement with Unilever regarding the removal of its CEO, David Stever.
Greenfield and co-founder Ben Cohen want Ben & Jerry’s to be independently owned again.
A spokesperson for Magnum expressed gratitude to Greenfield but disagreed with his views.
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Jared Kushner, former White House advisor and Donald Trump's son-in-law, has become a billionaire, according to Forbes. His increased net worth comes from successful real estate investments, funding from Middle Eastern sources, and his private equity firm, Affinity Partners. Kushner's firm has made significant investments, including a stake in an Israeli financial services company, leading to high returns.
Key Facts
Jared Kushner's net worth is now over $1 billion, up from $900 million in 2024.
His wealth increase is due to real estate investments, Middle Eastern funding, and success with Affinity Partners.
Affinity Partners invested $250 million in the Israeli firm Phoenix, producing large returns.
Kushner raised $4.6 billion for Affinity, with major contributions from the Qatari wealth fund and UAE business entities.
Affinity's current value is $215 million, an increase from $170 million last year.
Kushner holds a $560 million stake in the family real estate business, Kushner Companies.
Kushner's Florida home value has more than tripled since 2020.
Kushner is now part of Forbes' "three-comma-club," which includes his brother Josh and father-in-law Donald Trump.
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Gen Z's average credit score has decreased by three points since 2024, according to FICO, with 14.1 percent of this age group experiencing a 50-point drop. Factors like student loans, short credit histories, and economic challenges are contributing to these lower scores.
Key Facts
Gen Z includes people aged 18 to 29.
Average credit scores for Gen Z have fallen by three points since 2024.
14.1% of Gen Z consumers saw their credit scores drop by 50 points.
34% of Gen Z individuals have student loans, affecting their credit.
The national average credit score decreased from 718 in 2023 to 715 in 2024.
FICO will soon include "buy now, pay later" loan data in credit score calculations.
Economic factors like student debt, high interest rates, and inflation impact Gen Z's credit scores.
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The Federal Reserve is expected to lower its main interest rate by a quarter of a percent, bringing it to around 4.1%. Economists and investors are looking for signs of how many more cuts might come. The decision is influenced by slower job growth and ongoing inflation concerns.
Key Facts
The Federal Reserve is set to reduce its key interest rate by 0.25% to approximately 4.1%.
This would be the first rate cut in nine months.
Wall Street expects up to five rate cuts by mid-next year.
The job market has slowed, with a revised decrease of around 911,000 jobs since last year.
Inflation remains high, partly due to increased costs from tariffs, with a 2.9% price increase in August.
The Fed previously paused rate cuts due to strong job market data.
Future interest rate decisions will consider economic conditions, including potential recession indicators.
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Outback Steakhouse has introduced two new drinks, a cocktail called Platypus Punch and a nonalcoholic version called Puggle Splash, to attract more customers. The new offerings are part of a larger trend in the dining industry to create exciting menu options to draw in diners. This strategy aims to boost revenue by appealing to both alcohol consumers and those seeking alcohol-free choices.
Key Facts
Outback Steakhouse added two drinks to its menu: Platypus Punch (a cocktail) and Puggle Splash (a nonalcoholic drink).
Both drinks are limited-time offerings, meaning they are available only for a short period.
Platypus Punch contains vodka, mango, and lemonade, and features a tea egg that changes color.
Puggle Splash includes mango lemonade and blue tea, with no alcohol.
The chain also introduced a Three Cheese Spinach Dip served hot with chips.
Menu changes are a strategy to bring in more customers amid rising costs affecting consumer spending.
Other restaurant chains like Starbucks and Popeyes are also updating their menus to attract diners.
The new drink options aim to appeal to a wide audience, including those who prefer nonalcoholic beverages.
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The FDA has warned telehealth companies about promoting unofficial weight loss drugs without approval. Companies like Hims & Hers are asked to stop using misleading advertising for drugs that imitate prescription weight loss injections.
Key Facts
The FDA is targeting telehealth companies for advertising unofficial versions of prescription drugs.
This action is part of efforts to regulate pharmaceutical advertising.
Over 100 letters were sent to drugmakers and online prescribing companies.
Hims & Hers is a company named in the FDA's actions.
Hims & Hers promotes less expensive versions of popular obesity injections.
The FDA says these versions claim to use the same active ingredients as approved drugs like Wegovy and Ozempic.
The drugs in question come from specialty compounding pharmacies, which the FDA does not review.
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Primark, a discount fashion retailer, plans to expand in the U.S. by opening more stores. The company has been successful in the U.S. since launching in 2015 and now aims to have 60 stores by 2026. Primark recently revealed four new store locations and has plans for its first store in Manhattan next year.
Key Facts
Primark has signed leases for 18 new stores in the U.S., with four locations disclosed so far.
The disclosed locations include Mall of America in Minnesota, two locations in Florida, and one in Georgia.
Primark entered the U.S. market in 2015 and currently has 33 stores across 13 states.
The company is opening its first Manhattan store in Herald Square next year.
Primark aims to have 60 U.S. stores by 2026.
The retailer invested $90 million last year to grow its U.S. operations and launched its first U.S. brand campaign.
Primark is well-known in the UK with around 200 stores.
The company is concerned about potential tariff impacts but is committed to expanding in the U.S.
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The article discusses how the concept of the "girlboss" has transformed over time. Originally popular in the mid-2010s, this idea has shifted towards a new image that appeals more to Gen Z, focusing on authenticity and avoiding traditional hustle culture. Key figures now include celebrities and entrepreneurs who emphasize lifestyle and transparency.
Key Facts
The term "girlboss" gained popularity in the mid-2010s, embodying ambition and empowerment.
Key figures like Sophia Amoruso were central to this concept, promoting hustle as a path to success.
The "girlboss" image is not gone but has changed to fit Gen Z values, moving away from grinding work culture.
Celebrities like Hailey Bieber and Kendall Jenner use their fame to promote an aspirational lifestyle.
Entrepreneurs are focusing more on transparency and personal storytelling to connect with their audience.
New trends show Gen Z moving away from prioritizing work identity, with some embracing a "soft girl" aesthetic.
Data from 2024 showed a significant portion of the UK population not actively seeking employment, reflecting changing attitudes toward traditional work.
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Workers in the Jaguar Land Rover (JLR) supply chain have been advised to apply for government financial support due to reduced or no pay following a cyber attack. The cyber attack shut down JLR's computer systems, halting production and causing significant financial losses. The union, Unite, is asking the UK government for a support plan, while JLR aims to resume production as investigations continue.
Key Facts
JLR's supply chain is telling workers to apply for universal credit due to pay cuts from a cyber attack.
The attack shut down JLR’s IT networks, stopping car production.
The union, Unite, wants the UK government to create a furlough scheme like the one in Scotland.
JLR's production might not restart until late November.
The hack affects 104,000 jobs and costs JLR at least £50 million per week.
Small suppliers may struggle financially due to the extended business stoppage.
A criminal investigation into the cyber attack is ongoing.
An MP has asked for emergency government help similar to Covid-19 support.
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The article highlights new consumer products featured in a weekly series by Newsweek and the Best New Product Awards. This week's products include Shark's cordless cleaner, Blue Bunny's new frozen dessert, Gain's scent boosters, Breathe Right's nasal strips, and Eggo's protein waffles.
Key Facts
Newsweek's New & Noteworthy is a weekly feature showcasing the latest consumer products.
Shark introduced the StainForce, a cordless cleaner for tackling stains.
Blue Bunny launched the Candy Bar Scoopable, a frozen dessert with chocolate and peanut butter flavors.
Gain Tango Scent Boosters are new laundry beads that keep clothes smelling fresh for up to 12 weeks.
Breathe Right released Menthol Scented Extra Strength nasal strips for congestion relief.
Eggo introduced Protein Buttermilk Vanilla Waffles for a high-protein breakfast option.
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San Francisco's biggest mall, the San Francisco Centre, is now 93% empty as more people shop online instead of going to stores. The mall's value dropped significantly, losing over $1 billion since 2016, partly due to rising online shopping and other local challenges.
Key Facts
San Francisco Centre was valued at $195 million, a 25% decrease from August last year and over $1 billion since 2016.
The mall is 93% empty due to a decline in in-store shopping.
Major tenant Nordstrom left, citing changes in the downtown San Francisco market.
High rents and increased retail crime are challenging for San Francisco's stores.
The owner, San Francisco Unified School District, is negotiating lease issues with the mall's management.
Conversion to housing is difficult due to the mall's layout and lease terms.
Foreclosure auctions for the mall have been delayed several times, with the next scheduled soon.
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Jerry Greenfield, cofounder of Ben & Jerry’s, has retired due to disagreements with Unilever, the parent company. The clash centers around Ben & Jerry’s stance on not selling ice cream in the occupied West Bank and their comments on Israel's actions in Gaza.
Key Facts
Jerry Greenfield retired after working nearly 50 years with Ben & Jerry’s.
The company has been in dispute with Unilever since 2021, over sales in the occupied West Bank.
Greenfield and his business partner, Ben Cohen, wanted to maintain the brand's social mission, which they feel is being silenced by Unilever.
Ben & Jerry’s called Israel's actions in Gaza "genocide," a rare statement for a big US company.
Unilever has rejected claims from Ben & Jerry’s about being silenced and stands by its actions.
Ben Cohen was arrested for protesting the U.S. support of Israel's actions in Gaza.
Nearly 65,000 deaths occurred in Gaza after clashes following attacks on southern Israel in October 2023.
Efforts to sell Ben & Jerry’s for fair market value between $1.5 billion and $2.5 billion have been rejected.
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Newsweek is hosting the second Pillars of the Green Transition Conference during Climate Week 2025 in New York City. The event will focus on how companies can use technologies and partnerships to meet climate goals. Key topics include decarbonization, clean energy, and green supply chains.
Key Facts
Newsweek's conference coincides with Climate Week 2025 in New York City.
The event will be held at One World Trade Center on September 24, 2025.
Industry leaders, investors, policymakers, and innovators will attend.
Discussions will focus on technology, ESG reporting, and green supply chains.
The event aligns with the 10th anniversary of the Paris Climate Agreement.
President Trump's policies are influencing business approaches to climate action.
The conference will include panels on bioenergy, food system emissions, and energy storage.
Major companies like Bayer, Samsung, and Volkswagen will participate.
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British company GSK plans to invest $30 billion in the U.S. over five years for research and manufacturing. The funds will develop U.S. factories, artificial intelligence tools, and research labs. This announcement comes as drug companies face U.S. pressure to move production there.
Key Facts
GSK will invest $30 billion in the U.S. for research and manufacturing.
The investment aims to develop factories, AI, and research labs in the U.S.
A new factory in Pennsylvania will focus on medicines for respiratory diseases and cancer.
The investment is part of a broader trend where pharma firms redirect spending from the UK to the U.S.
GSK's investment continues amid U.S. tariffs on pharmaceutical imports.
Other pharmaceutical companies like Merck and AstraZeneca have also reduced investment in the UK.
British Prime Minister noted the investment as a positive example of U.S.-UK collaboration.
Construction for the Pennsylvania factory is expected to start next year.
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Jerry Greenfield, co-founder of Ben & Jerry's, has left the company after nearly 50 years. His departure follows disagreements with parent company Unilever over the ice cream company's involvement in social activism. The conflict began when Ben & Jerry's decided to stop selling products in Israeli settlements, leading to a series of disputes with Unilever.
Key Facts
Jerry Greenfield co-founded Ben & Jerry's, an ice cream company known for promoting social and political causes.
He left the company due to disagreements with Unilever about social activism.
The controversy started in 2021 when Ben & Jerry's stopped selling in Israeli settlements.
Unilever bought Ben & Jerry's 25 years ago, agreeing to protect its social activism mission.
In March, Ben & Jerry's CEO was removed by Unilever, which the company claimed violated a merger deal.
Unilever disagrees with Greenfield’s stance and tried to have discussions to resolve the issues.
Ben & Jerry's previously criticized President Trump, leading to tension with Unilever.
Co-founder Ben Cohen was arrested during a protest concerning US aid to Israel.
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Inflation in the UK stayed at 3.8% in August, largely due to rising food costs. This rate is higher than in some big European countries, like France and Germany. The Bank of England will discuss interest rates soon, but they are not expected to lower them.
Key Facts
UK inflation was 3.8% in August, unchanged from July.
Food prices, including cheese, fish, and vegetables, drove the inflation rate.
Inflation in the UK is higher than in France (0.8%) and Germany (2.1%).
The Bank of England's 2% inflation target was exceeded.
The Bank of England's Monetary Policy Committee is meeting to discuss interest rates.
Britain's inflation has been influenced by domestic policies, such as increased National Insurance Contributions.
The Office for National Statistics provides these inflation figures.
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Homeowners in the U.S. saw a decrease in home equity by about $9,200 on average over the last year as the housing market cooled. Despite these losses, the average homeowner still has significant equity due to high home prices during the pandemic. Most states experienced a drop in home equity, with only 14 states seeing increases.
Key Facts
U.S. homeowners lost an average of $9,200 in home equity over the past year.
The average homeowner has about $307,000 in equity.
Home prices rose greatly during the pandemic due to high demand and low inventory.
In 2025, total homeowner equity decreased by $141.5 billion.
Homeowners' total equity now is $17.5 trillion, a high number historically.
Negative equity homes increased to 2% from 1.7% last year.
32 states saw a decline in home equity, while 14 states saw gains.
The largest equity losses were in the District of Columbia, Florida, and Montana.
Connecticut, New Jersey, and Rhode Island saw the largest equity gains.
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Chef Marcus Samuelsson is a well-known figure with restaurants around the world and appearances on TV. He has a diverse background, growing up in Sweden as an Ethiopian adoptee and gaining culinary experience in various countries. Samuelsson faced challenges in his career due to race but found success with the help of mentors and hard work.
Key Facts
Marcus Samuelsson was born in Ethiopia and raised in Sweden.
He has worked in kitchens in Tokyo, Switzerland, and New York City, among other places.
His flagship restaurant is called Red Rooster, located in Harlem, New York.
Samuelsson initially wanted to play soccer but turned to cooking after being cut from a team.
He trained in Europe, including in a Michelin-starred kitchen in France.
Samuelsson faced skepticism about opening a Black-owned restaurant but found support from other chefs.
Mentors like Chef Charlie Trotter and Leah Chase helped him in his career.
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The Federal Reserve is expected to reduce interest rates to help the U.S. job market, influenced by pressure from President Trump. The decision to cut rates comes amid concerns of slower job growth and political influence on the Fed's independence.
Key Facts
The Federal Reserve plans to cut interest rates by a quarter percentage point.
The decision follows pressure from the White House and signs of a slowing job market.
Investors expect the new interest rate range to be 4% to 4.25%.
This will be the first rate cut in nine months.
President Trump has been pushing for much lower interest rates.
Trump appointed economist Stephen Miran to the Fed's governing board.
Trump attempted to dismiss Fed Governor Lisa Cook, a move blocked by federal courts.
U.S. employers added only 22,000 jobs in August, indicating a slowdown.
Concerns about inflation from import tariffs are present, but job market issues are a higher priority.
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