Some retired civil servants in the UK did not receive their pension payments this month after the company managing their pensions, Capita, failed to make the payments. Capita took over the administration of the Civil Service Pension Scheme in December and now has an unexpected backlog of pension cases to handle. The company apologized and is working to resolve the issue.
Key Facts
The Civil Service Pension Scheme serves 1.7 million public sector workers in the UK.
Capita took over managing the scheme in December with a seven-year contract worth £239 million.
Some retirees did not receive their expected pensions due to a backlog of 86,000 cases.
Capita expected a backlog of 37,000 cases but found it to be much larger.
Retiree Steve Duell reported financial difficulties due to the non-payment.
Another retiree, Paul McKenna, is facing uncertainty and stress, having planned to use his pension for significant expenses.
Capita has increased its workforce on this project to over 500 people to address the backlog.
The Public Accounts Committee had warned Capita might not be ready for the transition.
President Trump has filed a lawsuit against JPMorgan Chase and CEO Jamie Dimon, claiming they blocked him from financial services because of his conservative views. Trump is asking for up to $5 billion, arguing that the bank's actions were politically motivated. JPMorgan Chase denies these allegations, stating their decisions are based on legal and regulatory concerns, not politics.
Key Facts
President Trump sued JPMorgan Chase and its CEO Jamie Dimon for up to $5 billion.
Trump claims the bank stopped doing business with him due to his conservative political views.
The lawsuit suggests JPMorgan placed Trump on a blacklist of entities with questionable activities.
JPMorgan says the lawsuit is unfounded and they do not close accounts for political reasons.
JPMorgan has been accused by Trump of participating in discrimination against conservatives.
In response, JPMorgan states its account closures are unrelated to politics, citing legal concerns.
Trump previously signed an executive order targeting banks allegedly discriminating against conservatives.
Trump mentioned another bank, Bank of America, also refused to take his deposits after his first term.
TikTok has completed an agreement to create a new U.S.-based version of its app, partnering with major American investors like Oracle. This deal aims to prevent a U.S. ban due to national security concerns and includes strict data and software protections for American users.
Key Facts
TikTok has finalized a deal to form a new U.S. unit to avoid a ban.
Major investors in the new venture include Oracle, Silver Lake, and MGX.
The new app will have safeguards for national security, including data and content protection.
Adam Presser will be the CEO of the new TikTok U.S. unit.
The U.S. board of directors will mostly consist of Americans.
The agreement resolves ongoing uncertainty about TikTok's presence in the U.S.
President Donald Trump signed an executive order to keep TikTok operating while talks for a sale were underway.
President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase, claiming the bank closed his accounts for political reasons after the January 6, 2021, Capitol riot. Trump alleges that the closure caused financial and reputation damage, and accuses the bank of discrimination based on political views. JPMorgan, led by CEO Jamie Dimon, denies the claims, stating they close accounts due to legal or regulatory risks, not politics.
Key Facts
President Trump filed a lawsuit against JPMorgan Chase seeking $5 billion.
The lawsuit claims the bank closed his accounts for political reasons after the Capitol riot.
JPMorgan Chase CEO Jamie Dimon is also named in the lawsuit.
Trump says the account closure caused financial and reputational harm.
A JPMorgan spokesperson stated that the lawsuit "has no merit" and accounts are closed due to legal risks.
The lawsuit was filed in Florida, which prohibits political discrimination by banks.
Trump alleges the bank’s actions were based on political bias and involved trade libel.
JPMorgan denied the charges, citing regulatory expectations for account closure decisions.
Paramount Skydance has extended its deadline to buy Warner Bros Discovery, competing against Netflix to take over the company. Paramount's offer is for $77.9 billion in cash, while Netflix's offer is $72 billion. Both deals seek control over Warner's assets, including popular franchises and the HBO Max streaming service.
Key Facts
Paramount Skydance has extended its takeover bid deadline to February 20.
The offer from Paramount is $77.9 billion, with each Warner share priced at $30.
The enterprise value of Paramount's bid, including debt, is over $108 billion.
Netflix's competing offer is valued at $72 billion, switched to an all-cash deal.
Both companies' bids would involve taking control of Warner's entertainment assets.
Paramount's offer includes the entire company, potentially combining news and cable operations.
Netflix's bid focuses on Warner's studio and streaming businesses.
Regulatory approval is needed, and both Ellisons' relationship with President Trump and Netflix progress could influence outcomes.
Shareholder approval processes and antitrust scrutiny are ongoing concerns in the sale.
President Donald Trump filed a lawsuit against JPMorgan Chase and its CEO Jamie Dimon, claiming the closure of his accounts was politically motivated. The lawsuit seeks $5 billion in damages. The news wrap also covered other events such as the U.S. leaving the World Health Organization and a film, "Sinners," receiving a record number of Oscar nominations.
Key Facts
President Trump is suing JPMorgan Chase and CEO Jamie Dimon.
The lawsuit demands $5 billion in damages.
Trump claims the bank closed his accounts for political reasons.
The case refers to actions taken after Trump left office in 2021.
The U.S. completed its withdrawal from the World Health Organization.
The film "Sinners" received 16 Oscar nominations, including Best Picture.
President Trump wants lower interest rates in the U.S., but long-term rates remain high because global market conditions influence them. Despite efforts by the Federal Reserve to cut rates, borrowing costs have increased. The bond market is beyond President Trump's control, affecting his ability to achieve his economic goals.
Key Facts
President Trump advocates for lower interest rates, aiming for the U.S. to have the lowest rates globally.
The Federal Reserve lowered interest rates by 1% in 2024 and an additional 0.75% in 2025.
Despite these cuts, long-term borrowing costs, like the 10-year U.S. Treasury yield, have increased.
On September 18, 2024, the 10-year Treasury yield was 3.7%; by the latest updates, it was 4.27%.
The bond market, which sets long-term interest rates, is influenced by global economic conditions.
President Trump believes new appointments to the Federal Reserve might help achieve lower rates.
Policies affecting government deficits and bond issuance also impact long-term interest rates.
Treasury Secretary Scott Bessent stated that the bond market's actions did not alter President Trump's strategies.
The U.S. dollar, although not a cryptocurrency, serves a similar role for many people around the world. Unlike cryptocurrencies like Bitcoin, the U.S. dollar is viewed as a stable and reliable asset, especially in countries facing high inflation. Technological advancements have made it easier for people to hold and access digital dollars.
Key Facts
The U.S. dollar is not a cryptocurrency.
Bitcoin was created in 2008 during the global financial crisis.
Bitcoin was designed to prevent bailouts and excessive money printing.
Many countries experienced high inflation, but major economies did not face hyperinflation after quantitative easing.
Despite Bitcoin's intent, people in emerging markets prefer the U.S. dollar.
The U.S. dollar is seen as stable, well-known, and backed by the U.S. government.
Access to digital dollars has increased thanks to smartphones, better software, and stablecoins.
Illinois Governor JB Pritzker and Arizona Senator Ruben Gallego will attend a Democratic Party event in Nevada to honor the late Harry Reid and possibly set the stage for future presidential bids. This event comes as the Democratic National Committee prepares to decide which states will vote first in the 2028 presidential primary.
Key Facts
Gov. JB Pritzker and Sen. Ruben Gallego will headline a Democratic event in Nevada on February 1st.
The event honors the late Senate Majority Leader Harry Reid.
Nevada is trying to be the first state to vote in the 2028 Democratic presidential primary.
The event, called "Fighting the Good Fight," will be hosted in Las Vegas and may become annual.
Pritzker has invested in Nevada politics and supported a 2024 ballot measure for abortion rights.
Gallego is focusing on Nevada's Latino population and has engaged with local unions.
The Democratic National Committee will discuss the primary calendar later this month in Puerto Rico.
The U.S. economy grew by 4.4% in the third quarter of the year, driven by strong consumer spending and exports. This growth rate is the highest in the past two years and higher than previous estimates. Despite the growth, challenges like high living costs and sluggish job market improvements remain.
Key Facts
The U.S. economy grew at a 4.4% annual rate from July to September.
Consumer spending rose by 3.5%, making up 70% of the GDP.
Spending on services increased by 3.6%, while spending on goods went up by 3%.
Exports surged and imports decreased, contributing to economic growth.
Business investment grew by 3.2%, partly due to investments in artificial intelligence.
The unemployment rate is 4.4%, with minimal job creation since March.
Many Americans are unhappy with the economy due to high costs and income inequality.
President Donald Trump filed a lawsuit against JPMorgan Chase and its CEO. He claims the bank closed his accounts for political reasons after he left office in January 2021.
Key Facts
President Trump is suing JPMorgan Chase and CEO Jamie Dimon for $5 billion.
The lawsuit was filed in Miami-Dade County court in Florida.
Trump alleges JPMorgan closed several of his accounts in February 2021.
He claims the accounts were closed with only 60 days notice and no reason given.
Trump says this action blocked access to millions of dollars.
He also claims that the closures disrupted his business operations.
Trump says he had to open new bank accounts urgently.
Around 1.5 million bottles of a stain remover sold at Walmart and Target have been recalled because they may contain a harmful bacteria. Thrasio, the company that makes Angry Orange Enzyme Stain Removers, announced the recall due to a possible contamination with a type of bacteria that could lead to serious infections, especially in people with weakened immune systems.
Key Facts
The recalled product is called Angry Orange Enzyme Stain Remover.
The recall affects products sold at Walmart and Target.
The bacteria involved is Pseudomonas aeruginosa, found in soil and water.
It can cause serious infections, especially in people with weakened immune systems or lung conditions.
The product was sold in three sizes: 24-ounce, 32-ounce, and 1-gallon.
People who purchased the product are advised to stop using it and contact Thrasio for a refund.
The U.S. housing market is seeing a large gap between the number of home sellers and buyers, a situation not seen since 2013. This imbalance is mainly due to high home prices and increased costs, causing many buyers to stay away. Experts note that while sellers outnumber buyers, the market is not overwhelmed with too many homes for sale.
Key Facts
There are 529,770 more home sellers than buyers in the United States, according to Redfin.
This gap is the largest since 2013, with a reported 47.1% more sellers than buyers.
The median home sale price is around $428,000, which is too high for many potential buyers.
Increased costs, such as insurance and property taxes, are making homeownership more expensive.
Some homeowners are selling due to affordability issues, while investors aim to sell at peak prices.
The situation is considered a "demand collapse" rather than a "supply boom."
Current homeowners with low mortgage rates are reluctant to sell, leading to fewer home transactions.
Two men have been charged with conspiracy to defraud after the failure of a pre-paid funeral company, Safe Hands Plans Ltd, which left around 46,000 customers financially impacted. The charges are part of an investigation by the Serious Fraud Office. The collapse occurred before new regulations for pre-paid funeral providers took effect.
Key Facts
The company involved, Safe Hands Plans Ltd, collapsed in 2022.
About 46,000 customers lost money due to the company's failure.
The Serious Fraud Office has charged Richard Wells and Neil Debenham with conspiracy to defraud.
Richard Wells was the former director of SHP Capital Holdings Ltd, the parent company.
Neil Debenham was referred to as a senior executive.
The charged individuals are scheduled to appear in court on 5 February.
Since July 2022, pre-paid funeral services need regulatory approval from the Financial Conduct Authority.
Safe Hands was one of many companies operating without regulation before these new rules.
President Trump decided not to impose tariffs on eight European allies over Greenland, which led to a stock market rally. Some investors believe Trump's policies are often just talk, causing them to price in a less aggressive stance. However, relying on the market to predict or influence Trump's decisions might be challenging.
Key Facts
President Trump dropped plans to impose tariffs on eight European allies over Greenland.
The stock market rallied after Trump's decision, with the S&P 500 rising by 1.2%.
Investors often assume 70% of Trump's policies are not very serious.
Some investors think the market can make Trump change his economic policies.
Stocks fell earlier in the week due to global bond selloffs and concerns about tariffs.
Expert opinions suggest the market is not good at predicting geopolitical risks.
Confidence in a quick policy change from Trump is not always realistic.
Newsweek released its 2026 ranking of the Most Trusted Brands in the U.S. The list, developed with BrandSpark, highlights brands trusted by consumers in various categories like beauty, household products, and technology. The rankings are based on a survey of over 35,000 U.S. shoppers.
Key Facts
Newsweek partnered with BrandSpark to release the 2026 Most Trusted Brands ranking.
The survey included over 35,000 U.S. consumers and covered 359 product categories.
139 new categories were added in 2026, including meditation apps and AI platforms.
Trusted brands include Bic for disposable lighters, Nutella for hazelnut spread, and Quaker for oatmeal.
Calm ranked No. 1 in the new meditation app category; Duolingo was recognized in language learning apps.
ChatGPT was the most trusted AI platform among younger users, while older users preferred Google Gemini.
Circle K, a convenience store chain, debuted on the list, taking the No. 2 spot in its category.
The study aims to help consumers make smarter buying decisions by assessing brand trust.
UK government borrowing decreased by over a third in December, thanks to increased tax revenue surpassing spending. Borrowing was £11.6 billion, which is £7.1 billion less than the previous December. Despite the drop, borrowing remains relatively high historically.
Key Facts
Government borrowing in December was £11.6 billion.
This figure is 38% lower than in December of the previous year.
The drop in borrowing is due to an increase in tax income compared to spending.
Taxes rose by 8.9%, or £7.7 billion, compared to December 2024.
Income tax, corporation tax, VAT, and National Insurance contributions saw increases.
Borrowing for the financial year up to December totaled £140.4 billion.
Borrowing remains higher than in December 2023 when it was £8.1 billion.
The UK government aims to reduce borrowing and stabilize the economy further.
Delta Air Lines is allowing passengers to change their travel plans for free due to a major winter storm expected to affect large parts of the United States. The storm could cause travel disruptions from Friday through Monday and may lead to flight cancellations and delays.
Key Facts
Delta Air Lines is offering free flight changes for its passengers because of a winter storm.
The National Weather Service says the storm will bring snow, sleet, and freezing rain, potentially affecting travel.
Areas affected include parts of Texas, New Mexico, Oklahoma, Kansas, Louisiana, Mississippi, Arkansas, Alabama, Tennessee, and Missouri.
The storm may reach the East Coast by the weekend, with the potential to impact New England on Monday.
Forecasters warn of "life-threatening" conditions and the chance of widespread power outages.
Delta advises its customers to check their flight status regularly through the airline’s website or mobile app.
Delta promises to rebook passengers on the next available flight if theirs is canceled.
Lactalis, a French dairy company, is recalling batches of its baby formula in France and other countries due to worries about contamination with a toxin. This follows similar recalls by Nestle, which has also removed baby formula from shelves in several countries because of potential toxin presence. Recalls are happening due to a substance called cereulide, which can make people sick.
Key Facts
Lactalis is recalling six batches of Picot infant milk due to cereulide contamination.
The recall affects multiple countries, including France, Australia, and China.
Cereulide can cause symptoms like diarrhea and vomiting.
The French authorities have not reported any illnesses from these products.
Nestle and Danone have also recalled baby formulas recently due to similar concerns.
The industry has faced multiple recalls, including one involving Nestle, linked to the potential presence of cereulide.
An investigation in France is ongoing after the death of a baby who consumed a recalled product, but no direct link has been found.
In 2018, Lactalis was involved in a major salmonella scare that affected millions of baby formula tins globally.
Superfoods, Inc. recalled its "Live it Up Super Greens" supplements due to potential Salmonella contamination, which has been linked to 12 hospitalizations. The recall affects products sold nationwide in the United States and parts of the United Kingdom, and consumers are advised to dispose of the affected products and request a refund.
Key Facts
Superfoods, Inc. recalled the "Live it Up Super Greens" due to possible Salmonella contamination.
The contamination is reportedly linked to 12 hospitalizations in the U.S.
Salmonella can cause serious health problems like fever, diarrhea, and abdominal pain.
The recalled products include both Original and Wild Berry flavors, sold in pouches and stick packs.
Affected lot codes begin with "A" or "3" and have expiration dates from 08/2026 to 01/2028.
The products were sold online in the U.S., including Puerto Rico and Guam, and the U.K.
Consumers should check lot codes and email the company for a refund if they have the recalled products.
