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Business news, market updates, and economic developments
Men's wages increased in 2024 while women's earnings stayed the same, widening the gender pay gap in the United States. Women working full-time earned 81% of what men did, marking a decline in pay equity progress. Economic factors such as job types and career breaks contribute to this gap.
Key Facts
In 2024, men earned 3.7% more than in 2023, with a median salary of $71,090.
Women's median earnings remained flat at $57,520, keeping the gender pay gap at 81%.
The pay gap returned to 2017 levels, erasing recent progress.
Men without a high school degree saw wages rise by 5.5%, partly influencing the overall wage gap.
69% of full-time workers aged 25+ without high school degrees are men.
Women often balance work with childcare, which may push them into lower-paying jobs.
Jobs predominantly held by women, such as housekeepers, generally offer lower wages than similar jobs held by men.
Increased unemployment and labor market issues particularly affect Black women and working mothers.
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The Supreme Court is reviewing the legality of tariffs imposed by former President Donald Trump, which were challenged as being illegally enacted under emergency powers. The tariffs, affecting imports from many countries, remain in place as the court prepares for arguments in November. The case explores whether such presidential actions require Congressional approval.
Key Facts
The Supreme Court is quickly reviewing former President Trump's tariffs imposed on global imports.
Lower courts found many of these tariffs illegal, but they remain active for now.
Trump’s administration claims that removing the tariffs could harm the U.S. economy.
The case examines if the president can set tariffs without Congress under the International Emergency Economic Powers Act (IEEPA).
These tariffs were implemented declaring national emergencies, including tariffs from April and February 2020.
Revenue from tariffs has significantly increased, generating $159 billion by late August.
The Trump administration argues removing the tariffs could affect trade negotiations and economic strategies.
Trump's tariffs on steel, aluminum, and autos are separate from this case and are still in effect.
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Recent revisions by the Bureau of Labor Statistics (BLS) indicate the U.S. job market has been growing more slowly than previously thought, adding 911,000 fewer jobs from April 2024 to March 2025 than initially reported. This information highlights that the economy may have been weaker for some time, which impacts income growth and raises concerns about future economic performance.
Key Facts
The BLS revised job growth numbers, showing 911,000 fewer jobs added than earlier estimates from April 2024 to March 2025.
The largest percentage job reductions occurred in the information, wholesale trade, and leisure and hospitality sectors.
These revisions exceeded economists' expectations, who anticipated a 700,000 downward adjustment.
The BLS revisions are based on more comprehensive data from unemployment insurance tax records, which are more accurate than initial estimates.
Trump administration officials have critiqued the BLS's revision process, suggesting possible issues with data accuracy.
It is typical for the BLS to revise job numbers, but the 911,000 figure is historically large.
Common problems for the BLS include low survey response rates and economic changes affecting their models.
Previous revisions led to significant changes in reported average monthly job growth figures.
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A report discusses how J.P. Morgan Chase enabled Jeffery Epstein's illegal activities by accepting and managing his money. The investigation reveals the bank's role in Epstein's financial dealings despite his criminal background.
Key Facts
J.P. Morgan Chase is a large banking company.
Jeffrey Epstein was involved in criminal activities, including sexual offenses.
The bank managed Epstein’s funds for many years.
An investigation found that J.P. Morgan’s actions helped Epstein continue his activities.
The report was shared during an NPR segment with a journalist from The New York Times.
The discussion includes insights from Matt Goldstein, a reporter covering finance topics.
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The U.S. economy added 911,000 fewer jobs than previously thought between April 2016 and March 2017, according to revised data from the Labor Department. This revision suggests the job market was weaker during that period, and it raises concerns about the health of the economy. The Federal Reserve is considering these figures as it prepares for a possible interest rate cut.
Key Facts
The U.S. added 911,000 fewer jobs than initially estimated from April 2016 to March 2017.
The Labor Department released this revised data, showing a slower job market growth.
Economists anticipated a downward revision in job numbers.
The Federal Reserve is monitoring job market data before its meeting next week.
The unemployment rate increased slightly from 4.2% to 4.3% in August.
These figures coincide with political changes, including President Trump firing the head of the Bureau of Labor Statistics.
There is concern that recent tariff and immigration policies may negatively affect the economy.
Despite the revision, the S&P 500 index remained steady in early trading on Tuesday.
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Jaguar Land Rover (JLR) has shut down its production due to a cyber attack on its IT systems. The UK government is in regular talks with JLR to monitor the situation as the company works to restore its operations. This shutdown has affected JLR's car production and sales, as well as its supply chain.
Key Facts
JLR turned off its IT systems over a week ago in response to a cyber attack.
The shutdown has halted production in UK plants, including those in Halewood and Solihull.
Workers have been told to stay home, with production not expected to resume until at least Thursday.
The attack disrupted new car sales, normally high in this period after new registration plates were released on September 1.
The National Cyber Security Centre is aiding JLR in dealing with the cyber attack.
The government is in daily contact with JLR and monitoring the situation closely.
A group of cyber criminals claiming to be behind the attack had also targeted other companies earlier this year.
JLR's supply chain, including key parts suppliers, is also experiencing disruption due to the shutdown.
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A well-known deodorant brand, Mitchum, has recalled certain roll-on deodorant products sold in the UK, Ireland, and South Africa after customers reported skin irritation. The company identified a change in the manufacturing process as the cause and has apologized. Mitchum is addressing the situation by removing the affected products from shelves and advising affected customers to contact their customer service.
Key Facts
Mitchum recalled some roll-on deodorant products due to customer complaints of skin irritation.
Customers experienced symptoms like itchy, burning armpits, and redness.
The affected products were sold in the UK, Ireland, and South Africa.
Mitchum stated the issue was caused by a change in the manufacturing process, not the product formula.
The company is working to remove the affected products from stores.
Mitchum has promised to revert to the original manufacturing process to prevent further issues.
Affected customers are advised to contact Mitchum's customer service for assistance.
Specific affected products include Powder Fresh, Shower Fresh, Unscented, Pure Fresh, Flower Fresh, Ice Fresh, and Clean Control Sport.
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Millions of UK drivers could receive compensation next year for car loans that were mis-sold. This involves commission arrangements between lenders and dealers and stems from a ruling by the UK's Supreme Court. The Financial Conduct Authority (FCA) is working on a compensation scheme to guide eligible motorists on how to claim.
Key Facts
Millions of UK car owners might be eligible for compensation due to mis-sold car finance deals.
The UK Supreme Court's decision affects up to 30 million agreements made from 2007 to 2020.
The FCA plans to launch an awareness campaign to explain who can claim and how to do so.
Claimants are expected to receive less than £950 per deal.
The scheme will address issues from discretionary commission arrangements, high dealer commissions, and inaccurate finance information.
The FCA is still finalizing details like whether claims will be automatic or require opt-in.
Some firms involved with the compensation scheme have not been cooperative with the FCA.
Comparatively, fewer people will be eligible than in previous compensation cases like the PPI scandal.
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New data from the U.S. Labor Department shows that the job market in the U.S. was weaker from April 2024 through March 2025 than previously believed. Employers added 911,000 fewer jobs than initially reported during this period. These numbers are preliminary and final revisions will be released in February 2026.
Key Facts
The U.S. Labor Department reported 911,000 fewer jobs were added between April 2024 and March 2025 than previously thought.
This revision is part of an annual update to adjust for new and closed businesses.
Leisure and hospitality firms added 176,000 fewer jobs than originally reported.
Professional and business services companies added 158,000 fewer jobs.
Retailers added 126,000 fewer jobs.
In August 2025, only 22,000 jobs were added to the economy.
Last year's revision showed 818,000 fewer jobs for April 2023 through March 2024.
This job market data could lead the Federal Reserve to consider cutting interest rates.
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Several new books are being released, including a thriller by Dan Brown and a memoir about the World Wide Web by Tim Berners-Lee. The thriller follows the popular professor Robert Langdon, while the memoir discusses the development of the internet.
Key Facts
Dan Brown's new book, "The Secret of Secrets," is the sixth in the series about Robert Langdon.
The Robert Langdon series has previously inspired three movies starring Tom Hanks.
John Boyne has a new book, "The Elements," which involves stories connected by themes of trauma and abuse.
Terry McMillan's "It Was the Way She Said It" is a collection of short stories and essays.
Tom Piazza wrote "Living in the Present with John Prine," reflecting on the musician's life after his passing.
Tim Berners-Lee authored "This Is for Everyone," a memoir about the creation of the World Wide Web.
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The article explains how private equity firms, like Blackstone, have been buying and renting out homes instead of selling them, making it hard for people to buy houses. This business strategy has drawn criticism from political figures and has affected the housing market by driving up home prices and providing more rental options.
Key Facts
Daniel Erb, an investment banker, invested in real estate, focusing on buying houses to rent them out.
The U.S. has seen a decline in the building of new homes since the 1960s, leading to higher demand.
Erb and others viewed the scarcity of houses as a business opportunity, primarily targeting millennials who couldn't afford to buy homes.
Blackstone pioneered the strategy of buying homes to rent, turning it into a profitable public company.
There is criticism around Wall Street firms buying homes, with some politicians calling for restrictions on such activities.
Institutional investors have made it more expensive for individuals to buy houses, often outbidding them.
Research shows these investors increase neighborhood rental options, sometimes making them more affordable and diverse.
The buy-to-rent strategy became more prominent after the Great Recession due to a surplus of single-family homes.
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Thousands of countryside stewardship agreements in the UK will end in December, leaving many farmers unsure about future financial support for environmental projects. These agreements provided payments for nature-friendly farming practices, and their end aligns with a shift towards new post-Brexit environmental land management schemes. The National Farmers' Union is urging the government to extend existing agreements to give farmers more time to transition.
Key Facts
5,830 Countryside Stewardship agreements will stop in December.
These agreements gave financial support for nature-friendly farming practices like insecticide-free farming and wildflower strips.
The UK government is transitioning to new post-Brexit environmental land management schemes.
Farmers feel uncertain about what will happen after their current agreements end.
The Sustainable Farming Incentive is the new scheme, but its applications closed in March.
Farmers are asking the government to extend current agreements for another year.
The National Farmers' Union has contacted the farming minister to express concerns.
The Department for Environment, Food & Rural Affairs (Defra) says it is still investing in nature-friendly farming.
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Some musicians are removing their music from Spotify because they disagree with the company's CEO investing in a defense technology company. The CEO, Daniel Ek, invested in Helsing, which is involved in artificial intelligence and military technology. This protest is the latest in a series of artist-led actions against Spotify for various reasons.
Key Facts
Bands like Xiu Xiu, Deerhoof, and Hotline TNT have removed their music from Spotify.
The musicians are protesting Spotify CEO Daniel Ek's investment in Helsing, a defense technology company.
Ek's venture capital firm invested over $100 million in Helsing in 2021.
Helsing develops drones, aircraft, and submarines and uses artificial intelligence in its products.
This protest is part of a history of artists objecting to Spotify practices, including concerns about royalties and misinformation.
Spotify did not comment on the recent wave of musicians leaving the platform.
Some artists also criticize the sound quality and financial aspects of Spotify's streaming service.
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Kemi Badenoch expressed concern that the UK might need a financial rescue from the International Monetary Fund (IMF) unless the government creates a plan for economic growth. She suggested working with opposition leader Sir Keir Starmer to cut welfare spending and address economic issues. The context is the rising UK borrowing costs, reminiscent of the 1976 sterling crisis.
Key Facts
Kemi Badenoch is worried the UK might need an IMF bailout similar to what happened in 1976.
She suggests the government needs a plan to grow the economy to avoid this outcome.
Badenoch offered to work with Labour leader Sir Keir Starmer to cut welfare spending.
The 1976 sterling crisis involved a financial rescue from the IMF during a difficult economic period.
UK borrowing costs, particularly on long-term government bonds (gilts), have been rising.
Badenoch names high borrowing costs and lack of growth as signs of a potential crisis.
She stressed that both the ruling and opposition parties need to work together for the national interest.
Recent comments by economists have shown both concern and dismissal of the likelihood of an IMF bailout.
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Rupert Murdoch's family has agreed to give control of his media empire, including Fox News and The Wall Street Journal, to his eldest son, Lachlan Murdoch. Lachlan will have voting rights and be part of a new family trust with his two younger sisters, while three other siblings will receive a financial payout to relinquish their stakes. This decision ends a long-running family dispute over who will lead Murdoch's media companies.
Key Facts
Rupert Murdoch's media empire includes Fox News, The Wall Street Journal, and other major outlets.
Lachlan Murdoch will take control of these media companies.
Lachlan will have sole voting rights and be part of a new family trust.
His two younger sisters, Grace and Chloe, are also part of the trust.
Three other siblings, James, Elizabeth, and Prudence, will give up their stakes.
These siblings will receive a payout estimated at about $3.3 billion.
The agreement stops James, Elizabeth, and Prudence from buying more shares in the companies.
This agreement ends a legal fight over the family's media assets.
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John Elkann, chair of Ferrari and Stellantis, agreed to do one year of community service and pay millions of euros to resolve a tax dispute in Italy. He and his siblings will pay €183 million to settle allegations they failed to declare assets and income from their grandmother's estate. The case is part of a larger family dispute over the inheritance from Gianni Agnelli, the former Fiat boss.
Key Facts
John Elkann and his siblings will pay €183 million to the Italian tax authorities.
They settled a case involving alleged failure to declare €1 billion in assets and €248.5 million in income.
The tax dispute is related to the estate of their grandmother, Marella Caracciolo, who passed away in 2019.
John Elkann agreed to one year of community service as part of the settlement.
The agreement with tax authorities does not include an admission of liability.
There is an ongoing civil case between the Elkann siblings and their mother over the inheritance from Gianni Agnelli.
John Elkann has been the chair of Ferrari since 2018 and of Stellantis since 2021.
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A ban on disposable vapes in the UK is not reducing the number of vapes incorrectly thrown away, according to a waste management company. The rise in discarded vapes, which contain lithium batteries that can cause fires, is costing the waste industry significantly. Some claim the ban has succeeded, while the waste firm blames black market trade and marketing of reusable vapes.
Key Facts
A UK ban on disposable vapes has not stopped millions of them from being incorrectly discarded.
Biffa, a waste management company, reports an increase in vapes entering their recycling system post-ban.
Vapes contain lithium batteries, which can ignite fires if crushed during waste processing.
The vape industry launched reusable models similar to disposables, but these are still often thrown away.
The vape industry defends the ban's success, citing black market or illegal trades as reasons for increased waste.
Biffa experienced 60 fires in June alone due to improperly disposed vapes and similar items.
The incorrect disposal of vapes costs the waste industry around a billion pounds annually.
It is suggested that collecting vapes directly from homes could improve recycling rates.
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News Corp and Fox Corp announced that the Murdoch family settled a dispute about who will control the companies. This was done by creating a new family trust, which gives Lachlan Murdoch control. The older siblings will receive cash payments and step down from their roles.
Key Facts
The Murdoch family created a new trust to resolve a conflict over company control.
Lachlan Murdoch will have control of News Corp and Fox Corp.
Three of Rupert Murdoch's older children, Prudence, Elisabeth, and James, will receive cash for their shares and leave their roles.
The older siblings will be beneficiaries of new trusts funded by selling about 31 million Class B shares.
Chloe and Grace Murdoch are included in the new trust but do not have voting control.
Rupert Murdoch remains as chairman emeritus of both companies.
The boards of both Fox Corp and News Corp approved the agreement.
The new trust is set to expire in 2050, and the family's voting shares are slightly reduced.
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Rupert Murdoch's son, Lachlan, will take control of the family media empire, continuing its conservative direction. A new deal ends years of family conflict, with Lachlan's siblings selling their shares and receiving cash through a new trust.
Key Facts
Lachlan Murdoch will control the Murdoch media empire after Rupert Murdoch's death.
The agreement maintains the conservative stance of Fox News, The Wall Street Journal, and The New York Post.
Lachlan's siblings, Prue MacLeod, Elizabeth Murdoch, and James Murdoch, will not be part of the trust holding Fox and News Corp shares.
The siblings are expected to sell their shares in the coming months.
A new trust will provide cash from selling about 14.2 million News Corp shares and 16.9 million Fox Corp shares.
The family's struggles inspired the TV show "Succession."
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Argentina's markets dropped sharply after President Javier Milei's party lost badly in local elections to the Peronists. This loss raised concerns about the government's ability to carry out its economic reforms, with the peso hitting a record low and stock indexes falling significantly.
Key Facts
Argentina's peso fell by almost 5% against the U.S. dollar, reaching an all-time low.
The benchmark stock index in Argentina dropped 10.5%.
An index of Argentine stocks listed in the U.S. fell by more than 15%.
Some international bonds experienced their largest decline since 2020.
The Peronist opposition won 47.3% of the vote in Buenos Aires Province, while Milei's party won 33.7%.
Concerns arise about the government's ability to maintain its IMF-supported economic reforms.
The government must decide whether to let the peso weaken further or use its foreign reserves to support it.
The recent corruption scandal involving President Milei's sister has intensified market pressures.
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